Research

The Full, Persistent, and Symmetric Pass-Through of a Temporary VAT Cut

with Tiago Bernardino, João Quelhas and Ricardo Duque Gabriel 

Journal of Public Economics (2025)  

Previously circulated as "A Temporary VAT Cut in Three Acts: Announcement, Implementation and Reversal".

Links:  Published Version, Working Paper, Banco de Portugal WP, SUERF Policy Brief, Slides,Twitter/X Thread, Banco de Portugal's Economics in a Picture.

Media: Público, Visão/Exame, Eco, Jornal de Negócios, Observador, RTP, SIC, Rádio Observador's Noticiário (all in Portuguese).

Working papers

Getting Real About Wages: A Nonhomothetic Wage Deflator 

with Saman Darougheh, Philipp Hochmuth and Markus Pettersson 

Revise and resubmit at The Review of Economics and Statistics

Bond Financing Conditions, Economic Activity and the Financial Accelerator

with Eduardo Maqui and Nicholas Vause

Links: Bank of England SWP, Banco de Portugal WP, Bank Underground blog post. 

Why VAT Pass-Through Varies Across Countries: The Role of Market Power

with Tiago Bernardino, Pedro Brinca and Saman Darougheh 

Selected work in progress

The Heterogeneous Effects of Supply Shocks in Necessity Goods 

with Tiago Bernardino, Pedro Brinca and Saman Darougheh

Pre-doctoral papers

Extracting Implicit Country Weights in the ECB's Monetary Policy

with José Tavares

Media: VoxEU, Visão (in Portuguese)