NBER Papers on Monetary Economics

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w25445 Roger E.A. Farmer
Pawel Zabczyk

The Fiscal Theory of the Price Level in Overlapping Generations Models
w25452 Gary Gorton
Toomas Laarits
Tyler Muir

1930: First Modern Crisis
w25421 Joao Ayres
Marcio Garcia
Diogo A. Guillén
Patrick J. Kehoe

The Monetary and Fiscal History of Brazil, 1960-2016
w25416 Gauti B. Eggertsson
Ragnar E. Juelsrud
Lawrence H. Summers
Ella Getz Wold

Negative Nominal Interest Rates and the Bank Lending Channel
w25409 Michael D. Bordo
The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation, The Elephant in the Room
w25410 Matteo Maggiori
Brent Neiman
Jesse Schreger

The Rise of the Dollar and Fall of the Euro as International Currencies
w25403 Tomasz Piskorski
Amit Seru

Debt Relief and Slow Recovery: A Decade after Lehman
w25412 Olivier Coibion
Yuriy Gorodnichenko
Tiziano Ropele

Inflation Expectations and Firm Decisions: New Causal Evidence
w25404 George-Marios Angeletos
Karthik A. Sastry

Managing Expectations without Rational Expectations
w25406 Markus K. Brunnermeier
Yann Koby

The Reversal Interest Rate
w25407 Joseph Abadi
Markus Brunnermeier

Blockchain Economics
w25373 Markus K. Brunnermeier
Lunyang Huang

A Global Safe Asset for and from Emerging Market Economies
w25380 Stephanie Schmitt-Grohé
Martín Uribe

Exchange Rates and Uncovered Interest Differentials: The Role of Permanent Monetary Shocks
w25385 Pablo Kurlat
Deposit Spreads and the Welfare Cost of Inflation
w25386 Francesco Bianchi
Howard Kung
Mikhail Tirskikh

The Origins and Effects of Macroeconomic Uncertainty
w25393 Michael W. Elsby
Gary Solon

How Prevalent Is Downward Rigidity in Nominal Wages? International Evidence from Payroll Records and Pay Slips
w25363 Daron Acemoglu
Martin Kaae Jensen

Equilibrium Analysis in the Behavioral Neoclassical Growth Model
w25366 James Cloyne
Clodomiro Ferreira
Maren Froemel
Paolo Surico

Monetary Policy, Corporate Finance and Investment
w25370 Gabriel Chodorow-Reich
Gita Gopinath
Prachi Mishra
Abhinav Narayanan

Cash and the Economy: Evidence from India's Demonetization
w25340 Javier Bianchi
Jorge Mondragon

Monetary Independence and Rollover Crises
w25344 Kent Daniel
Lorenzo Garlappi
Kairong Xiao

Monetary Policy and Reaching for Income
w25347 Christopher L. House
Christian Proebsting
Linda L. Tesar

Quantifying the Benefits of Labor Mobility in a Currency Union
w25303 Ernesto Pastén
Raphael Schoenle
Michael Weber

The Propagation of Monetary Policy Shocks in a Heterogeneous Production Economy
w25311 Masao Fukui
Emi Nakamura
Jón Steinsson

Women, Wealth Effects, and Slow Recoveries
w25316 Benjamin Hébert
Michael Woodford

Information Costs and Sequential Information Sampling
w25317 Harjoat S. Bhamra
Christian Dorion
Alexandre Jeanneret
Michael Weber

Low Inflation: High Default Risk AND High Equity Valuations
w25319 Fiorella De Fiore
Marie Hoerova
Harald Uhlig

Money Markets, Collateral and Monetary Policy
w25282 Emmanuel Farhi
François Gourio

Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia
w25288 Kurt G. Lunsford
Kenneth D. West

Some Evidence on Secular Drivers of U.S. Safe Real Rates
w25293 David Baqaee
Emmanuel Farhi

The Microeconomic Foundations of Aggregate Production Functions
w25269 John Ameriks
Gábor Kézdi
Minjoon Lee
Matthew D. Shapiro

Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle
w25239 Ricardo Lagos
Shengxing Zhang

A Monetary Model of Bilateral Over-the-Counter Markets
w25220 Guillaume Rocheteau
Pierre-Olivier Weill
Tsz-Nga Wong

An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment
w25222 Kaiji Chen
Tao Zha

Macroeconomic Effects of China's Financial Policies
w25230 Simon Jäger
Benjamin Schoefer
Samuel G. Young
Josef Zweimüller

Wages and the Value of Nonemployment
w25196 João Granja
Christian Leuz
Raghuram Rajan

Going the Extra Mile: Distant Lending and Credit Cycles
w25170 Gabriel Garber
Atif Mian
Jacopo Ponticelli
Amir Sufi

