NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers on Monetary Economics

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2016
w22878 Daniel Green
Brian T. Melzer
Jonathan A. Parker
Arcenis Rojas

Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand
w22874 Claudia M. Buch
Linda Goldberg

Cross-Border Prudential Policy Spillovers: How Much? How Important? Evidence from the International Banking Research Network
w22891 Jon Cohen
Kinda Cheryl Hachem
Gary Richardson

Relationship Lending and the Great Depression: Measurement and New Implications
w22897 Germán Gutiérrez
Thomas Philippon

Investment-less Growth: An Empirical Investigation
w22856 Jing Cynthia Wu
Ji Zhang

A Shadow Rate New Keynesian Model
w22866 Martín Uribe
Is The Monetarist Arithmetic Unpleasant?
w22827 Simon Gilchrist
Raphael Schoenle
Jae Sim
Egon Zakrajšek

Inflation Dynamics During the Financial Crisis
w22831 Andreas Neuhierl
Michael Weber

Monetary Policy and the Stock Market: Time-Series Evidence
w22794 George-Marios Angeletos
Fabrice Collard
Harris Dellas

Public Debt as Private Liquidity: Optimal Policy
w22784 Gauti B. Eggertsson
Sanjay R. Singh

Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model
w22785 George-Marios Angeletos
Chen Lian

Forward Guidance without Common Knowledge
w22787 Gary Gorton
Guillermo Ordoñez

Fighting Crises
w22790 Tarek A. Hassan
Thomas M. Mertens
Tony Zhang

Currency Manipulation
w22761 Robert E. Hall
Ricardo Reis

Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves
w22751 Ricardo J. Caballero
Alp Simsek

A Model of Fickle Capital Flows and Retrenchment: Global Liquidity Creation and Reach for Safety and Yield
w22735 Alan S. Blinder
Michael Ehrmann
Jakob de Haan
David-Jan Jansen

Necessity as the Mother of Invention: Monetary Policy after the Crisis
w22741 Kristin Forbes
Ida Hjortsoe
Tsvetelina Nenova

Current Account Deficits During Heightened Risk: Menacing or Mitigating?
w22743 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Macrofinancial History and the New Business Cycle Facts
w22729 Arvind Krishnamurthy
Jennie Bai
Charles-Henri Weymuller

Measuring Liquidity Mismatch in the Banking Sector
w22726 John Ameriks
Joseph Briggs
Andrew Caplin
Matthew D. Shapiro
Christopher Tonetti

Late-in-Life Risks and the Under-Insurance Puzzle
w22693 Michael T. Belongia
Peter N. Ireland

The Evolution of U.S. Monetary Policy: 2000 - 2007
w22695 Matthew Baron
Wei Xiong

Credit Expansion and Neglected Crash Risk
w22663 Pedro Brinca
V. V. Chari
Patrick J. Kehoe
Ellen McGrattan

Accounting for Business Cycles
w22645 Jose Berrospide
Ricardo Correa
Linda Goldberg
Friederike Niepmann

International Banking and Cross-border Effects of Regulation: Lessons from the United States
w22638 Marco Di Maggio
Amir Kermani
Christopher Palmer

How Quantitative Easing Works: Evidence on the Refinancing Channel
w22639 Vladimir Asriyan
Luca Fornaro
Alberto Martin
Jaume Ventura

Monetary Policy for a Bubbly World
w22650 Kaiji Chen
Patrick Higgins
Daniel F. Waggoner
Tao Zha

China Pro-Growth Monetary Policy and Its Asymmetric Transmission
w22613 Carlos Garriga
Finn E. Kydland
Roman Šustek

Nominal Rigidities in Debt and Product Markets
w22614 Patrick Kehoe
Elena Pastorino
Virgiliu Midrigan

Debt Constraints and Employment
w22619 Gary Gorton
Tyler Muir

Mobile Collateral versus Immobile Collateral
w22594 Julien Bengui
Javier Bianchi
Louphou Coulibaly

Financial Safety Nets
w22599 Gary Gorton
Ping He

Optimal Monetary Policy in a Collateralized Economy
w22602 Debraj Ray
Arthur Robson

