Working Papers

A Theory of How Workers Keep Up with Inflation

with Andres Blanco, Andres Drenik, and Erik Hurst — Version: May 2025
Revise and Resubmit, Quarterly Journal of Economics

Monetary Policy without Commitment

with Marina Halac, Kenneth Rogoff, and Pierre Yared — Version: December 2024
Revise and Resubmit, American Economic Review

Concentration, Market Power, and Misallocation: The Role of Endogenous Customer Acquisition

with Andres Drenik and Ryan Kim — Version: May 2023
Revise and Resubmit, Econometrica

What Can Measured Beliefs Tell Us About Monetary Non-Neutrality?

with Joel P. Flynn and Choongryul Yang — Version: June 2024
Reject and Resubmit, American Economic Review

Dynamic Rational Inattention and the Phillips Curve

with Choongryul Yang — Version: April 2021
Reject and Resubmit, American Economic Review
SSRN (Version: October 2019, older versions); Replication material; Code Repos: Julia, Matlab;
Documentation: PDF, HTML, Teaching Slides: HTML, Live Jupyter Slides

Inflation and GDP Dynamics in Production Networks: A Sufficient Statistics Approach

with Saroj Bhattarai — Version: December 2024

Inflation Preferences

with Alexander Dietrich, Kristian Myrseth, Romanos Priftis, and Raphael Schoenle — Version: April 2024

Publications

Tell Me Something I Don’t Already Know: Learning in Low and High-Inflation Settings

with Michael Weber, Bernardo Candia, Tiziano Ropele, Rodrigo Lluberas, Serafin Frache, Brent Meyer, Saten Kumar, Yuriy Gorodnichenko, Dimitris Georgarakos, Olivier Coibion, Geoff Kenny, and Jorge Ponce
Econometrica 93(1): 229–264 (2025)

Relative-Price Changes as Aggregate Supply Shocks Revisited: Theory and Evidence

with Saroj Bhattarai and Edson Wu (Prepared for NBER Inflation in the COVID Era and Beyond Conference)
Journal of Monetary Economics 148(S): 103650 (2024)

Changing Central Bank Pressures and Inflation

with Marina Halac, Kenneth Rogoff, and Pierre Yared
Brookings Papers on Economic Activity 55(1): 205–241 (2024)
VoxEU Column

Endogenous Firm Competition and Cyclicality of Markups

with Luigi Caloi
Review of Economics and Statistics 106(6): 1638–1654 (2024)
PDF, Online Appendix, Replication Files

Strategic Inattention, Inflation Dynamics, and the Non-Neutrality of Money

Journal of Political Economy 132(10): 3378–3420 (2024)
PDF, Online Appendix, Replication Files

Is it the Message or the Messenger? Examining Movement in Immigration Beliefs

with Carolina Arteaga and Emily Weisburst
Journal of Political Economy Microeconomics 2(2): 244–297 (2024)
PDF, Supplemental Materials, Replication Files

Overreaction in Expectations: Evidence and Theory

with Spencer Kwon, Augustin Landier, Yueran Ma, and David Thesmar
Quarterly Journal of Economics 138(3): 1713–1764 (2023)
Online Appendix, Experimental Interface, Replication Files

Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand

with Saten Kumar, Olivier Coibion, and Yuriy Gorodnichenko
Brookings Papers on Economic Activity 46(2): 151–225 (2015)
Replication Files, In media: VoxEU, Bloomberg, New Zealand Herald, Week

Work in Progress

The Welfare Cost of Inflation in Production Networks

with Saroj Bhattarai and Edson Wu

Sectoral Salience

with Benjamin Hébert, Jennifer La’O, and John Leahy

Optimal Long-Run Inflation

with Pierre Yared