Job Market Candidates 2023/24
Ph.D. Program in Economics
Ph.D., Economics, Goethe University Frankfurt, GSEFM program, 2024 (expected)
M.Sc., Quantitative Economics, Goethe University Frankfurt, GSEFM program, 2022
B.Sc., Business Administration and Economics, Goethe University Frankfurt, 2017
Fields of Specialization
Macroeconomics, DSGE Modeling, Optimal Monetary Policy, Climate Change
Monetary Policy, Fiscal Policy, DSGE Modeling, Epidemics
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Monetary policy rules: model uncertainty meets design limits
with Fabio Verona, Bank of Finland
Abstract: Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set of structural models and look for the model-robust rules that minimize the volatilities at those frequencies that policymakers are most interested in stabilizing. Compared to the status quo approach, our results suggest that policymakers should be more restrained in their inflation responses when their aim is to stabilize inflation and output growth at specific frequencies. Additional caution is called for due to model uncertainty.
Transition Risk Uncertainty and Robust Optimal Monetary Policy
with Anh H. Le, Goethe University Frankfurt
Abstract: Climate change has become one of the most prominent concerns globally. In this paper, we study the transition risk of greenhouse gas emission reduction in structural environmental-macroeconomic DSGE models. First, we analyze the uncertainty in model prediction on the effect of unanticipated and pre-announced carbon price increases. Second, we conduct optimal model- robust policy in different settings. We find that reducing emissions by 40% causes 0.7% - 4% output loss with 2% on average. Pre-announcement of carbon prices affects the inflation dynamics significantly. The central bank should react slightly less to inflation and output growth during the transition risk. With optimal carbon price designs, it should react even less to inflation, and more to output growth.