Certified Random: A New Order for Co-Authorship
w22557 Gregori Galofré-Vilà
Martin McKee
Christopher M. Meissner
David Stuckler

The Economic Consequences of the 1953 London Debt Agreement
w22563 Francesco D’Acunto
Daniel Hoang
Michael Weber

The Effect of Unconventional Fiscal Policy on Consumption Expenditure
w22572 Francesco Bianchi
Martin Lettau
Sydney C. Ludvigson

Monetary Policy and Asset Valuation: Evidence From a Markov-Switching cay
w22581 Michael Bordo
Arunima Sinha

A Lesson from the Great Depression that the Fed Might have Learned: A Comparison of the 1932 Open Market Purchases with Quantitative Easing
w22527 Hengjie Ai
Ravi Bansal

Risk Preferences and The Macro Announcement Premium
w22533 Markus K. Brunnermeier
Yuliy Sannikov

The I Theory of Money
w22535 Guillermo A. Calvo
From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII
w22506 Craig Benedict
Mario J. Crucini
Anthony Landry

On What States Do Prices Depend? Answers From Ecuador
w22505 Emi Nakamura
Jón Steinsson
Patrick Sun
Daniel Villar

The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation
w22510 Marc Dordal-i-Carreras
Olivier Coibion
Yuriy Gorodnichenko
Johannes Wieland

Infrequent but Long-Lived Zero-Bound Episodes and the Optimal Rate of Inflation
w22489 Jordi Galí
Tommaso Monacelli

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection
w22490 Cosmin L. Ilut
Rosen Valchev
Nicolas Vincent

Paralyzed by Fear: Rigid and Discrete Pricing under Demand Uncertainty
w22475 Luca Benati
Robert E. Lucas
Jr.
Juan Pablo Nicolini
Warren Weber

International Evidence on Long Run Money Demand
w22458 Dirk Krueger
Kurt Mitman
Fabrizio Perri

On the Distribution of the Welfare Losses of Large Recessions
w22431 Edward C. Prescott
Ryan Wessel

Monetary Policy with 100 Percent Reserve Banking: An Exploration
w22451 Hie Joo Ahn
James D. Hamilton

Heterogeneity and Unemployment Dynamics
w22410 Laurence Ball
The Fed and Lehman Brothers: Introduction and Summary
w22418 Tobias Broer
Niels-Jakob H. Hansen
Per Krusell
Erik Öberg

The New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective
w22415 Ricardo Reis
QE in the future: the central bank's balance sheet in a fiscal crisis
w22384 Nicholas Kozeniauskas
Anna Orlik
Laura Veldkamp

The Common Origin of Uncertainty Shocks
w22402 Patrick Higgins
Tao Zha
Karen Zhong

Forecasting China's Economic Growth and Inflation
w22380 David Aikman
Oliver Bush
Alan M. Taylor

Monetary Versus Macroprudential Policies: Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report
w22370 Pierre-Olivier Gourinchas
Thomas Philippon
Dimitri Vayanos

The Analytics of the Greek Crisis
w22361 Fernando E. Alvarez
Francesco Lippi
Juan Passadore

Are State and Time Dependent Models Really Different?
w22351 Marco Di Maggio
Marcin Kacperczyk

The Unintended Consequences of the Zero Lower Bound Policy
w22354 Monika Piazzesi
Martin Schneider

Housing and Macroeconomics
w22356 John B. Taylor
The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics
w22359 Alisdair McKay
Ricardo Reis

Optimal Automatic Stabilizers
w22319 Dirk Krueger
Kurt Mitman
Fabrizio Perri

Macroeconomics and Household Heterogeneity
w22330 Harold Cole
Daniel Neuhann
Guillermo Ordoñez

Debt Crises: For Whom the Bell Tolls
w22331 Greg Kaplan
Sam Schulhofer-Wohl

Inflation at the Household Level
w22341 Mark Gertler
Christopher Huckfeldt
Antonella Trigari

Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires
w22343 Markus K. Brunnermeier
Yuliy Sannikov

