Working Papers

“Distortions in Production Networks,” with Saki Bigio. New and revised version! August 2019.
We study how an economy's input-output production structure determines the macroeconomic response to sectoral distortions.
Revise & Resubmit, Quarterly Journal of Economics

“Information Acquisition, Efficiency, and Non-Fundamental Volatility,” with Benjamin Hébert. September 2019.
We study non-fundamental volatility and constrained efficiency in a general class of large games that feature incomplete information, strategic interaction, and rational inattention.

“Efficiency and Policy with Endogenous Learning,” with George-Marios Angeletos and Luigi Iovino.
We study how the endogenous aggregation of information through macroeconomic signals affects the efficiency of the business cycle and the nature of optimal fiscal and monetary policy.

“A Traffic Jam Theory of Recessions”

“Collateral Constraints and Noisy Fluctuations”

“Optimal Monetary Policy in Production Networks,”
with Alireza Tahbaz-Salehi. Draft coming soon.

“Optimal Monetary Policy and Transparency with an Imperfectly-Informed Central Banker,”
with Luigi Iovino and Rui Mascarenhas. Draft coming soon.


“Optimal Monetary Policy with Informational Frictions,” with George-Marios Angeletos
Forthcoming in the Journal of Political Economy
Online Appendix

“Comment on 'Monetary Policy Analysis when Planning Horizons are Finite,' by Michael Woodford”
NBER Macroeconomics Annual 2018, Volume 33, 51-66.

“Real Rigidity, Nominal Rigidity, and the Social Value of Information,” with George-Marios Angeletos and Luigi Iovino
American Economic Review, January 2016, 106(1), 200-227.
Online Appendix

“Predatory Trading, Stigma, and the Fed's Term Auction Facility”
Journal of Monetary Economics, July 2014, 65, 57-75.
Online Appendix

“Sentiments,” with George-Marios Angeletos
Econometrica, March 2013, 81(2), 739-780.

“Noisy Business Cycles,” with George-Marios Angeletos
NBER Macroeconomics Annual 2009, Volume 24, 319-378.

“Incomplete Information, Higher-Order Beliefs and Price Inertia," with George-Marios Angeletos
Journal of Monetary Economics, October 2009, 56(S), 19-37.

Old Working Papers