...warto się przed nim wyspać. GRAPE | Tłoczone z danych dla DGP
Student of Models and Methods of Quantitative Economics program (EMJMD QEM / IDEA) at the Universitat Autònoma de Barcelona. His main research interests are quantitative macroeconomics and monetary economics, especially unconventional monetary policies.
W toku | Work in progress
Structural change and inequality in general equilibrium Przeczytaj streszczenie | Read abstract
We study the evolution of wealth inequality in an economy undergoing structural change. Economic intuition hints that structural change should imply increased income inequality, at least transiently. Economic intuition is more ambiguous for the effects on wealth inequality. On the one hand, increased dispersion in incomes implies increased dispersion in the ability to accumulate wealth across individuals. On the other hand, workers experience greater uncertainty, which may push them to more precautionary savings, which works towards equalizing wealth distribution. The net effect of these two opposing forces is essentially an empirical question. We build an overlapping generations model which features heterogeneous sectors and workers. Using this model, we quantify the role of demographics and the structural change in the evolution of wealth inequality in Poland as of 1990.
Comparative analysis of quantitative easing and money-financed fiscal stimulus Przeczytaj streszczenie | Read abstract
I study two types of unconventional monetary policy: quantitative easing (QE) and money-financed fiscal stimulus (MFFS), in a modified New Keynesian framework. I compare their effectiveness in stabilizing output and inflation when monetary policy is constrained by the effective lower bound. Money-financed fiscal stimulus performs better than quantitative easing, except the case of the TFP shock. It tends to cause lower inflation and output volatility. Nevertheless, it might be substantially more problematic in implementation as it demands cooperation between the central bank and the fiscal authority. Real reserve targeting (RRT) delivers similar outcomes as quantitative easing but is easier to implement.