Macro, Money and Finance: A Continuous Time Approach
w22298 Manuel Amador
Javier Bianchi
Luigi Bocola
Fabrizio Perri

Reverse Speculative Attacks
w22297 George-Marios Angeletos
Chen Lian

Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination
w22299 Gauti B. Eggertsson
Neil R. Mehrotra
Sanjay R. Singh
Lawrence H. Summers

A Contagious Malady? Open Economy Dimensions of Secular Stagnation
w22307 Kristin Forbes
Dennis Reinhardt
Tomasz Wieladek

The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies
w22311 Julio Garín
Robert Lester
Eric Sims

Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data
w22283 Ambrogio Cesa-Bianchi
Alessandro Rebucci

Does Easing Monetary Policy Increase Financial Instability?
w22285 Michael Woodford
Quantitative Easing and Financial Stability
w22295 Emmanuel Farhi
Matteo Maggiori

A Model of the International Monetary System
w22256 Atif Mian
Amir Sufi

Who Bears the Cost of Recessions? The Role of House Prices and Household Debt
w22258 Michael Bailey
Ruiqing Cao
Theresa Kuchler
Johannes Stroebel

Social Networks and Housing Markets
w22259 Marco Del Negro
Gauti Eggertsson
Andrea Ferrero
Nobuhiro Kiyotaki

The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities
w22271 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

A Model of Safe Asset Determination
w22279 Susanto Basu
Christopher L. House

Allocative and Remitted Wages: New Facts and Challenges for Keynesian Models
w22243 Gauti B. Eggertsson
Kevin Proulx

Bernanke's No-arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?
w22224 Gianluca Benigno
Huigang Chen
Christopher Otrok
Alessandro Rebucci
Eric R. Young

Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
w22228 Roger E.A. Farmer
Pricing Assets in an Economy with Two Types of People
w22232 Greg Kaplan
Kurt Mitman
Giovanni L. Violante

Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data
w22238 Max Raskin
David Yermack

Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
w22196 Robert E. Hall
Understanding the Decline in the Safe Real Interest Rate
w22210 Gary B. Gorton
The History and Economics of Safe Assets
w22212 Saki Bigio
Jennifer La’O

Financial Frictions in Production Networks
w22183 Drew D. Creal
Jing Cynthia Wu

Bond Risk Premia in Consumption-based Models
w22169 Nicola Cetorelli
Linda S. Goldberg

Organizational Complexity and Balance Sheet Management in Global Banks
w22172 Gauti B. Eggertsson
Neil R. Mehrotra
Lawrence H. Summers

Secular Stagnation in the Open Economy
w22177 Julio Garín
Robert Lester
Eric Sims

Raise Rates to Raise Inflation? Neo-Fisherianism in the New Keynesian Model
w22148 Efraim Benmelech
Ralf R. Meisenzahl
Rodney Ramcharan

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles
w22152 Itamar Drechsler
Alexi Savov
Philipp Schnabl

The Deposits Channel of Monetary Policy
w22154 Eric R. Sims
Differences in Quarterly Utilization-Adjusted TFP by Vintage, with an Application to News Shocks
w22163 Gabriel Chodorow-Reich
Loukas Karabarbounis

The Limited Macroeconomic Effects of Unemployment Benefit Extensions
w22128 Matteo Cacciatore
Romain Duval
Giuseppe Fiori
Fabio Ghironi

Market Reforms in the Time of Imbalance
w22129 Alisdair McKay
Emi Nakamura
Jón Steinsson

The Discounted Euler Equation: A Note
w22133 Markus K. Brunnermeier
Yuliy Sannikov

On the Optimal Inflation Rate
w22135 Roger Farmer
Pawel Zabczyk

The Theory of Unconventional Monetary Policy
w22136 Roger E.A. Farmer
Konstantin Platonov

Animal Spirits in a Monetary Model
w22140 Jérémie Cohen-Setton
Joshua K. Hausman
Johannes F. Wieland

Supply-Side Policies in the Depression: Evidence from France
w22141 Johannes F. Wieland
Mu-Jeung Yang

