Publication
AUSTERITY IN THE AFTERMATH OF THE GREAT RECESSION
Publications associées (32)
Monetary Independence And Rollover Crises
This article shows that the inability to use monetary policy for macroeconomic stabilization leaves a government more vulnerable to a rollover crisis. We study a sovereign default model with self-fulfilling rollover crises, foreign currency debt, and nomin ...
OXFORD UNIV PRESS INC2022Standard model meets gravity: Electroweak symmetry breaking and inflation
Andrey Shkerin, Sebastian Zell
We propose a model for combining the Standard Model (SM) with gravity. It relies on a nonminimal coupling of the Higgs field to the Ricci scalar and on the Palatini formulation of gravity. Without introducing any new degrees of freedom in addition to those ...
AMER PHYSICAL SOC2021A Multimodal, Enveloping Soft Gripper: Shape Conformation, Bioinspired Adhesion, and Expansion-Driven Suction
A key challenge in robotics is to create efficient methods for grasping objects with diverse shapes, sizes, poses, and properties. Grasping with hand-like end effectors often requires careful selection of hand orientation and finger placement. Here, we pre ...
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC2021Fiscal Policy, Relative Prices and Net Exports in a Currency Union
This paper studies the effects of fiscal policy on net exports, the terms of trade and expenditure switching. Using data on government spending and consumption taxes for twelve euro area countries over 1996 to 2018, it shows that fiscal austerity shocks im ...
2020Austerity in the Aftermath of the Great Recession
Cross-country differences in austerity, defined as government purchases below forecast, account for 75 percent of the observed cross-sectional variation in GDP in advanced economies during 2010-2014. Statistically, austerity is associated with lower GDP, l ...
2019Regional Heterogeneity and the Refinancing Channel of Monetary Policy
We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity ...
2019Home Price Expectations and Behaviour: Evidence from a Randomized Information Experiment
Home price expectations are believed to play an important role in housing dynamics, yet we have limited understanding of how they are formed and how they affect behaviour. Using a unique “information experiment” embedded in an online survey, this article i ...
2019Financial Stability and the Macroeconomy
The financial crisis of 2007-2009 drew attention to the essential role of banks for the macroeconomy and to the importance of having a resilient financial sector. A vulnerability in the financial sector spills over to the real economy and can drive it into ...
EPFL2018Essays in Bank Financing
This thesis examines the optimal mode of financing for banks and financial institutions. The first chapter, which is a joint work with Prof. Jean-Charles Rochet, investigates how Systemically Important Financial Institutions (SIFIs) should be financed. The ...
EPFL2017Mortgage Default in an Estimated Model of the U.S. Housing Market
Luisa Lambertini, Pinar Uysal, Victoria Nuguer
This paper models the housing sector, mortgages and endogenous default in a DSGE setting with nominal and real rigidities. We use data for the period 1981-2006 to estimate our model using Bayesian techniques. We analyze how an increase in risk in the mortg ...
2017