Francesco Beraldi

My name is Francesco Beraldi, I am a PhD student in Economics at Yale University.

My research interests are in Macroeconomics and Finance.

You can reach me at

You can find my CV here.

Working Papers


We show that households spend their marginal and their average dollar differently across sectors.  Crucially, marginal expenditure is biased toward sectors employing high-MPC workers, revealing a new redistribution channel that benefits high-MPC households during expansions. We build a Multi-Sector, Two-Agent,  New Keynesian model with non-homothetic preferences consistent with these findings. The new redistribution channel increases the fiscal multiplier by 10pp compared to an equivalent homothetic economy. The model also predicts steeper Phillips curves in sectors with high-MPC workers, a result we validate empirically with a novel identification strategy. The implied sectoral wage dynamics strengthen the redistribution towards high-MPC households, preventing a full reversal of the initial boom due to future taxes and raising the inflationary impact of the shock by over 70 percent.

Work in Progress

Heterogeneous Firms with Banking Relationships: an Implicit Contract Perspective

Equity Flows and Forecasters Accuracy: an Endogenous Information Approach (with Alessandro D. Lavia and Chenping Yang)