Financial Dampening
w22142 Alberto F. Cavallo
Are Online and Offline Prices Similar? Evidence from Large Multi-Channel Retailers
w22111 Alberto Cavallo
Roberto Rigobon

The Billion Prices Project: Using Online Prices for Measurement and Research
w22119 Mary Amiti
Oleg Itskhoki
Jozef Konings

International Shocks and Domestic Prices: How Large Are Strategic Complementarities?
w22103 Alberto Cavallo
Guillermo Cruces
Ricardo Perez-Truglia

Learning from Potentially-Biased Statistics: Household Inflation Perceptions and Expectations in Argentina
w22074 Kris James Mitchener
Gary Richardson

Network Contagion and Interbank Amplification during the Great Depression
w22053 Douglas W. Diamond
Anil K Kashyap

Liquidity Requirements, Liquidity Choice and Financial Stability
w22058 Dario Caldara
Cristina Fuentes-Albero
Simon Gilchrist
Egon Zakrajšek

The Macroeconomic Impact of Financial and Uncertainty Shocks
w22059 Michael D. Bordo
Christopher M. Meissner

Fiscal and Financial Crises
w22064 Gary Gorton
Ellis W. Tallman

Too-Big-To-Fail Before the Fed
w22021 Michael D. Bordo
John V. Duca
Christoffer Koch

Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level U.S. Evidence over Several Decades
w22036 Gary Gorton
Ellis W. Tallman

How Did Pre-Fed Banking Panics End?
w22044 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Safe Asset Scarcity and Aggregate Demand
w22005 Diego Anzoategui
Diego Comin
Mark Gertler
Joseba Martinez

Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
w22006 Gaetano Gaballo
Ramon Marimon

Breaking the Spell with Credit-Easing: Self-Confirming Credit Crises in Competitive Search Economies
w22008 Gary Gorton
Guillermo Ordoñez

Good Booms, Bad Booms
w22009 Narayana R. Kocherlakota
Sluggish Inflation Expectations: A Markov Chain Analysis
w21978 Valerie A. Ramey
Macroeconomic Shocks and Their Propagation
w21993 Markus K. Brunnermeier
Luis Garicano
Philip Lane
Marco Pagano
Ricardo Reis
Tano Santos
David Thesmar
Stijn Van Nieuwerburgh
Dimitri Vayanos

The Sovereign-Bank Diabolic Loop and ESBies
w21956 Martin Beraja
Erik Hurst
Juan Ospina

The Aggregate Implications of Regional Business Cycles
w21958 Carmen M. Reinhart
Vincent Reinhart
Christoph Trebesch

Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815-2015
w21942 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

A Simple Model of Subprime Borrowers and Credit Growth
w21902 Lars E.O. Svensson
Cost-Benefit Analysis of Leaning Against the Wind: Are Costs Larger Also with Less Effective Macroprudential Policy?
w21871 Robert J. Barro
Tao Jin

Rare Events and Long-Run Risks
w21878 Jeffrey A. Frankel
International Coordination
w21879 David López-Salido
Jeremy C. Stein
Egon Zakrajšek

Credit-Market Sentiment and the Business Cycle
w21880 Kinda Cheryl Hachem
Zheng Michael Song

Liquidity Regulation and Unintended Financial Transformation in China
w21890 Kaiji Chen
Jue Ren
Tao Zha

What We Learn from China's Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks' Role in Entrusted Lending
w21892 Mark Gertler
Nobuhiro Kiyotaki
Andrea Prestipino

Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises
w21897 Greg Kaplan
Benjamin Moll
Giovanni L. Violante

Monetary Policy According to HANK
w21843 Emmanuel Farhi
Jean Tirole

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
w21852 Hélène Rey
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
w21856 Joseph Davis
Marc D. Weidenmier

America's First Great Moderation
w21863 James D. Hamilton
Macroeconomic Regimes and Regime Shifts
w21864 Gabriel Chodorow-Reich
Johannes Wieland

Secular Labor Reallocation and Business Cycles
w21866 Narayana Kocherlakota
Fragility of Purely Real Macroeconomic Models
2015
w21838 Susanto Basu
Brent Bundick

