Published papers


Confiance et valeur réelle de la monnaie dans une économie générations imbriquées, Cahiers du séminaire d'économétrie Roy-Malinvaud (1984) (in French).


Confidence and the Real Value of Money in an Overlapping Generation Economy, Quarterly Journal of Economics, Vol. CII No. 1 (February 1987), 1–22.


Love Thy Children’: Reflections on the Barro Debt Neutrality Theorem, Journal of Monetary Economics, Vol. 19 No. 3 (May 1987), 377–391.


Permanent Budget Deficits and Inflation, Journal of Monetary Economics, Vol. 20 No. 2 (September 1987), 393–410.


Money, Time Preference, and External Balance, European Economic Review, Vol. 33 (September 1989), 564–572.


Overlapping Families of Infinitely-Lived Agents, Journal of Public Economics, Vol. 38 (September 1989), 183–198.


Increasing Returns and Animal Spirits, American Economic Review, Vol. 79 No. 4 (September 1989), 889–894.


The Equity Premium Puzzle and the Riskfree Rate Puzzle, Journal of Monetary Economics, Vol. 24 (November 1989), 401–421.


Non-Expected Utility in Macroeconomics, Quarterly Journal of Economics, Vol. CV No. 1 (February 1990), 29–42.


On the Possibility of Price Decreasing Bubbles, Econometrica, Vol. 58. No. 6 (November 1990), 1467–1474.


Is Money Net Wealth?, International Economic Review, Vol. 32 No. 1 (February 1991).


Currency Competition and the Evolution of Multi-Currency Regions, in European Financial Integration, Alberto Giovannini and Colin Mayer eds., Cambridge University Press, Cambridge, U.K. (1991).


Equilibrium Asset Prices with Undiversifiable Labor Income Risk, Journal of Economic Dynamics and Control, Vol. 16 No. 3–4 (July-October 1992), 769–790.


Hand-to-Mouth Consumers and Asset Prices, European Economic Review, Vol. 36 No. 2–3 (April 1992), 575–583.


Precautionary Savings and the Permanent Income Hypothesis, Review of Economic Studies, Vol. 60(2) No. 203 (April 1993), 367–384.


Nontraded income and the CAPM, European Economic Review, Vol. 38 No. 3–4 (April 1994), 913–922.


The Transition from Pay-As-You-Go to Fully Capitalized Social Security is not As Painful as You Think, in Institutional and Financial Incentives for Social Insurance,  Claude d'Aspremont and Pierre Pestieau eds., Kluwer Publishers.


Debt Ponzi Games and Dynamic Efficiency under Uncertainty, with Olivier Jean Blanchard, Advances in Macroeconomics, Vol. 1 No. 2 (2001).


L’incertitude, le temps et la théorie de l’utilité, Risques, 2002.

The Macroeconomics of Credit and Labor Markets Imperfections, with Etienne Wasmer, American Economic Review, Vol. 94 No. 4 (September 2004), 944963.

Incomplete Markets, Labor Supply and Capital Accumulation,  with Albert Marcet and Francesc Obiols-Homs, Journal of Monetary EconomicsVol. 54 No. 8 (November 2007), 2621-2635.

Different but Equal: Total Work, Gender and Social Norms in the EU and US Time Use, with Michael C. Burda and Daniel S. Hamermesh, in Working Hours and Job Sharing in the EU and USA: Are Europeans Lazy? Or Americans Crazy? Tito Boeri, Michael Burda, and Francis Kramarz editors, Oxford University Press (2008), ISBN 978-0-19-923102-7.

Overlapping Generations: the First Jubilee, Journal of Economic Perspectives, Volume 22, Number 4 (Fall 2008), 115–134.


Precautionary Saving and Consumption Smoothing Across Time and Possibilities, with Miles Kimball, Journal of Money, Credit and Banking, Vol. 41, No. 2–3 (March-April 2009), 245-284.

Approximate Equilibrium Asset Prices, with Fernando Restoy, Review of Finance, Vol. 15, No. 1 (January 2011), 1-28.


Total Work and Gender: Facts and Possible Explanations, with Michael C. Burda and Daniel S. Hamermesh, Journal of Population Economics , Vol. 26 No. 1 (January 2013), 239-261.

Optimal Inflation with Corporate Taxation and Financial Constraints, with Daria Finocchiaro, Giovanni Lombardo and Caterina Mendicino, Journal of Monetary Economics, Vol. 95 (May 2018), 18-31.



Working papers

Reflections on the Fiscal Theory of the Price Level, March 2002.

Blue Laws, with Michael Burda, revised October 2005.


Light reading

L'an de grâce 2008, Telos, 21 décembre 2006 (in French).

Forced borrowing: the WMD of fiscal policy, with Jean-Paul Fitoussi and Gabriel Galateri, Financial Times, 15 September 2011.