Publications

This paper studies how household heterogeneity affects the level and cyclical behavior of the optimal carbon tax in a real economy. We …

How does the monetary and fiscal policy mix alter households’ saving incentives? To answer these questions, we build a heterogenous …

We study the implications of a ‘dual mandate’ of price and output stability in a heterogeneous agent New Keynesian economy where fiscal …

We study the interaction between monetary policy and labor supply decisions at the household level. We uncover evidence of …

We propose a novel two-agent New Keynesian model to study the interaction of fiscal policy and household heterogeneity in a tractable …

The textbook New Keynesian (NK) model implies that the labor share is procyclical conditional on a monetary policy shock. We present …

The initial government debt-to-gross domestic product (GDP) ratio and the government’s commitment play a pivotal role in …

The response of hours worked to technology shocks in the postwar US economy has increased over time. We offer a structural …

We contribute to an emerging literature that brings the constant elasticity of substitution (CES) specification of the production …

We analyze the effects of a government-spending expansion in a dynamic stochastic general equilibrium model with Mortensen–Pissarides …

The response of hours to technology shocks is a key controversy in macroeconomics. We show that differences between RBC and NK models …

A New-Keynesian model with deep habits and optimal monetary policy delivers a larger-than-1 fiscal multiplier and consumption crowding …

We contribute to a recent literature on the normalization, calibration and estimation of CES production functions. The problem arises …