Endogenous Volatility at the Zero Lower Bound: Implications for Stabilization Policy
w21750 Robin Greenwood
Samuel Hanson
Dimitri Vayanos

Forward Guidance in the Yield Curve: Short Rates versus Bond Supply
w21814 Saten Kumar
Hassan Afrouzi
Olivier Coibion
Yuriy Gorodnichenko

Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand
w21816 Eric T. Swanson
Measuring the Effects of Unconventional Monetary Policy on Asset Prices
w21820 Vasco Cúrdia
Michael Woodford

Credit Frictions and Optimal Monetary Policy
w21805 Carmen M. Reinhart
Christoph Trebesch

The International Monetary Fund: 70 Years of Reinvention
w21784 Matteo Cacciatore
Romain Duval
Giuseppe Fiori
Fabio Ghironi

Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies
w21796 Michael T. Belongia
Peter N. Ireland

Money and Output: Friedman and Schwartz Revisited
w21799 George J. Hall
Thomas J. Sargent

A History of U.S. Debt Limits
w21803 Sydney C. Ludvigson
Sai Ma
Serena Ng

Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?
w21772 Lorenz Kueng
Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments
w21779 Guillaume Rocheteau
Pierre-Olivier Weill
Tsz-Nga Wong

Working through the Distribution: Money in the Short and Long Run
w21738 Pooyan Amir Ahmadi
Harald Uhlig

Sign Restrictions in Bayesian FaVARs with an Application to Monetary Policy Shocks
w21710 Michael D. Bordo
Pierre L. Siklos

Central bank Credibility Before and After the Crisis
w21713 Benjamin M. Friedman
Work and Consumption in an Era of Unbalanced Technological Advance
w21722 Silvia Miranda-Agrippino
Hélène Rey

World Asset Markets and the Global Financial Cycle
w21726 Olivier Blanchard
Eugenio Cerutti
Lawrence Summers

Inflation and Activity - Two Explorations and their Monetary Policy Implications
w21728 Farley Grubb
Common Currency versus Currency Union: The U.S. Continental Dollar and Denominational Structure, 1775-1776
w21732 David Berger
Joseph Vavra

Dynamics of the U.S. Price Distribution
w21686 Felipe S. Iachan
Plamen T. Nenov
Alp Simsek

The Choice Channel of Financial Innovation
w21688 Christopher L. House
Linda L. Tesar

Greek Budget Realities: No Easy Options
w21664 Carmen M. Reinhart
Christoph Trebesch

The Pitfalls of External Dependence: Greece, 1829-2015
w21667 David Berger
Veronica Guerrieri
Guido Lorenzoni
Joseph Vavra

House Prices and Consumer Spending
w21670 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Global Imbalances and Currency Wars at the ZLB.
w21642 Jeffrey Clemens
Joshua D. Gottlieb
Tímea Laura Molnár

The Anatomy of Physician Payments: Contracting Subject to Complexity
w21646 Gita Gopinath
The International Price System
w21619 Olivier Blanchard
Jonathan D. Ostry
Atish R. Ghosh
Marcos Chamon

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
w21626 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

Phasing Out the GSEs
w21614 Mariana García-Schmidt
Michael Woodford

Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis
w21581 Atif R. Mian
Amir Sufi
Emil Verner

Household Debt and Business Cycles Worldwide
w21599 Louis Phaneuf
Eric R. Sims
Jean Gardy Victor

Inflation, Output, and Markup Dynamics with Forward-Looking Wage and Price Setters
w21567 Sumit Agarwal
Souphala Chomsisengphet
Neale Mahoney
Johannes Stroebel

Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow?
w21569 Jeremy C. Stein
Adi Sunderam

Gradualism in Monetary Policy: A Time-Consistency Problem?
w21576 Peter N. Ireland
Monetary Policy, Bond Risk Premia, and the Economy
w21549 Andrew B. Abel
The Analytics of Investment, q, and Cash Flow
w21550 Andrew B. Abel
Crowding Out in Ricardian Economies
w21528 Ricardo Lagos
Shengxing Zhang

Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
w21512 Sumit Agarwal
Gene Amromin
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru
Vincent Yao

Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program
w21476 James D. Hamilton
Ethan S. Harris
Jan Hatzius
Kenneth D. West

The Equilibrium Real Funds Rate: Past, Present and Future
w21486 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Leveraged Bubbles
w21490 Alberto Cavallo
Scraped Data and Sticky Prices
w21448 Iván Werning
Incomplete Markets and Aggregate Demand
w21420 Julio Garín
Robert Lester
Eric Sims

On the Desirability of Nominal GDP Targeting
w21430 Jordi Galí
Hysteresis and the European Unemployment Problem Revisited
w21386 Steffen Andersen
John Y. Campbell
Kasper Meisner Nielsen
Tarun Ramadorai

Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market
w21392 Guido Ascari
Louis Phaneuf
Eric Sims

On the Welfare and Cyclical Implications of Moderate Trend Inflation
w21369 Jonathan Parker
Why Don't Households Smooth Consumption? Evidence from a 25 Million Dollar Experiment
w21320 Manuel Adelino
Antoinette Schoar
Felipe Severino

Loan Originations and Defaults in the Mortgage Crisis: Further Evidence
w21328 Fernando Alvarez
Gadi Barlevy

Mandatory Disclosure and Financial Contagion
w21333 Carmen M. Reinhart
Miguel Angel Santos

From Financial Repression to External Distress: The Case of Venezuela
w21334 Juliane Begenau
Monika Piazzesi
Martin Schneider

Banks' Risk Exposures
w21336 Saroj Bhattarai
Gauti B. Eggertsson
Bulat Gafarov

Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing
w21341 Eugene N. White
Protecting Financial Stability in the Aftermath of World War I: The Federal Reserve Bank of Atlanta's Dissenting Policy
w21350 Carmen M. Reinhart
The Antecedents and Aftermath of Financial Crises as told by Carlos F. Díaz Alejandro
w21316 Atif Mian
Amir Sufi
Nasim Khoshkhou

Government Economic Policy, Sentiments, and Consumption
w21318 Aviv Nevo
Arlene Wong

The Elasticity of Substitution Between Time and Market Goods: Evidence from the Great Recession
w21305 Florentin Butaru
QingQing Chen
Brian Clark
Sanmay Das
Andrew W. Lo
Akhtar Siddique

Risk and Risk Management in the Credit Card Industry
w21282 James H. Stock
Mark W. Watson

Core Inflation and Trend Inflation
w21297 Naci H. Mocan
Luiza Pogorelova

Why Work More? The Impact of Taxes, and Culture of Leisure on Labor Supply in Europe
w21260 Nicola Gennaioli
Yueran Ma
Andrei Shleifer

Expectations and Investment
w21261 Fernando Ferreira
Joseph Gyourko

A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012
w21228 Nicola Fuchs-Schuendeln
Tarek Alexander Hassan

Natural Experiments in Macroeconomics
w21244 Chun Chang
Kaiji Chen
Daniel F. Waggoner
Tao Zha

Trends and Cycles in China's Macroeconomy
w21251 Dominick Bartelme
Yuriy Gorodnichenko

Linkages and Economic Development
w21252 Regis Barnichon
Andrew Figura

Declining Desire to Work and Downward Trends in Unemployment and Participation
w21220 Claudia R. Sahm
Matthew D. Shapiro
Joel Slemrod

Balance-Sheet Households and Fiscal Stimulus: Lessons from the Payroll Tax Cut and Its Expiration
w21226 Ricardo Reis
Different Types of Central Bank Insolvency and the Central Role of Seignorage
w21199 Jae Song
David J. Price
Fatih Guvenen
Nicholas Bloom
Till von Wachter

Firming Up Inequality
w21201 Miguel Faria-e-Castro
Joseba Martinez
Thomas Philippon

Runs versus Lemons: Information Disclosure and Fiscal Capacity
w21203 Atif Mian
Amir Sufi

Household Debt and Defaults from 2000 to 2010: Facts from Credit Bureau Data
w21162 Hélène Rey
Dilemma not Trilemma: The global Financial Cycle and Monetary Policy Independence
w21172 Evgenia Passari
Hélène Rey

