NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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State Dependent Effects of Monetary Policy: the Refinancing Channel

Martin Eichenbaum, Sergio Rebelo, Arlene Wong

NBER Working Paper No. 25152
Issued in October 2018, Revised in November 2018

---- Acknowledgments ----

We thank Adrien Auclert, Martin Beraja, David Berger, Luigi Bocola, Dan Greenwald, Monika Piazzesi, Martin Schneider, Chris Tonetti, and Joe Vavra for their comments and Jose Alvarez for his excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Martin Eichenbaum ----

Non-teaching compensated activities: 2010 through 2015 (excludes token honoraria).

Co-editor, American Economic Review, 2011 - 2015.

Co-editor, NBER Macroeconomic Annual.

Federal Reserve Bank of Atlanta, advisor.

Federal Reserve Bank of Chicago, advisor

IMF, consultant.

Global Markets Institute at Goldman Sachs, Advisory Council.

Board of Directors, Bank of Montreal.

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