Hassan Afrouzi

Associate Professor of Economics, Columbia University

Principal Research Economist, Federal Reserve Bank of Minneapolis

NBER, Faculty Research Fellow

CESifo, Research Network Affiliate

Publications | Working papers | Works in progress
Publications | Working papers | Works in progress

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

with Andres Drenik, Ryan Kim
Econometrica, conditionally acceptedworking papersupplemental materials

Monetary Policy without Commitment

with Marina Halac, Kenneth Rogoff, Pierre Yared
American Economic Review, 116(7): 2422–2453 (2026)journalworking paper

A Theory of How Workers Keep Up with Inflation

with Andres Blanco, Andres Drenik, Erik Hurst
Quarterly Journal of Economics, 141(2): 945–1004 (2026)journalworking paper

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, Jorge Ponce
Econometrica, 93(1): 229–264 (2025)journalworking paper

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

with Saroj Bhattarai, Edson Wu
Journal of Monetary Economics, 148(S): 103650 (2024)journalworking paperappendix

Changing Central Bank Pressures and Inflation

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

Endogenous Firm Competition and Cyclicality of Markups

with Luigi Caloi
Review of Economics and Statistics, 106(6): 1638–1654 (2024)journalworking paperappendix

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

Journal of Political Economy, 132(10): 3378–3420 (2024)journalworking paperappendix

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

with Carolina Arteaga, Emily Weisburst
Journal of Political Economy Microeconomics, 2(2): 244–297 (2024)journalworking papersupplemental materials

Overreaction in Expectations: Evidence and Theory

with Spencer Kwon, Augustin Landier, Yueran Ma, David Thesmar
Quarterly Journal of Economics, 138(3): 1713–1764 (2023)journalworking paperappendixexperimental interface

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

with Saten Kumar, Olivier Coibion, Yuriy Gorodnichenko
Brookings Papers on Economic Activity, 46(2): 151–225 (2015)journalVoxEU columnBloombergNew Zealand HeraldWeek