Download 1 University of Maryland Department of Economics

University of Maryland
Department of Economics
Economics 702
Advanced Macroeconomics II
Spring 2017
Time and Location:
Course webpage:
Instructor:
Email:
Office:
Office Hours:
MW 2 – 3:15, TYD 1132
http://www.elms.umd.edu
Luminita Stevens
[email protected]
Tydings 4121C
Arrange by email
DESCRIPTION:
Economics 702 is the second half of the Economics Department’s two-semester sequence in
Advanced Macroeconomics, intended for second-year Ph.D. students. This course will focus on
monetary economics, from foundational work to recent advances. Topics include theories of price
rigidity; menu costs, sticky information, dispersed information, rational inattention; monetary
policy under complete and incomplete information; coordination of monetary and fiscal policy; the
zero lower bound and unconventional policy; and new evidence on the monetary transmission
mechanism.
PREREQUISITES: ECON 601 and ECON 602
Students who have not taken these courses and/or students from other departments must talk to
me for permission to take this course.
POLICIES AND IMPORTANT NOTES:
Students must talk to me for permission to audit this course.
Our primary means of communication outside the classroom is email. Additional materials will also
be posted on the course website. Please check your email and the website regularly.
GRADING:
20% = Weekly written comments (1-2 pages) on a paper from the reading list or from the macro
workshop. Candidates for written comments are the papers marked with #. Comments are
due at the beginning of class following the week in which the respective section of the
reading list is covered in class. I will grade these comments with 0 (minimal or no effort), 1
(summary), or 2 (critical summary). See the guides folder on ELMS for details.
10% = Referee Report (4-5 pages) on one of the job market papers listed at the end of the reading
list. Select one of the papers and notify me of your choice by Feb 9 (one student per paper,
first come, first served). The report is due on March 9. See the guides folder on ELMS for
details.
1
20% = Referee Report & Presentation (4-5 pages + slides + presentation)
Select one of the papers marked with @ in the reading list and notify me of your choice by
Feb 9 (one student per paper, first come, first served). Write a detailed referee report.
Present your findings and submit your slides. The scheduling of the presentations will be
discussed in class. The slides are due the day before your presentation. The referee report is
due in class the week after your presentation. See the guides folder on ELMS for details.
50% = Paper Draft (~20 pages)
Mar 1: pick a topic; submit a two-page proposal + list of related articles (15%)
Apr 15: submit the first draft (15%)
May 25: submit the final draft (20%)
At each step, I may request a rewrite. See the guides folder on ELMS for details.
COURSE OUTLINE (SUBJECT TO CHANGE):
A. Aggregate (and Not-So-Aggregate) Evidence on Money, Prices and Output
B. Money, Inflation and Welfare
C. The Neoclassical Phillips Curve
D. The New-Keynesian Phillips Curve
E. Monetary Policy: Theory and Practice
F. Optimal Monetary Policy: Welfare, Commitment vs. Discretion, and Optimal Rules
G. Micro Evidence on Prices
H. State-Dependent Pricing Models
I.
Sticky and Dispersed Information
J.
Rational Inattention and Robust Control
K. Other Price Setting Theories: Financial Frictions and Customer Frictions
L. Monetary Policy and Imperfect Information
M. Evidence on Inflation and Expectation Formation
N. The Interaction Between Monetary and Fiscal Policy
O. The Zero Lower Bound and Stabilization Policy During Financial Crises
P. Forward Guidance and Imperfect Information
Q. New Evidence and Theory on the Transmission Mechanism of Monetary Policy
2
READING LIST (SUBJECT TO CHANGE):
Below is an extensive reading list. We will be able to cover only a part of it and you should keep reading on your own should
you choose to pursue research in these areas. Feel free to suggest other papers.
Papers with * are core readings.
Papers with # are candidates for comments.
Papers with @ are candidates for presentations.
