I'm a Senior Research Advisor at the Bank of England and a member of the Centre for Macroeconomics.
I received my Ph.D. from Paris School of Economics in 2018 and previously worked at CEPII.
My research interests include macroeconomics, productivity and growth.

The call for papers for the workshop on "Firm Dynamics, Market Structures and Productivity in the Macroeconomy" closes on 14 April! This year's edition is co-organised by Queen Mary University of London, Bank of England, University of Bristol and the University of Kent see details.

Research

Revisiting the Global Decline of the (Non-Housing) Labour Share (with Germán Gutiérrez)

American Economic Review: Insights, September 2020, vol. 2, no. 3, pp. 321-38.
Published version | Online Appendix | Replication package | Data | Slides
Bank of England Staff Working Paper, no. 811, July 2019.
Media coverage: The Economist, Hutchins Roundup, Central Banking, Bloomberg, Le Figaro.

Economic Integration and Unit Labour Costs

European Economic Review, July 2021, vol. 136.
Published version | Online Appendix | Replication package
Bank of England Staff Working Paper, no. 799, May 2019.
A previous version was circulated under the title "Economic Integration and the Non-tradable Sector: the European Experience" and was selected for the Young Economists' session at the ECB Forum on Central Banking in Sintra.

Firms’ Margins Behaviour in Response to Energy Shocks: Evidence from the UK (with Ed Manuel and Ivan Yotzov)

Economics Letters, February 2024, vol. 235.
Published version
Media coverage: The Guardian.

Business Creation during COVID-19 (with Saleem Bahaj and Anthony Savagar)

Economic Policy, 2024.
Published version | Presented at the 78th Economic Policy Panel | Slides
Bank of England Staff Working Paper, no. 981, May 2022.
Media coverage: BBC, Financial Times.

Working paper

Are Software Assets Mostly Proprietary? Some Evidence Using UK and US National Accounts Data (with Josh Martin)

Paper prepared for the 38th IARIW General Conference, August 2024.

Work in progress

The Rise in US Non-tradeable Goods Prices: Facts and Explanations (with Germán Gutiérrez, Joseba Martinez and Thomas Philippon)

We document a large increase in US non-tradeable goods prices relative to EU non-tradeable prices between 1992 and 2018. This divergence in prices (i) did not occur in tradeable goods; (ii) cannot be attributed to divergent trends in nontradeable industry labor productivity or wages, which followed very similar paths in the US and EU; and (iii) drives the divergent evolution in manufacturing labor shares in the US and EU. A decomposition of changes in prices into changes in productivity, wages, technology and mark-ups (net of returns to scale) suggests that rising markups explain the bulk of the divergence in US non-tradeable prices.

Understanding barriers to trade in banking services: Evidence from the UK (with Shania Bhalotia and John Woods)

The financial sector is crucial for economic growth and financial services are increasingly traded across borders. The UK financial sector amounts to 10% of GDP, which is the largest in terms of share of GDP in the G7. Banking represents about half of the financial sector. However, little is known about the barriers to trade in services in general, and in these services in particular, and its consequent impact. This project studies how changes in non-tariff barriers affect trade in banking services by looking at the change in trade relations between the UK and the EU after Brexit, using data covering banks' cross-border activities. It aims to understand how changes in such barriers effect domestic and foreign activities of banks and productivity dynamics in the sector.

Other publications

Policy papers

Structural change, global R* and the missing-investment puzzle (with Andrew Bailey, Ambrogio Cesa-Bianchi, Marco Garofalo, Richard Harrison, Nick McLaren and Rana Sajedi). Supporting paper for a Speech by Andrew Bailey, Bank of England, July 2022.
Bank of England Staff Working Paper, no. 997, October 2022.

Firm Ownership and the Labour Share (with Antoine Vatan)
Unpublished working paper, November 2018.

A European Disease? Non-tradable inflation and real interest rate divergence
CESifo Economic Studies, 63(2), pp. 210-234, February 2017.
Media coverage: La Tribune.

World Trade Flows Characterization: Unit Values, Trade Types and Price Ranges (with Charlotte Emlinger)
CEPII Working Paper, n°2014-26, December 2014.
Database: World Trade Flows Characterization.

Ending the Euro Area Crisis: Crossing the River by Feeling the Stones (with A. Bénassy-Quéré, Y.-E. Bara, B. Carton, C. Destais)
G-MonD Policy Paper, n°2012-01, November 2012.

Internal vs. External Devaluation (with Y.-E. Bara)
La Lettre du CEPII, n°324, August 2012.
The French version of this article was published in Problèmes économiques, n°3063, March 2013.