Household Debt and Recession in Brazil
w25180 Jing Cynthia Wu
Fan Dora Xia

Negative Interest Rate Policy and the Yield Curve
w25157 David W. Berger
Konstantin Milbradt
Fabrice Tourre
Joseph Vavra

Mortgage Prepayment and Path-Dependent Effects of Monetary Policy
w25123 Eric T. Swanson
The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates
w25127 Jordan Brooks
Michael Katz
Hanno Lustig

Post-FOMC Announcement Drift in U.S. Bond Markets
w25138 Alberto Cavallo
More Amazon Effects: Online Competition and Pricing Behaviors
w25102 Laura Liu
Hyungsik Roger Moon
Frank Schorfheide

Forecasting with Dynamic Panel Data Models
w25106 Ricardo Lagos
Shengxing Zhang

Turnover Liquidity and the Transmission of Monetary Policy
w25089 Martín Uribe
The Neo-Fisher Effect: Econometric Evidence from Empirical and Optimizing Models
w25079 Stephen G. Cecchetti
Enisse Kharroubi

Why Does Credit Growth Crowd Out Real Economic Growth?
w25083 Toni Ahnert
Kristin Forbes
Christian Friedrich
Dennis Reinhardt

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
w25086 Brian Baugh
Itzhak Ben-David
Hoonsuk Park
Jonathan A. Parker

Asymmetric Consumption Response of Households to Positive and Negative Anticipated Cash Flows
w25032 Anna Cieslak
Andreas Schrimpf

Non-Monetary News in Central Bank Communication
w25048 Julien Bengui
Javier Bianchi

Macroprudential Policy with Leakages
w25054 Efraim Benmelech
Nittai Bergman

Debt, Information, and Illiquidity
w24987 Olivier Coibion
Yuriy Gorodnichenko
Saten Kumar
Jane Ryngaert

Do You Know That I Know That You Know...? Higher-Order Beliefs in Survey Data
w24989 Björn Richter
Moritz Schularick
Ilhyock Shim

The Costs of Macroprudential Policy
w25004 Jose A. Lopez
Andrew K. Rose
Mark M. Spiegel

Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross Country Evidence
w25016 Refet S. Gürkaynak
Burçin Kısacıkoğlu
Jonathan H. Wright

Missing Events in Event Studies: Identifying the Effects of Partially-Measured News Surprises
w25020 Adrien Auclert
Matthew Rognlie
Ludwig Straub

The Intertemporal Keynesian Cross
w24948 Michael Carlos Best
James Cloyne
Ethan Ilzetzki
Henrik Kleven

Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches
w24956 Julien Hugonnier
Benjamin Lester
Pierre-Olivier Weill

Frictional Intermediation in Over-the-counter Markets
w24971 Pascal Michaillat
Emmanuel Saez

A New Keynesian Model with Wealth in the Utility Function
w24973 Gabriel Chodorow-Reich
Andra Ghent
Valentin Haddad

Asset Insulators
w24981 Luigi Bocola
Gideon Bornstein
Alessandro Dovis

Quantitative Sovereign Default Models and the European Debt Crisis
w24927 David N.F. Bell
David G. Blanchflower

Underemployment in the US and Europe
w24902 Gauti B. Eggertsson
Manuel Lancastre
Lawrence H. Summers

Aging, Output Per Capita and Secular Stagnation
w24895 Jonathan H. Wright
Seasonal Adjustment of NIPA data
w24866 Gary Gorton
Toomas Laarits
Andrew Metrick

The Run on Repo and the Fed's Response
w24845 Jordi Galí
The State of New Keynesian Economics: A Partial Assessment
w24792 Eric Hilt
Banks, Insider Connections, and Industrialization in New England: Evidence from the Panic of 1873
w24800 Chris Edmond
Virgiliu Midrigan
Daniel Yi Xu

How Costly Are Markups?
w24811 Lawrence J. Christiano
Martin S. Eichenbaum
Mathias Trabandt

On DSGE Models
w24823 Atif Mian
Amir Sufi

Credit Supply and Housing Speculation
w24767 Andreas Fuster
Ricardo Perez-Truglia
Basit Zafar

Expectations with Endogenous Information Acquisition: An Experimental Investigation
w24773 Kristin Forbes
Ida Hjortsoe
Tsvetelina Nenova

The Shocks Matter: Improving Our Estimates of Exchange Rate Pass-Through
w24776 Mari Tanaka
Nicholas Bloom
Joel M. David
Maiko Koga

Firm Performance and Macro Forecast Accuracy
w24778 Richard T. Thakor
Robert C. Merton

Trust in Lending
w24788 Olivier Coibion
Yuriy Gorodnichenko
Saten Kumar
Mathieu Pedemonte

