I am an economist at the San Francisco Fed research department. My research is in macroeconomics and monetary economics, with a focus on firms.
I received my Ph.D. in Economics from the University of Mannheim in 2022. I also hold a Bachelor in Economics (B.Sc.) from the University of Tübingen and a Master in Economics (M.Phil.) from the University of Oxford.
Research Papers
Review of Economics and Statistics, Vol. 106 (4), 2024
Monetary policy shocks increase markup dispersion and lower aggregate TFP. This "misallocation channel of monetary policy" is generated by heterogeneity in price rigidity across firms.
Subjective Housing Price Expectations, Falling Natural Rates, and the Optimal Inflation Target with Klaus Adam and Oliver Pfäuti, July 2024
Forthcoming at the Journal of Monetary Economics
Housing price expectations deviate from rational expectations along a number of dimensions. These deviations and the behavior of housing prices can be jointly explained by housing price growth extrapolation. In a sticky price model with a lower bound, such housing price growth extrapolation implies that lower natural rates give rise to a significantly higher optimal inflation target than under full-information rational expectations.
Corporate Debt Maturity Matters For Monetary Policy with Joachim Jungherr, Matthias Meier, and Immo Schott, August 2024
Revise and Resubmit at the Review of Economic Studies
Firms react more strongly to monetary shocks if a larger fraction of their debt is maturing at the time of the shock. A heterogeneous firm New Keynesian model with financial frictions and endogenous debt maturity shows that a debt overhang and a roll-over risk channel explain this finding. Unconventional monetary policy has larger effects on debt maturity but smaller effects on output and inflation than conventional monetary policy.
SAFE to Update Inflation Expectations? New Survey Evidence on Euro Area Firms with Ursel Baumann, Annalisa Ferrando, Dimitris Georgarakos, and Yuriy Gorodnichenko, May 2024
Revise and Resubmit at the Journal of the European Economic Association
[NBER Working Paper] [CEPR Working Paper] [IZA Working Paper] [ECB Working Paper] [ECB Blog] [SUERF Policy Brief]
Firms in the euro area have considerably heterogeneous inflation expectations and they disagree about future inflation more than professional forecasters but less than households. In response to information treatments about current or future inflation, firms update their inflation expectations in a Bayesian manner and revise their plans regarding prices, wages, costs, and employment.
Upcoming presentations:
- 2025 ASSA Annual Meeting, San Francisco, January 2-3, 2025
- Poster at "Inflation: Drivers and Dynamics" Conference, Cleveland Fed, October 24-25, 2024
- 2025 ASSA Annual Meeting, San Francisco, January 2-3, 2025
- Poster at "Inflation: Drivers and Dynamics" Conference, Cleveland Fed, October 24-25, 2024
Tax Thy Neighbor: The Pass-through of Local Corporate Taxes into Consumer Prices across German Regions
with Luca Dedola and Chiara Osbat, December 2023
Consumer prices respond strongly to changes in local corporate tax rates on producers. The pass-through of such shocks to producer markups is higher in sales regions and retailers where firms and retailers have higher market shares. This is consistent with weak forms of strategic complementarities.
Selected Work in Progress
Measuring Market Power: Demand vs. Supply with Luca Dedola, Lukas Henkel, Colin J. Hottman, and Ryan Kim
Upcoming presentation: Johns Hopkins SAIS, October 2, 2024
The Precautionary Inflation Surge? Inflation Uncertainty and Price Setting with Saten Kumar and Matthias Meier
All material found on this website represents my own views. It does does not necessarily reflect the views of the Federal Reserve Bank of San Francisco or the Federal Reserve System.