Hassan Afrouzi

Columbia University, Associate Professor of Economics

Federal Reserve Bank of Minneapolis, Principal Research Economist

NBER, Faculty Research Fellow

CESifo, Research Network Affiliate

Publications | Working papers | Works in progress
Publications | Working papers | Works in progress

Concentration, Market Power, and Misallocation: The Role of Endogenous Customer Acquisition

with Andres Drenik, Ryan Kim
Econometrica, acceptedworking papersupplemental materials

Monetary Policy without Commitment

with Marina Halac, Kenneth Rogoff, Pierre Yared
American Economic Review, 116(7): 2422–2453 (2026)journalworking paper

A Theory of How Workers Keep Up with Inflation

with Andres Blanco, Andres Drenik, Erik Hurst
Quarterly Journal of Economics, 141(2): 945–1004 (2026)journalworking paper

Tell Me Something I Don't Already Know: Learning in Low and High-Inflation Settings

with Michael Weber, Bernardo Candia, Tiziano Ropele, Rodrigo Lluberas, Serafin Frache, Brent Meyer, Saten Kumar, Yuriy Gorodnichenko, Dimitris Georgarakos, Olivier Coibion, Geoff Kenny, Jorge Ponce
Econometrica, 93(1): 229–264 (2025)journalworking paper

Relative-Price Changes as Aggregate Supply Shocks Revisited: Theory and Evidence

with Saroj Bhattarai, Edson Wu
Journal of Monetary Economics, 148(S): 103650 (2024)journalworking paperappendix

Changing Central Bank Pressures and Inflation

with Marina Halac, Kenneth Rogoff, Pierre Yared
Brookings Papers on Economic Activity, 55(1): 205–241 (2024)journalVoxEU column

Endogenous Firm Competition and Cyclicality of Markups

with Luigi Caloi
Review of Economics and Statistics, 106(6): 1638–1654 (2024)journalworking paperappendix

Strategic Inattention, Inflation Dynamics, and the Non-Neutrality of Money

Journal of Political Economy, 132(10): 3378–3420 (2024)journalworking paperappendix

Is it the Message or the Messenger? Examining Movement in Immigration Beliefs

with Carolina Arteaga, Emily Weisburst
Journal of Political Economy Microeconomics, 2(2): 244–297 (2024)journalworking papersupplemental materials

Overreaction in Expectations: Evidence and Theory

with Spencer Kwon, Augustin Landier, Yueran Ma, David Thesmar
Quarterly Journal of Economics, 138(3): 1713–1764 (2023)journalworking paperappendixexperimental interface

Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand

with Saten Kumar, Olivier Coibion, Yuriy Gorodnichenko
Brookings Papers on Economic Activity, 46(2): 151–225 (2015)journalVoxEU columnBloombergNew Zealand HeraldWeek