A. Aggregate (and Not-So-Aggregate) Evidence on Money, Prices and Output
* Christiano, Lawrence J., Martin Eichenbaum, and Charles L. Evans. "Monetary policy shocks: What have we learned and
to what end?." Handbook of Macroeconomics 1 (1999): 65-148.
# Romer, Christina D., and David H. Romer. "Does monetary policy matter? A new test in the spirit of Friedman and
Schwartz." NBER Macroeconomics Annual 1989 Volume 4. MIT Press. 121-184.
# Ben S. Bernanke, Jean Boivin, and Piotr Eliasz. Measuring the Effects of Monetary Policy: A Factor-Augmented Vector
Autoregressive (FAVAR) Approach. The Quarterly Journal of Economics, 120(1):387-422, 2005
# Boivin, Jean, Marc P. Giannoni, and Ilian Mihov. "Sticky Prices and Monetary Policy: Evidence from Disaggregated US
Data." The American Economic Review 99, no. 1 (2009): 350-84.
B. Money, Inflation and Welfare
*# Lucas Jr, Robert E. "Inflation and welfare." Econometrica 68.2 (2000): 247-274.
# Cooley, Thomas F., and Gary D. Hansen. "The welfare costs of moderate inflations." Journal of Money, Credit and
Banking (1991): 483-503.
# Dotsey, Michael, and Peter Ireland. "The welfare cost of inflation in general equilibrium." Journal of Monetary
Economics 37.1 (1996): 29-47.
# Attanasio, Orazio P., Luigi Guiso, and Tullio Jappelli. "The Demand for Money, Financial Innovation, and the Welfare Cost
of Inflation: An Analysis with Household Data." Journal of Political Economy 110.2 (2002): 317-351.
Sargent, Thomas J. "The ends of four big inflations." Inflation: Causes and effects. University of Chicago Press, 1982. 41-98.
C. The Neoclassical Phillips Curve
* Woodford (2003) – Chapter 3, section 1
* Lucas, Robert E. "Some international evidence on output-inflation tradeoffs." The American Economic Review 63.3
(1973): 326-334.
* Lucas, Robert E. "Econometric policy evaluation: A critique." Carnegie-Rochester conference series on public policy. Vol. 1.
No. 1. 1976.
D. The New Keynesian Phillips Curve
* Woodford (2003) - Chapter 3, section 2
* Christiano, Lawrence J., Martin Eichenbaum, and Charles L. Evans. "Nominal rigidities and the dynamic effects of a shock
to monetary policy." Journal of Political Economy 113.1 (2005): 1-45.
3
* Chari, Varadarajan V., Patrick J. Kehoe, and Ellen R. McGrattan. "Sticky price models of the business cycle: can the
contract multiplier solve the persistence problem?" Econometrica 68.5 (2000): 1151-1179.
Mankiw, N. Gregory. "Small menu costs and large business cycles: A macroeconomic model of monopoly." The Quarterly
Journal of Economics (1985): 529-537.
Blanchard, Olivier Jean, and Nobuhiro Kiyotaki. "Monopolistic competition and the effects of aggregate
demand." The American Economic Review (1987): 647-666.
Yun, Tack. "Nominal price rigidity, money supply endogeneity, and business cycles." Journal of Monetary Economics 37.2
(1996): 345-370.
Galı, Jordi, and Mark Gertler. "Inflation dynamics: A structural econometric analysis." Journal of Monetary Economics 44.2
(1999): 195-222.
Sbordone, Argia M. "Prices and unit labor costs: a new test of price stickiness." Journal of Monetary Economics 49.2 (2002):
265-292.
Ball, Laurence, and David Romer. "Real Rigidities and the Non-neutrality of Money." Review of Economic Studies 57.2
(1990): 183-203.
E. Monetary Policy: Theory and Practice
* Woodford (2003), Chapter 4, sections 1, 2.1, 2.2
* Clarida, Richard, Jordi Gali, and Mark Gertler. "Monetary policy rules and macroeconomic stability: evidence and some
theory." The Quarterly Journal of Economics 115.1 (2000): 147-180.
