Hello and welcome to my website
I am an economist at the Federal Reserve Bank of Boston
I focus on international macroeconomics




The Valuation Effects of Trade

Job Market Paper

​Selling and buying goods with prices specified in dollars generates currency mismatch on French firms' balance sheets. Large firms can deal with it. Small firms' investments and employment decisions remain exposed to valuations of their dollar-priced operations.


The Macroeconomics of Border Taxes

with Gita Gopinath, Emmanuel Farhi, Oleg Itskhoki
2018 NBER Macro Annual

​Economic theory predicts that the same tax deducted from exports and levied on imports makes no real economic impact. We argue that the conditions for this to happen are unlikely to hold in practice. We simulate the impact of a border-adjusted corporate tax and a VAT introduction in the US.


The Effects of Fiscal Consolidations

with Alberto Alesina, Carlo Favero, Francesco Giavazzi, Matteo Paradisi

​We extend a narrative dataset of fiscal consolidations, with details on over 3500 measures for 16 OECD countries. Government spending cuts and cuts in transfers are less harmful than tax hikes. Standard New Keynesian models match our results when fiscal shocks are persistent.


Austerity in 2009-2013

with Alberto Alesina, Carlo Favero, Francesco Giavazzi, Matteo Paradisi
2015 Economic Policy

​The 2009-13 fiscal adjustments based upon cuts in spending were less recessionary than those based upon tax increases. Once taking this fact into account, we don't find sufficient evidence to claim that the 2009-13 austerity measures have been more costly than in the past.