Young Economist Prize

Lukas Nord

European University Institute

Shopping, demand composition and equilibrium prices
Poster

“Households can reduce their cost of consumption by comparing prices across stores. In response, retailers set lower prices if more demand comes from buyers who compare prices carefully. This mechanism reduces inequality and affects how retail prices respond to aggregate shocks.”

Florencia S. Airaudo

Universidad Carlos III de Madrid

Exit strategies from quantitative easing: the role of the fiscal-monetary policy mix
Poster

“I study quantitative tightening (QT) policies in a model for the US. I find that the macroeconomic impact of QT hinges on the fiscal-monetary policy mix. QT contributes to faster disinflation but only under the appropriate fiscal framework to stabilize the public debt.”

Fernando Cirelli

New York University

Bank-dependent households and the unequal costs of inflation
Poster

“Inflation disproportionally harms low- and mid-wealth households' ability to save by lowering the real return on their assets. My research shows that banks play a critical role, and an economic model indicates significant welfare losses for these households due to inflation.”

Mridula Duggal

Universitat Autònoma de Barcelona & Barcelona School of Economics

Targeting inflation expectations?
Poster

“Do inflation expectations respond to changes in monetary policy? I show that introducing inflation targeting does not have a direct impact on short-run expectations but has an indirect effect through inflation itself. That is, inflation leads inflation expectations.”

Giulia Gitti

Brown University

Inflation since COVID: demand or supply
Poster

“Using US city-level variation in inflation and unemployment rates, we find that after the COVID period a drop in unemployment raises inflation by three times more than before. This implies demand factors can explain 25-38% of recent inflation increases in the United States.”

Joao Guerreiro

Northwestern University

Belief disagreement and business cycles
Poster

“I study origins and consequences of disagreement in expectations about GDP. People’s exposure to business cycles varies so they pay different levels of attention to the macroeconomy. This increases the severity of recessions and changes responses to monetary and fiscal policies.”

Marko Mlikota

University of Pennsylvania

Cross-sectional dynamics under network structure
Poster

“I build an econometric model suitable for estimating how price changes transmit through the supply chain network and drive sectoral prices over time. I find that shocks in sectors at the top of supply chains, e.g. energy, primary metals, take a longer time to affect aggregate prices.”

Elia Moracci

European University Institute

Payments and cash management in the euro area
Poster

“I study cash management and payment choices of euro area households. I find that variability in cashless acceptance rates alone cannot rationalise the observed cross-country variation in cash holdings and cashless usage: differences in tastes and withdrawal costs also matter.”

Rachel J. Nam

Goethe University Frankfurt & Leibniz Institute for Financial Research SAFE

Open banking and customer data sharing: implications for fintech borrowers
Poster

“With the introduction of open banking in Europe, consumers now have full discretion over data-sharing in loan applications. Borrowers with low credit ratings are more likely to share data, which increases the likelihood of loan approval and lower interest rates.”

Alba Patozi*

University of Cambridge

Green transmission: monetary policy in the age of ESG
Poster

“I evaluate the implications of firms becoming greener for the transmission of monetary policy in terms of asset prices, credit risk and firm-level investment. In response to a monetary policy shock, green firms feel significantly less impact than their high-emission counterparts.”

* The finalist could not attend the Forum in person and was thus not considered for the prize.