* Lucas, Robert E. "Econometric policy evaluation: A critique." Carnegie-Rochester conference series on public policy. Vol. 1.
No. 1. 1976.
Taylor, John B. "A historical analysis of monetary policy rules." Monetary policy rules. University of Chicago Press, 1999.
319-348.
Orphanides, Athanasios. "Monetary policy rules, macroeconomic stability, and inflation: A view from the trenches." Journal
of Money, Credit, and Banking 36.2 (2004): 151-175.
F.
Welfare Effects of Inflation Stabilization
* Woodford (2003), Chapter 6, sections 1,2,3
* Woodford, Michael "Optimal Monetary Stabilization Policy." Handbook of Monetary Economics 3B (2010): 723-828.
Khan, Aubhik, Robert G. King, and Alexander L. Wolman. "Optimal monetary policy." The Review of Economic Studies 70.4
(2003): 825-860.
Erceg, Christopher J., Dale W. Henderson, and Andrew T. Levin. "Optimal monetary policy with staggered wage and price
contracts." Journal of Monetary Economics 46.2 (2000): 281-313.
Commitment versus Discretion and Optimal Rules
* Woodford (2003), Chapter 7
* Clarida, Richard, Jordi Gali, and Mark Gertler. "The Science of Monetary Policy: A New Keynesian Perspective." Journal of
Economic Literature 37 (1999): 1661-1707.
4
Kydland, Finn E., and Edward C. Prescott. "Rules rather than discretion: The inconsistency of optimal plans." The Journal of
Political Economy (1977): 473-491.
Svensson, Lars E.O. "Inflation Targeting." Handbook of Monetary Economics 3B (2010): 1237-1302.
G. Micro Evidence on Prices
* Bils, Mark, and Peter J. Klenow. "Some evidence on the importance of sticky prices." Journal of Political Economy 112.5
(2004): 947-985.
* Nakamura, Emi, and Jón Steinsson. "Five facts about prices: A reevaluation of menu cost models." The Quarterly Journal
of Economics 123.4 (2008): 1415-1464.
Eichenbaum, Martin, Nir Jaimovich, and Sergio Rebelo. "Reference prices and nominal rigidities." The American Economic
Review 101 (2011): 234-262.
Klenow, Peter J., and Benjamin A. Malin. "Microeconomic evidence on price-setting." Handbook of Monetary economics 3A
(2010): 231-284.
Gagnon, Etienne. "Price setting during low and high inflation: Evidence from Mexico." The Quarterly Journal of
Economics 124.3 (2009): 1221-1263.
Alvarez, F., Gonzalez-Rozada, M., Neumeyer, A., & Beraja, M. “From Hyperinflation to Stable Prices: Argentina’s Evidence
on Menu Cost Models.” (2011).
Nakamura, Emi, et al. The elusive costs of inflation: Price dispersion during the US great inflation. No. w22505. National
Bureau of Economic Research, 2016.
Gagnon, Etienne, and David Lopez-Salido. “Small Price Responses to Large Demand Shocks.” No. 2014-18. Board of
Governors of the Federal Reserve System (US), 2014.
H. State-Dependent Pricing
* Golosov, Mikhail, and Robert E. Lucas Jr. "Menu Costs and Phillips Curves." Journal of Political Economy 115.2 (2007):
171-199.
* Gertler, Mark, and John Leahy. "A Phillips curve with an Ss foundation." Journal of Political Economy 116.3 (2008): 533572.
Caballero, Ricardo J., and Eduardo MRA Engel. "Price stickiness in Ss models: New interpretations of old results." Journal
of monetary economics 54 (2007): 100-121.
# Midrigan, Virgiliu. "Menu Costs, Multi-Product Firms, and Aggregate Fluctuations." (2006).
Kehoe, Patrick J., and Virgiliu Midrigan. "Prices are sticky after all." NBER Working Paper no. 16364, 2010.
