About Me
I am a PhD Student at the University of California Berkeley, and am currently on the 2024-2025 Economics Job Market. My main interests are in macroeconomics and international economics.
You can contact me at bernardo_candia@berkeley.edu
Job Market Paper
"Inflation Expectations and Household Spending: Different Patterns in Low and High-Inflation Settings"
Using multiple randomized control trials (RCTs) implemented through surveys of U.S. households, I show that household spending responses to exogenous changes in inflation expectations depend on the inflation environment. In times of low inflation, higher inflation expectations arising from information treatments lead households to reduce their consumption of durable goods (the negative income/uncertainty effect dominates). In contrast, in times of high inflation, I find a sharp positive effect on durable spending after an exogenous shock to inflation expectations (intertemporal substitution effect dominates).
Publications
"Export-Led Decay: The Trade Channel in the Gold Standard Era," with Mathieu Pedemonte, PDF (Cleveland Fed) [NBER SI Slides],accepted for publication in Journal of European Economic Association.
"Tell Me Something I Don’t Already Know: Learning in Low and High-Inflation Settings" (with Olivier Coibion, Serafin Frache, Dimitris Georgarakos, Geoff Kenny, Yuriy Gorodnichenko, Saten Kumar, Rodrigo Lluberas, Brent Meyer, Jorge Ponce, Tiziano Ropele, Michael Weber), PDF (NBER, CEPR, IZA), accepted for publication in Econometrica.
In media: Christine Lagarde.
"The Inflation Expectations of U.S. Firms: Evidence from a new survey," with Olivier Coibion and Yuriy Gorodnichenko, PDF (NBER, CEPR, IZA), accepted for publication in Journal of Monetary Economics.
In media: CentralBanking.com, Financial Post, Reuters, Econbrowser, Brookings, Isabel Schnabel, Economist, Economist II.
"Perceived and Expected Rates of Inflation of US Firms," with Olivier Coibion, Yuriy Gorodnichenko and Michael Weber, Link (PDF), AEA Papers and Proceedings 113(2023): 52-55.
"The Macroeconomic Expectations of Firms," with Olivier Coibion and Yuriy Gorodnichenko, PDF, Appendix, Handbook of Economic Expectations.
In media: Brookings.
"Taxes, Transfers and Income Distribution in Chile: Incorporating Undistributed Profits," with Eduardo Engel, Link, PDF (CEQ), Commitment to Equity Handbook Volume 2
In media: Ciper, Decodificador, COES.
"Communication and the Beliefs of Economic Agents," with Olivier Coibion and Yuriy Gorodnichenko, in Navigating the Decade Ahead: Implications for Monetary Policy, Economic Policy Symposium (Jackson Hole, WY) Proceedings, Federal Reserve Bank of Kansas City, 2020. PDF (NBER, Jackson Hole version)
In media: NYT, La Jornada, Infobae, Bloomberg, S&P Global, Yahoo, CentralBanking.com, Financial Times, NRC, RBNZ, Ei, Ekonomia.it, Christine Lagarde, Jens Weidmann, ECB, ECB II, Bank of England, Bank of Japan, Richmond Fed.
Working Papers
"Exchange Rate Pass-Through and Invoicing Currency: Different Patterns at the Border and the Store," with Luis Cabezas and Youyou Xu, PDF
"Clientelism and Political Party Representation: A Deviation from the Median Voter Theorem," with Luis Muñoz, PDF
"Keeping Up with the Jansens: Causal Peer Effects on Household Spending, Beliefs and Happiness," with Olivier Coibion, Dimitris Georgarakos, Yuriy Gorodnichenko and Maarten van Rooij, PDF (NBER, IZA)
"Do You Even Crypto, Bro? Cryptocurrencies in Household Finance" (with Olivier Coibion, Yuriy Gorodnichenko and Michael Weber), PDF (NBER, CEPR, IZA)
"Another Reason to Use the Hamilton Filter," PDF, Online Appendix
"Countercyclical Earning Risk in Large Recessions: Consumption Dynamics and Welfare Losses," with Francisco Díaz-Valdés, PDF (revise and resubmit at Journal of Money, Credit and Banking)