Paris School of Economics - École d'Économie de Paris

Economics serving society

Florin Bilbiie

Florin Bilbiie

PSE Full Professor

Professor Université Paris 1 Panthéon-Sorbonne

Campus Jourdan – 48 Boulevard Jourdan 75014 Paris

4th floor, office 11

Phone +33(0)1 80 52 17 77

  • Macroeconomic dynamics
  • Monetary and Fiscal Policy
  • Macroeconomics and asset accumulation
  • European Economy


Endogenous Entry, Product Variety and Business Cycles, with Fabio Ghironi (Boston College) and Marc Melitz (Harvard University), Journal of Political Economy2012, vol. 120(2), 304-345, (older version NBER WP).

Limited Asset Market Participation, Monetary Policy and (Inverted) Aggregate Demand Logic,Journal of Economic Theory, 2008, vol. 140(1), pages 162-196Earlier version with more materialhere

Asset Market Participation, Monetary Policy Rules and the Great Inflation’, with Roland Straub (ECB), Forthcoming in Review of Economics and Statistics. Recent version available as CEPR DP.

Public Debt and Redistribution with Borrowing Constraints, with Tommaso Monacelli and Roberto Perotti (both IGIER and Università Bocconi), Forthcoming, The Economic Journal

Monetary Policy and Business Cycles with Endogenous Entry and Product Variety, with Fabio Ghironi (Boston College) and Marc Melitz (Harvard University), NBER Macroeconomics Annual, vol. 22, 2007, pages 299-353. Also NBER Working Paper w13199 

What Accounts for the Change in U.S. Fiscal Policy Transmission?, with Gernot Mueller (Frankfurt Uni.) and Andre Meier (IMF)Journal of Money, Credit and Banking, 2008, vol. 40(7), pages 1439-1470 (this version is ECB Working Paper 2006/582)

Non-Separable Preferences, Fiscal Policy Puzzles and Inferior Goods, Journal of Money, Credit and Banking2009, vol. 41(2-3), pages 443-450.

Non-Separable Preferences, Frisch Labor Supply and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy PuzzleJournal of Money, Credit and Banking, 2011, 43(1), 221-251(previous version with slightly different title: Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle, CEPR DP).

The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary PolicyJournal of Optimization Theory and Applications, 2011, vol 150(3), 657-74

Designing Domestic Institutions for International Monetary Policy Cooperation: A Utopia?’Journal of International Money and Finance2011, 30(3), 393-409 Very early (2002) version entitled:The utopia of implementing international monetary policy cooperation through domestic institutions

Changes in the Output Euler Equation and Asset Markets Participation with Roland Straub (ECB);Forthcoming, Journal of Economic Dynamics and Control

From Global Inflation to Global Financial Crisis, with Giancarlo Corsetti (EUI), Asia-Europe Economic Forum 


 Optimal Monetary Policy with Endogenous Product Variety - with Fabio Ghironi (Boston College) and Ippei Fujiwara (Bank of Japan), Revise and Resubmit ("Reject/Revise"), Journal of Monetary Economics, CEPR  DP and NBER WP

Delegating Optimal Monetary Policy InertiaRevise and resubmitJournal of Economic Dynamics and Control



Macroeconomic Implications of Entry, Variety and Exit

Monopoly Power and Endogenous Product Variety: Distortions and Remedies’ - with Fabio Ghironi (Boston College) and Marc Melitz (Harvard University), Manuscript.  NBER Working Paper w14383

Fiscal Policy with Financial Market Imperfections

Asset Market Participation and Distortionary Taxation: Keynesian and Non-Keynesian Effects of Fiscal Policy’, with Roland Straub (ECB), the link is to differenty-named old WP 2004-6 at Hungarian National Bank, new version available soon.

**NEW** Tax Cuts vs. Spending Increases: Welfare at the Zero Lower Bound, with Tommaso Monacelli and Roberto Perotti (both IGIER and Università Bocconi) - First draft December 2011; This version July 12, 2012


Coming Soon

The Aggregate Supply Channel, Monetary Policy and Multiple Equilibria, with Jess Benhabib (New YorkUniversity)

Political Economy and Macroeconomic Policy

‘Incomplete Fiscal Rules with Imperfect Enforcement’, (submitted), with David Stasavage, New York University. Working Paper, Nuffield College, University of Oxford, WP2005-10

‘Fiscal Contracts for a Monetary Union’, Working Paper, Nuffield College, University of Oxford, WP2005-11.