# Dotsey, Michael, Robert G. King, and Alexander L. Wolman. "State-dependent pricing and the general equilibrium
dynamics of money and output." The Quarterly Journal of Economics 114.2 (1999): 655-690.
# Nakamura, Emi, and Jón Steinsson. "Monetary Non-Neutrality in a Multi-Sector Menu Cost Model." The Quarterly Journal
of Economics 125.3 (2010): 961-1013.
# Vavra, Joseph. "Inflation dynamics and time-varying volatility: New evidence and an ss interpretation." The Quarterly
Journal of Economics 129.1 (2014): 215-258.
# Gorodnichenko, Yuriy, and Michael Weber. "Are sticky prices costly? Evidence from the stock market." The American
Economic Review 106.1 (2016): 165-199.
5
# Klenow, Peter J., and Oleksiy Kryvtsov. "State-dependent or time-dependent pricing: does it matter for recent US
inflation?." The Quarterly Journal of Economics 123.3 (2008): 863-904.
I.
Sticky Information
* Mankiw, N. Gregory, and Ricardo Reis. "Sticky information versus sticky prices: a proposal to replace the New Keynesian
Phillips curve." The Quarterly Journal of Economics 117.4 (2002): 1295-1328.
# Reis, Ricardo. "Inattentive producers." The Review of Economic Studies 73.3 (2006): 793-821.
# Klenow, Peter J., and Jonathan L. Willis. "Sticky information and sticky prices." Journal of Monetary Economics 54 (2007):
79-99.
# Reis, Ricardo. "Inattentive consumers." Journal of Monetary Economics 53.8 (2006): 1761-1800.
Mankiw, N. Gregory, and Ricardo Reis. "Pervasive stickiness." The American Economic Review (2006): 164-169.
Dispersed Information
* Mankiw, N. Gregory, and Ricardo Reis. "Imperfect information and aggregate supply. " Handbook of Monetary Economics
3A (2010): 182-230.
* Woodford, Michael. "Imperfect common knowledge and the effects of monetary policy. " In P. Aghion, R. Frydman, J.
Stiglitz, and M. Woodford, eds. Knowledge, Information and Expectations in Modern Macroeconomics, Princeton:
Princeton University Press 2002: 25-58.
Morris, Stephen, and Hyun Song Shin. "Social value of public information." The American Economic Review 92.5 (2002):
1521-1534.
Svensson, Lars E.O. "Social Value of Public Information: Comment: Morris and Shin (2002) Is Actually Pro-Transparency,
Not Con." The American Economic Review 96.1 (2006): 448-452.
# Amato, Jeffery D., and Hyun Song Shin. "Imperfect common knowledge and the information value of prices." Economic
Theory 27.1 (2006): 213-241.
# Nimark, Kristoffer. "Dynamic pricing and imperfect common knowledge." Journal of Monetary Economics 55.2 (2008):
365-382.
# Drenik, Andres, and Diego Perez. "Price setting under uncertainty about inflation." (2014).
J.
Rational Inattention and Robust Control
* Sims, Christopher A. "Implications of rational inattention." Journal of Monetary Economics 50.3 (2003): 665-690.
* Sims, Christopher A. "Rational inattention and monetary economics." Handbook of Monetary Economics 3A (2010): 2-2.
Cover, Thomas M., and Joy A. Thomas. Elements of information theory. Wiley-interscience, 2006. Chapters 2,7,10
# Maćkowiak, Bartosz, and Mirko Wiederholt. "Optimal sticky prices under rational inattention." The American Economic
Review 99.3 (2009): 769-803.
# Woodford, Michael. "Information-constrained state-dependent pricing." Journal of Monetary Economics 56 (2009): S100S124.
# Matějka, Filip. "Rationally inattentive seller: Sales and discrete pricing." CERGE-EI Working Paper Series 408 (2010).
6
# Stevens, Luminita. "Coarse Pricing Policies." (2015).
# Magnani, Jacopo, Aspen Gorry, and Ryan Oprea. "Time and state dependence in an Ss decision experiment." American
Economic Journal: Macroeconomics 8.1 (2016): 285-310.
