Anton Nakov
Economist
Anton Nakov
anton.nakov@gmail.com

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Welcome to my private website! I am a macroeconomist with interests in pricing, business cycles, and monetary policy. The views expressed here are personal and do not necessarily coincide with those of my employers.

Work in progress

Large shocks, networks and state-dependent pricing

w/ Mishel Ghassibe
Abstract  Slides 

Strike while the iron is hot: optimal monetary policy with a nonlinear Phillips curve

w/ Peter Karadi, Galo Nuno, Ernesto Pasten, and Dominik Thaler
Abstract  Working paper  Slides 

Climate-conscious monetary policy

w/ Carlos Thomas
Abstract  Working paper  Slides 

Optimal inflation with firm-level shocks

w/ Henning Weber
Abstract  Slides 

Rational inattention and retail price dynamics

w/ James Costain and Federico Rodari
Abstract  Working paper  Slides 

Publications

Optimal monetary policy with r* < 0

w/ Roberto Billi and Jordi Gali
Journal of Monetary Economics, Volume 142, March 2024
Abstract  Working paper  Appendix  Slides  Published article

Flattening of the Phillips curve with state-dependent prices and wages

w/ James Costain and Borja Petit
The Economic Journal, Volume 132, No. 642, February 2022, 546-581
Abstract  Working paper  Slides  Codes  Published article

Effectiveness and addictiveness of quantitative easing

w/ Peter Karadi
Journal of Monetary Economics, Volume 117, January 2021, 1096-1117
Abstract  Working paper  Slides  Codes  Published article

Logit price dynamics

w/ James Costain
Journal of Money, Credit and Banking, Volume 51, Issue 1, February 2019, 43-78
Abstract  Working paper  Slides  Codes  Published article

Precautionary price stickiness

w/ James Costain
Journal of Economic Dynamics and Control, Volume 58, September 2015, 218-234
Abstract  Working paper  Slides  Codes  Published article

Learning from experience in the stock market

w/ Galo Nuno
Journal of Economic Dynamics and Control, Volume 52, March 2015, 224-239
Abstract  Working paper  Slides  Codes  Published article

Optimal monetary policy with state-dependent pricing

w/ Carlos Thomas
International Journal of Central Banking, September 2014, 49-94
Abstract  Working paper  Slides  Codes  Published article

Saudi Arabia and the oil market

w/ Galo Nuno
The Economic Journal, Volume 123, Issue 573, December 2013, 1333–1362
Abstract  Working paper  Codes  Published article

Distributional dynamics under smoothly state-dependent pricing

w/ James Costain
Journal of Monetary Economics, Volume 58, Issues 6-8, September 2011, 646–665
Abstract  Working paper  Slides  Codes  Published article

Price adjustments in a general model of state-dependent pricing

w/ James Costain
Journal of Money, Credit and Banking, Volume 43, Issue 2-3, March 2011, 385–406
Abstract  Working paper  Codes  Published article

Monetary policy trade-offs with a dominant oil producer

w/ Andrea Pescatori
Journal of Money, Credit and Banking, Volume 42, Issue 1, February 2010, 1–32
Abstract  Working paper  Codes  Published article

Oil and the Great moderation

w/ Andrea Pescatori
The Economic Journal, Volume 120, Issue 543, March 2010, 131–156
Abstract  Working paper  Codes  Published article

Jackknife instrumental variables estimation: replication and extension of Angrist, Imbens, and Krueger

Journal of Applied Econometrics, Volume 25, Issue 6, September 2010, 1063–1066
Abstract  Codes  Published article

Monetary effects on nominal oil prices

w/ Max Gillman
North American Journal of Economics and Finance, Volume 20, Issue 3, February 2010, 1–32
Abstract  Working paper  Codes  Published article

Optimal and simple monetary policy rules with zero floor on the nominal interest rate

International Journal of Central Banking, Volume 4, Issue 2, June 2008, 73–127
Abstract  Working paper  Codes  Published article

Granger causality of the inflation-growth mirror in accession countries

w/ Max Gillman
The Economics of Transition, Volume 12, Issue 4, December 2004, 653-681
Abstract  Codes  Published article

A revised Tobin effect from inflation: relative input price and capital ratio realignments

w/ Max Gillman
Economica, Volume 70, Issue 129, August 2003, 439-450
Abstract  Codes  Published article

Policy and discussion papers

Models of price setting and inflation dynamics

Bank of Spain Occasional Paper. May 2024 

Some implications of micro price-setting evidence for inflation dynamics and monetary transmission

ECB Occasional Paper. July 2023 

The role of financial stability considerations in monetary policy in the euro area

ECB Occasional Paper. September 2021 

Employment and the conduct of monetary policy in the euro area

ECB Occasional Paper. September 2021 

Digitalisation: channels, impacts and implications for monetary policy in the euro area

ECB Occasional Paper. September 2021 

Price and wage setting when accurate decisions are costly: Implications for monetary policy transmission

VoxEU CEPR Column. June 2019 

Communication of monetary policy in unconventional times

ECB Discussion Paper. June 2017 

Errors as a source of macroeconomic frictions

VoxEU CEPR column. October 2015 

Energy markets and the euro area macroeconomy

ECB Occasional Paper. June 2010 

Un modelo sencillo de las causas y consecuencias de las variaciones en el precio del petróleo

Boletín Económico del Banco de España. February 2010 

Las finanzas de los hogares y la macroeconomía

Boletín Económico del Banco de España. December 2009 

Una modelización de equilibrio general de las fluctuaciones del precio del petróleo

Boletín Económico del Banco de España. January 2008