Work in progress

Leaning Against Housing Prices as Robustly Optimal Monetary Policy, with Michael Woodford, May 2018, NBER working paper 24629


Shows under what circumstances  monetary policies that 'lean-against' unexpected house price increases  are optimal within a New Keynesian  sticky price model with a housing  sector. 

Press coverage: MarketWatch, Brookings- Hutchins Roundup

Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?, with Stefan Nagel and Dmitry Matveev, September 2018, NBER working paper 25122.


Uses survey data to test for the  empirical plausibility of the notion that stock investors interviewed in  surveys report risk-neutral forecasts (Cochrane (2011,2017) or  robust/ambiguity-averse forecasts (Hansen, Sargent & Tallarini  (ReStud1999), Epstein & Schneider (2008)). 

Stock Prices Cycles and Business Cycles, with Sebastian Merkel, September 2018


We present a unifi ed and quantitatively credible explanation for the joint behavior of stock prices and business cycles using a frictionless production economy with fully elastic labor supply and time-separable consumption preferences.