# Khaw, Mel Win, Luminita Stevens, and Michael Woodford. Discrete Adjustment to a Changing Environment:
Experimental Evidence. No. w22978. National Bureau of Economic Research, 2016.
#@ Ilut, Cosmin L., Rosen Valchev, and Nicolas Vincent. Paralyzed by fear: Rigid and discrete pricing under demand
uncertainty. No. w22490. National Bureau of Economic Research, 2016.
K. Other Price Setting Theories: Financial Frictions and Customer Frictions
#@ Gilchrist, Simon, et al. Inflation dynamics during the financial crisis. No. w22827. National Bureau of Economic
Research, 2016.
# Gilchrist, Simon, and Egon Zakrajsek. "Customer markets and financial frictions: Implications for inflation dynamics."
Prepared for Inflation Dynamics and Monetary Policy, 2015 Jackson Hole Symposium, August. Vol. 11. 2015.
# Guimaraes, Bernardo, and Kevin D. Sheedy. "Sales and Monetary Policy." The American Economic Review 101.2 (2011):
844-876.
# Kryvtsov, Oleksiy, and Nicolas Vincent. "On the Importance of Sales for Aggregate Price Flexibility." (2014).
# Nakamura, Emi, and Jón Steinsson. "Price setting in forward-looking customer markets." Journal of Monetary Economics
58.3 (2011): 220-233.
# Gourio, Francois, and Leena Rudanko. "Customer capital." The Review of Economic Studies (2014).
# Anderson, Eric T., and Duncan I. Simester. "Price stickiness and customer antagonism." The Quarterly Journal of
Economics 125.2 (2010): 729-765.
L.
Monetary Policy and Imperfect Information
# Adam, Klaus. "Optimal monetary policy with imperfect common knowledge." Journal of Monetary Economics 54.2
(2007): 267-301.
#@ Lorenzoni, Guido. "Optimal monetary policy with uncertain fundamentals and dispersed information." The Review of
Economic Studies 77.1 (2010): 305-338.
#@ Paciello, Luigi, and Mirko Wiederholt. "Exogenous information, endogenous information and optimal monetary
policy." (2011).
#@ Angeletos, George-Marios, and Jennifer La'O. "Optimal Monetary Policy with Informational Frictions." NBER Working
Paper no. 17525. 2011.
M. Evidence on Inflation and Expectation Formation
# Coibion, Olivier, and Yuriy Gorodnichenko. "What Can Survey Forecasts Tell Us about Information Rigidities?." Journal of
Political Economy 120.1 (2012): 116-159.
# Coibion, Olivier, and Yuriy Gorodnichenko. "Information rigidity and the expectations formation process: A simple
framework and new facts." The American Economic Review 105.8 (2015): 2644-2678.
# Coibion, Olivier, and Yuriy Gorodnichenko. "Is the Phillips curve alive and well after all? Inflation expectations and the
missing disinflation." American Economic Journal: Macroeconomics 7.1 (2015): 197-232.
7
# Del Negro, Marco, Marc P. Giannoni, and Frank Schorfheide. "Inflation in the great recession and new keynesian models."
American Economic Journal: Macroeconomics 7.1 (2015): 168-196.
# Coibion, Olivier, Yuriy Gorodnichenko, and Saten Kumar. How do firms form their expectations? New survey evidence.
No. w21092. National Bureau of Economic Research, 2015.
#@ Cavallo, Alberto, Guillermo Cruces, and Ricardo Perez-Truglia. Inflation expectations, learning and supermarket
prices: Evidence from field experiments. No. w20576. National Bureau of Economic Research, 2014.