Inflation Expectations as a Policy Tool?
w24734 Greg Kaplan
Giovanni L. Violante

Microeconomic Heterogeneity and Macroeconomic Shocks
w24741 Patrick J. Kehoe
Virgiliu Midrigan
Elena Pastorino

Evolution of Modern Business Cycle Models: Accounting for the Great Recession
w24746 Mark Gertler
Simon Gilchrist

What Happened: Financial Factors in the Great Recession
w24748 Andreas Neuhierl
Michael Weber

Monetary Momentum
w24751 Timothy Jackson
Laurence J. Kotlikoff

Banks as Potentially Crooked Secret-Keepers
w24757 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

A Macroeconomic Model with Financially Constrained Producers and Intermediaries
w24706 Andrew G. Atkeson
Adrien d'Avernas
Andrea L. Eisfeldt
Pierre-Olivier Weill

Government Guarantees and the Valuation of American Banks
w24710 Anmol Bhandari
David Evans
Mikhail Golosov
Thomas J. Sargent

Inequality, Business Cycles, and Monetary-Fiscal Policy
w24714 Jing Cynthia Wu
Ji Zhang

Global Effective Lower Bound and Unconventional Monetary Policy
w24717 Eric Budish
The Economic Limits of Bitcoin and the Blockchain
w24722 Miles S. Kimball
Matthew D. Shapiro
Tyler Shumway
Jing Zhang

Portfolio Rebalancing in General Equilibrium
w24729 Adam M. Guren
Alisdair McKay
Emi Nakamura
Jón Steinsson

Housing Wealth Effects: The Long View
w24677 Òscar Jordà
Moritz Schularick
Alan M. Taylor
Felix Ward

Global Financial Cycles and Risk Premiums
w24679 Abhijit Banerjee
Emily Breza
Arun G. Chandrasekhar
Benjamin Golub

When Less is More: Experimental Evidence on Information Delivery During India's Demonetization
w24692 Michael Woodford
Monetary Policy Analysis when Planning Horizons are Finite
w24687 David Greenlaw
James D. Hamilton
Ethan Harris
Kenneth D. West

A Skeptical View of the Impact of the Fed's Balance Sheet
w24699 Bronson Argyle
Taylor D. Nadauld
Christopher Palmer
Ryan D. Pratt

The Capitalization of Consumer Financing into Durable Goods Prices
w24702 Omar Barbiero
Emmanuel Farhi
Gita Gopinath
Oleg Itskhoki

The Macroeconomics of Border Taxes
w24659 James Cloyne
Nicholas Dimsdale
Natacha Postel-Vinay

Taxes and Growth: New Narrative Evidence from Interwar Britain
w24673 Matteo Maggiori
Brent Neiman
Jesse Schreger

International Currencies and Capital Allocation
w24643 Narayana R. Kocherlakota
Practical Policy Evaluation
w24649 Austan D. Goolsbee
Peter J. Klenow

Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce
w24650 Michael D. Bordo
Klodiana Istrefi

Perceived FOMC: The Making of Hawks, Doves and Swingers
w24654 Javier Cravino
Ting Lan
Andrei A. Levchenko

Price Stickiness along the Income Distribution and the Effects of Monetary Policy
w24655 Andres Blanco
Javier Cravino

Price Rigidities and Relative PPP
w24612 Lawrence Christiano
Martin S. Eichenbaum
Benjamin K. Johannsen

Does the New Keynesian Model Have a Uniqueness Problem?
w24613 Hans-Werner Sinn
The ECB's Fiscal Policy
w24624 Jose A. Lopez
Kris James Mitchener

Uncertainty and Hyperinflation: European Inflation Dynamics after World War I
w24629 Klaus Adam
Michael Woodford

Leaning Against Housing Prices as Robustly Optimal Monetary Policy
w24582 Itamar Drechsler
Alexi Savov
Philipp Schnabl

Banking on Deposits: Maturity Transformation without Interest Rate Risk
w24589 Christopher Martin
Manju Puri
Alexander Ufier

Deposit Inflows and Outflows in Failing Banks: The Role of Deposit Insurance
w24595 Joshua L. Krieger
Danielle Li
Dimitris Papanikolaou

Developing Novel Drugs
w24597 Christiane Baumeister
James D. Hamilton

Inference in Structural Vector Autoregressions When the Identifying Assumptions are Not Fully Believed: Re-evaluating the Role of Monetary Policy in Economic Fluctuations
w24571 Iván Alfaro
Nicholas Bloom
Xiaoji Lin

