Raphaël Jananji

I am a Ph.D. candidate in economics at the University of Montreal, specializing in macroeconomics. My research interests are in household finance, public policies, monetary economics and climate economics.

My current research focuses on household heterogeneity in income risk with a focus on public policies.

Working Papers

• Stabilization Effect of Government Employment
  PDF Show Abstract

  This paper studies the macroeconomic stabilization role of government employment using U.S. micro data and a two-asset Heterogeneous Agent New Keynesian model with sector-specific income and unemployment risk. Public-sector employment features persistently lower and less cyclical income risk than private employment. These differences generate higher marginal propensities to consume and greater illiquid asset holdings among public-sector households, consistent with PSID evidence. By embedding low-risk income ex ante in the labor market, government employment stabilizes aggregate demand and capital accumulation, and amplifies monetary policy through asset-return and labor-market spillovers. This mechanism is distinct from standard automatic stabilizers and highlights the macroeconomic importance of public sector employment security. An extension incorporating endogenous wages and search frictions will permit structural estimation using SIPP-based income risk and CPS employment transition data.

• Social Optima of Government Employment
• Endogeneous Idiosyncratic Climate Risk (with Alexandre Pavlov)