Left-Digit Bias in Household Inflation Expectations

This paper theoretically defines and empirically tests left-digit bias in household inflation expectations. Using cross-country data and a regression discontinuity design, we find that inflation expectations jump discontinuously when inflation …

Bubble-Driven Business Cycles

Pronounced and persistent fluctuations in aggregate wealth and real activity - boom-bust episodes - have become more prevalent in recent history. In this paper, I provide a quantitative explanation for such boom-bust episodes based on rational …

The Marital Wealth Gap: Micro Causes and Macro Consequences

Housing and inequality: Renters vs Owners

Taxing Housing Wealth? Not Such a Good Idea After All!

Fiscal Autonomy and Fiscal Sustainability: Subnational Taxation and Public Indebtedness in Contemporary Spain

This study assesses fiscal sustainability in contemporary Spain at the regional level. Spain consists of 17 autonomous regions, two fiscal regimes differing in taxing autonomy, and two path-dependent types of communities with more and less …