Pascal Meichtry

Research Economist @banquedefrance | PhD in Economics @heclausanne | Previously @bankofengland @SNB_BNS | Macro • Monetary • Policy | Views are my own

[Pascal Meichtry @p_meichtry]

Very happy to announce that my paper on “Unwinding Quantitative Easing” (joint with @c_cantore) is forthcoming in the European Economic Review!

You can find my first peer-reviewed publication here: https://t.co/KQNsPJZAOH

Time to celebrate!🥳

[Oliver Pfäuti @PfaeutiEcon]

Edson Wu and I have a new paper:

𝐈𝐧𝐚𝐭𝐭𝐞𝐧𝐭𝐢𝐯𝐞 𝐏𝐫𝐢𝐜𝐞 𝐒𝐞𝐭𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐮𝐧𝐝𝐞𝐫 𝐅𝐢𝐬𝐜𝐚𝐥
𝐏𝐨𝐥𝐢𝐜𝐲 𝐔𝐧𝐜𝐞𝐫𝐭𝐚𝐢𝐧𝐭𝐲

As attention may be largely directed toward the World Cup, we summarize it with an image ⬇️ (thanks AI!)

[Ricardo Reis @R2Rsquared]

** Reducing the Fed's balance sheet **

Ten days ago, I was part of a discussion at @BrookingsInst on how to shrink the Fed's balance sheet with Darrell Duffie and @WenxinDu. I tried to lay out the discussion in terms that, hopefully, clarify it to a broader set of economists. Here are the main points: 🧵

[Ben Moll @ben_moll]

Every journal editor should read this:

https://t.co/cGstyJOa3m

[Florin Bilbiie 🇪🇺 🇺🇦 @FlorinBilbiie]

🚀 Draft chapters my forthcoming MIT Press book:
𝗛𝗲𝘁𝗲𝗿𝗼𝗴𝗲𝗻𝗲𝗼𝘂𝘀 𝗔𝗴𝗲𝗻𝘁 𝗠𝗮𝗰𝗿𝗼𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀: A Tractable New Keynesian Framework
A modern, analytical roadmap to TANK & HANK models for researchers, students and policy institutions
https://t.co/La1oqEmGEY
👇

[Atanas Pekanov @atanaspekanov]

Been meaning to tweet about this amazing paper - HANKSSON, since forever. It is a wonderful work, basically everything you need to have empirically for a HANK paper. And one learns a lot from it – due to the beautiful combination of theory and extremely rich data. 1/n

[Benjamin Born @bornecon]

Level up in HANK modeling! BASEforHANK Winter School @DIW_Berlin, Dec 8–17, 2025. Week 1 online, Week 2 in Berlin. Hands on with BASEtoolbox.jl + Julia. @christianbaye13 @bornecon @RalphLuet. Apply by Sept 21—details in the tweet below. #HANK #Econ

[Oliver Pfäuti @PfaeutiEcon]

It took a while, but we finally have a new (heavily revised) version out:

https://t.co/SiPb1TnNhz

@FSeyrich

[NBER @nberpubs]

A survey of French firm's inflation expectations that predate inflation spikes provides evidence on the anchoring of expectations during an inflation surge and the relevance of expectations for firms' decisions, from @ErwanGautier17, Frédérique Savignac, and Olivier Coibion https://t.co/PZHRVSZ6zs

[Makoto Nakajima @makotonkjm]

Governor Waller on central bank reseaerch https://t.co/qgJl1KUN10

[Florin Bilbiie 🇪🇺 🇺🇦 @FlorinBilbiie]

Unspeakably excited to share HANKSSON, joint work w/ (lucky me!) @sigurdgal @RefetGurkaynak M. Mæhlum K. Molnar
A key question of the HANK literature:
Does (household) heterogeneity amplify the aggregate effects of demand policies and shocks?
Well ... 1/n
https://t.co/RgdJyrlDZC

[Oliver Pfäuti @PfaeutiEcon]

We have a new working paper:

𝐀𝐭𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐭𝐨 𝐭𝐡𝐞 𝐌𝐚𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐲

with Sebastian Link, @APeichl, Chris Roth and @JoWohlfart

Short thread below ⬇️

@EMPCT_MacroTX @ifo_Institut @UniCologne @ECONMunich @UTAustinEcon

[Ambrogio Cesa-Bianchi @AmbrogioCB]

🚨 We're organizing a one-day workshop on the use of heterogeneous agent models in central banking 🚨

The keynote speaker will be @a_auclert

📆 Submit your papers by April 15!!

https://t.co/Aras1gPSBX

[Cristiano Cantore @c_cantore]

🚨 New WP Alert! 🚨

How does *inequality* shape the *optimal carbon tax*? 🌍💰

Our latest paper explores the *efficiency-equity trade-off* in climate policy, showing how household heterogeneity affects both the level and cyclical behavior of carbon taxation. 🧵👇

[Cristiano Cantore @c_cantore]

📢📢Happy to share that **Monetary-Fiscal Interaction and the Liquidity of Government Debt** (joint with E. Leonardi) has been published in the EER! 🍾🎉

🔗Open access: https://t.co/36EAbsWPFc

🧵👇 #EconTwitter 1/

[Raphael Auer @RaphAuer]

The 2015 CHF appreciation is a key empirical setting for understanding how large exchange rate movements shape macroeconomic outcomes. In a new @voxeu.org w @LeinSarahMarit and @arielburst, we reflect on the learnings 10 years after the shock:
https://t.co/Vtqq74Xo3L

[Erik Öberg @ek_oberg]

New Paper! This time with a thread.

What determines the output effect of different fiscal stimulus policies? We offer a model, some analytical insights, and some numbers to help answer this.

Joint with Tobias Broer, @JeppeDruedahl and @KHarmenberg.

https://t.co/Ue4Rf39hn2

[Klodiana Istrefi @KlodianaIstrefi]

New NBER WP!🎊

Our findings link the increased use of the language of Rules (Discretion) in the FOMC debate to tighter (easier) monetary policy.

Joint with Michael Bordo and Humberto Martinez @totuma87
https://t.co/SzeyFaBNdL

[Cristiano Cantore @c_cantore]

🚨 New Working Paper Alert! 🚨
Dive into "The Perils of a Dual Mandate" 🧵
📉Nominal fiscal policy meets dual mandate in HANK
Details 👉 https://t.co/IkuRWFnMVX
#EconTwitter #EconX 1/3

[Ben Moll @ben_moll]

New paper: https://t.co/b5ZUFCXyDR

[Sarah Lein @LeinSarahMarit]

In a new WP w. Klaus Abberger, @FunkAnneKathrin, @M_L_a_m_l_a, and Stefanie Siegrist we examine how firms’ #inflation #expectations affect their #prices and #wages https://t.co/6TMqwTmaol. We find that 𝗻𝗲𝗮𝗿-𝘁𝗲𝗿𝗺 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗲𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀 are relevant:1/4