# Mankiw, N.G., Reis, R. and Wolfers, J. (2003). “Disagreement about Inflation Expectations.” In NBER Macroeconomics
Annual 2003, ed. by M. Gertler, and K. Rogof
# Malmendier, U. and Nagel, S. (2016). “Learning from Inflation Experiences,” The Quarterly Journal of Economics (2016)
131 (1): 53-87
# Kaplan, Greg, and Sam Schulhofer-Wohl. Inflation at the Household Level. No. w22331. National Bureau of Economic
Research, 2016.
N. The Interaction between Monetary and Fiscal Policy
* Benigno, Pierpaolo, and Michael Woodford. "Optimal monetary and fiscal policy: A linear-quadratic approach." NBER
Macroeconomics Annual 2003, Volume 18. The MIT Press, 2004. 271-364.
Chari, Varadarajan V., and Patrick J. Kehoe. "Optimal fiscal and monetary policy." Handbook of Macroeconomics 1 (1999):
1671-1745.
Schmitt-Grohé, Stephanie, and Martín Uribe. "Optimal fiscal and monetary policy under sticky prices." Journal of Economic
Theory 114 (2004): 198-230.
Sims, Christopher A. "Limits to inflation targeting." The Inflation-Targeting Debate. University of Chicago Press, 2004. 283310.
Benigno, Pierpaolo, and Michael Woodford. "Optimal inflation targeting under alternative fiscal regimes." NBER Working
Paper no. 12158. 2006.
Schmitt-Grohé, Stephanie, and Martín Uribe. "Optimal simple and implementable monetary and fiscal rules." Journal of
Monetary Economics 54 (2007): 1702-1725.
Woodford, Michael. "Simple Analytics of the Government Expenditure Multiplier." American Economic Journal:
Macroeconomics 3.1 (2011): 1-35.
#@ Nakamura, Emi, and Jon Steinsson. Fiscal stimulus in a monetary union: Evidence from US regions. No. w17391.
National Bureau of Economic Research, 2011.
O. The Zero Lower Bound and Stabilization Policy During Financial Crises
# Christiano, Lawrence, Martin Eichenbaum, and Sergio Rebelo. "When Is the Government Spending Multiplier
Large?." Journal of Political Economy 119.1 (2011): 78-121.
# Woodford, Michael. "Methods of Policy Accommodation at the Interest-Rate Lower Bound." (2012).
# Krugman, Paul R., “It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap,” Brookings Papers on Economic
Activity 1998-2: 137-206.
#@ Eggertsson, Gauti B., and Michael Woodford. "The Zero Bound on Interest Rates and Optimal Monetary Policy."
Brookings Papers on Economic Activity 1 (2003): 139-211.
8
#@ Eggertsson, Gauti B., and Michael Woodford. "Optimal monetary and fiscal policy in a liquidity trap." NBER
International Seminar on Macroeconomics 2004. The MIT Press, 2006: 75-131.
#@ Benhabib, Jess, Stephanie Schmitt-Grohé, and Martin Uribe. "Avoiding liquidity traps." Journal of Political Economy
110.3 (2002): 535-563.
#@ Eggertsson, Gauti B., “Great Expectations and the End of the Depression,” American Economic Review 98: 1476-1516
(2008).
#@ Eggertsson, Gauti B. "What fiscal policy is effective at zero interest rates?." NBER Macroeconomics Annual 25 (2010):
59-112.
#@ Wieland, Johannes F. (2014) “Are Negative Supply Shocks Expansionary at the Zero Lower Bound?”
#@ Eggertsson, Gauti B., and Paul Krugman. "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo
Approach*." The Quarterly Journal of Economics127.3 (2012): 1469-1513.
#@ Farhi, Emmanuel, and Iván Werning. “Fiscal multipliers: liquidity traps and currency unions.” No. w18381. National
Bureau of Economic Research, 2012.
#@ Farhi, Emmanuel, and Iván Werning. (2016) “The Power of Forward Guidance with Bounded Rationality and
Incomplete Markets,” work in progress.