Financial Flows and the International Monetary System
w21173 Robert E. Hall
Ricardo Reis

Maintaining Central-Bank Financial Stability under New-Style Central Banking
w21179 Guillaume Rocheteau
Pierre-Olivier Weill
Tsz-Nga Wong

A Tractable Model of Monetary Exchange with Ex-post Heterogeneity
w21182 Ian Dew-Becker
Stefano Giglio
Anh Le
Marius Rodriguez

The Price of Variance Risk
w21158 Philippe Bacchetta
Elena Perazzi
Eric van Wincoop

Self-Fulfilling Debt Crises: Can Monetary Policy Really Help?
w21112 Hanming Fang
Quanlin Gu
Wei Xiong
Li-An Zhou

Demystifying the Chinese Housing Boom
w21121 Luigi Guiso
Paola Sapienza
Luigi Zingales

Monnet's Error?
w21094 David G. Blanchflower
Andrew T. Levin

Labor Market Slack and Monetary Policy
w21110 Fernando Alvarez
Francesco Lippi

Cash burns: An inventory model with a cash-credit choice
w21092 Olivier Coibion
Yuriy Gorodnichenko
Saten Kumar

How Do Firms Form Their Expectations? New Survey Evidence
w21056 Francesco Bianchi
Rare Events, Financial Crises, and the Cross-Section of Asset Returns
w21039 Alan M. Taylor
Credit, Financial Stability, and the Macroeconomy
w21017 Michael Bordo
Harold James

Capital Flows and Domestic and International Order: Trilemmas from Macroeconomics to Political Economy and International Relations
w21021 Christina D. Romer
David H. Romer

New Evidence on the Impact of Financial Crises in Advanced Countries
w21025 Michael Gelman
Shachar Kariv
Matthew D. Shapiro
Dan Silverman
Steven Tadelis

How Individuals Smooth Spending: Evidence from the 2013 Government Shutdown Using Account Data
w21007 Erik Hurst
Benjamin J. Keys
Amit Seru
Joseph S. Vavra

Regional Redistribution Through the U.S. Mortgage Market
w20972 John Ameriks
Andrew Caplin
Minjoon Lee
Matthew D. Shapiro
Christopher Tonetti

The Wealth of Wealthholders
w20973 John Ameriks
Joseph S. Briggs
Andrew Caplin
Matthew D. Shapiro
Christopher Tonetti

Long-Term Care Utility and Late in Life Saving
w20947 Atif R. Mian
Amir Sufi

Fraudulent Income Overstatement on Mortgage Applications during the Credit Expansion of 2002 to 2005
w20898 Pranjul Bhandari
Jeffrey A. Frankel

Nominal GDP Targeting for Developing Countries
w20913 Fatih Guvenen
Fatih Karahan
Serdar Ozkan
Jae Song

What Do Data on Millions of U.S. Workers Reveal about Life-Cycle Earnings Risk?
w20874 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

Credit Supply and the Housing Boom
w20882 Alisdair McKay
Emi Nakamura
Jón Steinsson

The Power of Forward Guidance Revisited
w20860 Kristin Forbes
Marcel Fratzscher
Roland Straub

Capital Flow Management Measures: What Are They Good For?
w20862 Martin S. Feldstein
Ending the Euro Crisis?
w20865 Daron Acemoglu
Asuman Ozdaglar
Alireza Tahbaz-Salehi

Microeconomic Origins of Macroeconomic Tail Risks
w20848 Manuel Adelino
Antoinette Schoar
Felipe Severino

Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class
w20823 Monika Piazzesi
Martin Schneider
Johannes Stroebel

Segmented Housing Search
w20824 Michael D. Bordo
Pierre L. Siklos

Central Bank Credibility: An Historical and Quantitative Exploration
w20827 Alberto Alesina
Omar Barbiero
Carlo Favero
Francesco Giavazzi
Matteo Paradisi

Austerity in 2009-2013
w20832 Richard S. Grossman
Hugh Rockoff

Fighting the Last War: Economists on the Lender of Last Resort

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