Publications

Unwinding quantitative easing: state dependency and household heterogeneity

This paper studies the macroeconomic effect of the state dependency of central bank asset market operations and their interactions with …
Bank of England SWP

Adoption of Clean Technology

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A tail of labor supply and a tale of monetary policy

We study the interaction between monetary policy and labor supply decisions at the household level. We uncover evidence of …
Chicago Fed Letter Non-technical summary CFM WP

The Fiscal Channel of Quantitative Easing

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Dual Mandate with Nominal Fiscal Policy: the case for price-level targeting

We study the implications of a ‘dual mandate’ of price and output stability in a heterogeneous agent New Keynesian (HANK) economy where …
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Monetary Policy and Labor Income Inequality

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Gender balance in the household and workplace in the Covid recovery

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Five Facts about the Distributional Income Effects of Monetary Policy Shocks

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Monetary-fiscal interactions and liquidity of government debt

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Workers, Capitalists, and the Government: Fiscal Policy and Income (Re)Distribution

We propose a novel two-agent New Keynesian model to study the interaction of fiscal policy and household heterogeneity in a tractable …
Published Version - Open access Online Appendix Working Paper Codes

Open economy, redistribution, and the aggregate impact of external shocks

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Measuring the Natural Rate of Interest: A Note on Transitory Shocks

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The Missing Link: Monetary Policy and The Labor Share

The textbook New Keynesian (NK) model implies that the labor share is procyclical conditional on a monetary policy shock. We present …
Published Version BoE SWP Online Appendix CEPR WP Codes Bank Underground VoXEU Bloomberg view Slides

Optimal Fiscal And Monetary Policy, Debt Crisis, And Management

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

Breaking the Feedback Loop: Macroprudential Regulation of Banks' Sovereign Exposures

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State Dependence in Labor Market Fluctuations: Evidence, Theory and Policy Implications

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The Dynamics of hours worked and technology

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

CES technology and business cycle fluctuations

We contribute to an emerging literature that brings the constant elasticity of substitution (CES) specification of the production …
Published Version Ungated Online Appendix

A Fiscal Stimulus and Jobless Recovery

We analyze the effects of a government-spending expansion in a dynamic stochastic general equilibrium model with Mortensen–Pissarides …
Published Version IMF WP Online Appendix

Shocking Stuff: Technology, Hours, And Factor Substitution

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

E Pluribus Unum: Macroeconomic Modelling for Multi-agent Economies

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A fiscal stimulus with deep habits and optimal monetary policy

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

Getting normalization right: Dealing with ‘dimensional constants’ in macroeconomics

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

Economic Integration and Structural Change

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Capital-Labor Substitution, Structural Change and Growth

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