#@ Aruoba, S. Borağan, Pablo Cuba-Borda, and Frank Schorfheide. Macroeconomic dynamics near the ZLB: A tale of two
countries. No. w19248. National Bureau of Economic Research, 2013.
#@ Bianchi, Francesco, and Leonardo Melosi. "Escaping the Great Recession." Economic Research Initiatives at Duke (ERID)
Working Paper 156 (2013).
#@ Swanson, Eric T., and John C. Williams. "Measuring the effect of the zero lower bound on medium-and longer-term
interest rates." The American Economic Review 104.10 (2014): 3154-3185.
#@ McKay, Alisdair, Emi Nakamura, and Jón Steinsson. "The power of forward guidance revisited." The American
Economic Review 106.10 (2016): 3133-3158.
P. Forward Guidance and Imperfect Information
#@ Angeletos, George-Marios, and Chen Lian. Forward Guidance without Common Knowledge. No. w22785. National
Bureau of Economic Research, 2016.
#@ Angeletos, George-Marios, and Chen Lian. "Dampening General Equilibrium: From Micro Elasticities to Macro Effects."
Massachusetts Institute of Technology mimeo (2016).
#@ Gaballo, Gaetano. (2016) “Rational Inattention to News: The Perils of Forward Guidance.” American Economic Journal:
Macroeconomics, 8(1): 42–97
#@ Andrade, P., Gaballo, G., Mengus, E., & Mojon, B. (2015). Forward guidance and heterogeneous beliefs.
#@ Wiederholt, Mirko. "Empirical properties of inflation expectations and the zero lower bound." Goethe University
Frankfurt (2014).
Q. New Evidence and Theory on the Transmission Mechanism of Monetary Policy
#@ Di Maggio, Marco, Amir Kermani, and Christopher Palmer. "Unconventional monetary policy and the allocation of
credit." Columbia Business School Research Paper 16-1 (2016).
9
#@ Gertler, Mark, and Peter Karadi. "Monetary policy surprises, credit costs, and economic activity." American Economic
Journal: Macroeconomics 7.1 (2015): 44-76.
#@ Kaplan, Greg, Benjamin Moll, and Giovanni L. Violante. Monetary policy according to HANK. No. w21897. National
Bureau of Economic Research, 2016.
#@ Nakamura, Emi, and Jón Steinsson. "High Frequency Identification of Monetary Non-Neutrality: The Information
Effect." (2016).
#@ Gornemann, Nils, Keith Kuester, and Makoto Nakajima. "Doves for the rich, hawks for the poor? Distributional
consequences of monetary policy." (2016).
#@ Auclert, Adrien. "Monetary policy and the redistribution channel." Unpublished manuscript (2015).
#@ Wong, Arlene. "Population aging and the transmission of monetary policy to consumption." Unpublished manuscript
(2015).
#@ Beraja, M., Fuster, A., Hurst, E., & Vavra, J. (2015). Regional heterogeneity and monetary policy.
#@ Beraja, Martin, Erik Hurst, and Juan Ospina. The Aggregate Implications of Regional Business Cycles. No. w21956.
National Bureau of Economic Research, 2016.
Selected Job Market Papers in Macro
Hassan Afrouzi, Strategic Inattention, Inflation Dynamics and the Non-Neutrality of Money
Corina Boar, Dynastic Precautionary Savings
Nicolas Caramp, Sowing the Seeds of Financial Crises: Endogenous Asset Creation and Adverse Selection
Stephane Dupraz, A Kinked-Demand Theory of Price Rigidity
Miguel Faria-e-Castro, Fiscal Multipliers and Financial Crises
Sungki Hong, Customer Capital, Markup Cyclicality and Amplification
Yan Ji, Job Search under Debt: Aggregate Implications of Student Loans
Callum Jones, Aging, Secular Stagnation and the Business Cycle
Nelson Lind, Credit Regimes and the Seeds of Crisis
Ernest Liu, Industrial Policies and Economic Development
Simon Mongey, Market structure and monetary non-neutrality
10