The Finance Uncertainty Multiplier
w24545 George-Marios Angeletos
Zhen Huo

Myopia and Anchoring
w24549 Mathias Drehmann
Mikael Juselius
Anton Korinek

Going With the Flows: New Borrowing, Debt Service and the Transmission of Credit Booms
w24550 Juliane Begenau
Maryam Farboodi
Laura Veldkamp

Big Data in Finance and the Growth of Large Firms
w24555 Sebnem Kalemli-Ozcan
Luc Laeven
David Moreno

Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis
w24529 Carolin Pflueger
Emil Siriwardane
Adi Sunderam

A Measure of Risk Appetite for the Macroeconomy
w24501 Michael D. Bordo
John V. Duca

The Impact of the Dodd-Frank Act on Small Business
w24502 David N.F. Bell
David G. Blanchflower

The Lack of Wage Growth and the Falling NAIRU
w24521 Marcus Hagedorn
Jinfeng Luo
Iourii Manovskii
Kurt Mitman

Forward Guidance
w24509 Juan Ospina
Harald Uhlig

Mortgage-Backed Securities and the Financial Crisis of 2008: a Post Mortem
w24498 Roger Farmer
The Role of Financial Policy
w24483 Linda Schilling
Harald Uhlig

Some Simple Bitcoin Economics
w24485 Gita Gopinath
Jeremy C. Stein

Banking, Trade, and the making of a Dominant Currency
w24496 Marina Halac
Pierre Yared

Instrument-Based vs. Target-Based Rules
w24454 Claudia M. Buch
Matthieu Bussiere
Linda Goldberg
Robert Hills

The International Transmission of Monetary Policy
w24463 Roberto Chang
Foreign Exchange Intervention Redux
w24443 Viral V. Acharya
Arvind Krishnamurthy

Capital Flow Management with Multiple Instruments
w24434 Eric Anderson
Sergio Rebelo
Arlene Wong

Markups Across Space and Time
w24446 Adam M. Guren
Arvind Krishnamurthy
Timothy J. McQuade

Mortgage Design in an Equilibrium Model of the Housing Market
w24415 Zhiguo He
Arvind Krishnamurthy

Intermediary Asset Pricing and the Financial Crisis
w24382 Eric Zwick
The Costs of Corporate Tax Complexity
w24386 Andreas Fuster
Greg Kaplan
Basit Zafar

What Would You Do With $500? Spending Responses to Gains, Losses, News and Loans
w24400 Ricardo J. Caballero
Alp Simsek

Reach for Yield and Fickle Capital Flows
w24404 Loukas Karabarbounis
Brent Neiman

Accounting for Factorless Income
w24367 Sebastian Edwards
Keynes on the Sequencing of Economic Policy: Recovery and Reform in 1933
w24373 Alexandr Kopytov
Nikolai Roussanov
Mathieu Taschereau-Dumouchel

Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation
w24377 Christopher D. Carroll
Edmund Crawley
Jiri Slacalek
Kiichi Tokuoka
Matthew N. White

Sticky Expectations and Consumption Dynamics
w24362 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

The Tail that Keeps the Riskless Rate Low
w24319 Shang-Jin Wei
Yinxi Xie

On the Divergence between CPI and PPI as Inflation Gauges: The Role of Supply Chains
w24322 Atif R. Mian
Amir Sufi

Finance and Business Cycles: The Credit-Driven Household Demand Channel
w24328 Philippe Andrade
Jordi Galí
Hervé Le Bihan
Julien Matheron

The Optimal Inflation Target and the Natural Rate of Interest
w24298 Gary B. Gorton
Toomas Laarits

Collateral Damage
w24275 Diego Aparicio
Alberto Cavallo

Targeted Price Controls on Supermarket Products
w24280 Adrien Auclert
Matthew Rognlie

Inequality and Aggregate Demand
w24287 Gauti B. Eggertsson
Jacob A. Robbins
Ella Getz Wold

Kaldor and Piketty's Facts: The Rise of Monopoly Power in the United States
w24244 Francesco D’Acunto
Daniel Hoang
Michael Weber

Unconventional Fiscal Policy
w24261 Roger Farmer
Pricing Assets in a Perpetual Youth Model
w24262 Marco Di Maggio
Amir Kermani
Kaveh Majlesi

Stock Market Returns and Consumption
w24221 Pablo Ottonello
Thomas Winberry

Financial Heterogeneity and the Investment Channel of Monetary Policy
w24223 Paul Beaudry
Franck Portier

Real Keynesian Models and Sticky Prices
w24230 Zheng Michael Song
Wei Xiong

Risks in China's Financial System
w24234 Alberto Martin
Jaume Ventura

The Macroeconomics of Rational Bubbles: A User's Guide
w24205 Sebastian Di Tella
A Neoclassical Theory of Liquidity Traps
w24195 Michael D. Bordo
Robert N. McCauley

Triffin: dilemma or myth?

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