Joël Marbet

Joël Marbet joined the Financial Stability and Macroprudential Policy Department at the Banco de España in September 2023. He holds a Ph.D. in Economics from CEMFI (July 2023). Prior to his doctoral studies, Joël obtained a M.Sc. in Economics and B.Sc. in Business Administration from the University of Bern. During his studies at CEMFI, he was a teaching assistant for different courses in the master program and the CEMFI summer school.

Joël’s research focuses on monetary economics and macro-finance with a particular interest in computational methods. In his Job Market Paper, “A HANK Model with Monetary Search Frictions”, Joël develops a framework for studying media of exchange within HANK models. He does so by incorporating search-theoretic monetary frictions into an otherwise standard HANK model and shows how to reframe the optimization problem to make it computationally tractable using conventional solution methods.  

Additionally, “Inequality and the Zero Lower Bound” (joint work with Jesús Fernández-Villaverde, Galo Nuño, and Omar Rachedi), he and his co-authors study the interaction between household inequality and the zero lower bound (ZLB) on nominal interest rates within a heterogeneous agent New Keynesian (HANK) that is solved fully non-linearly using a novel neural network algorithm. In “Booms, Banking Crises, and Monetary Policy,” he studies the interaction between monetary and macroprudential policy in a monetary model with endogenous financial crises. He shows that a tradeoff between financial and price stability arises for the central bank if the macroprudential authority cannot implement the optimal policy, while no such tradeoff exists if the macroprudential authority follows the optimal policy.