Identification in Macroeconomics (with Emi Nakamura)
Prepared for a symposium on "The State of Macroeconomics" in the Journal of Economic Perspectives.
A Plucking Model of Business Cycles (with Stéphane Dupraz and Emi Nakamura)
The Gift of Moving: Intergenerational Consequences of a Mobility Shock (with Emi Nakamura and Jósef Sigurdsson)
Revise and resubmit at Review of Economic Studies.
The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation (with Emi Nakamura, Patrick Sun, and Daniel Villar)
Quarterly Journal of Economics, forthcoming.
Slides -- ELI Concordance (Excel) -- Press: WSJ (8/19/16) -- Forbes (8/19/16)
High Frequency Identification of Monetary Non-Neutrality: The Information Effect (with Emi Nakamura)
Quarterly Journal of Economics, forthcoming.
Slides -- Policy News Shocks (Excel) -- Replication Files (ZIP).
The Discounted Euler Equation: A Note (with Alisdair McKay and Emi Nakamura)
Economica, 84, 820-831, October 2017.
Informational Rigidities and the Stickiness of Temporary Sales (with Eric Anderson, Benjamin Malin, Emi Nakamura, and Duncan Simester)
Journal of Monetary Economics, 90, 64-83, October 2017.
Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence (with Emi Nakamura and Dmitriy Sergeyev)
American Economic Journal: Macroeconomics, 9(1), 1-39, January 2017.
Web Appendix: Figure A.1 -- Data and Programs
The Power of Forward Guidance Revisited (with Alisdair McKay and Emi Nakamura)
American Economic Review, 106(10), 3133-3158, October 2016.
Are Chinese Growth and Inflation Too Smooth? Evidence from Engel Curves (with Emi Nakamura and Miao Liu)
American Economic Journal: Macroeconomics, 8(3), 113-144, July 2016.
Press: Wall Street Journal (10/19/16), Economist (3/15/14), Wall Street Journal (2/14/14), Financial Times (12/2/13)
Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions (with Emi Nakamura)
American Economic Review, 104(3), 753-792, March 2014.
Vox Article: Does Fiscal Stimulus Work in a Montary Union?
Data and Programs -- Technical Appendix -- Erratum -- How to Get Military Prime Contract Data
Price Rigidity: Microeconomic Evidence and Macroeconomic Implications (with Emi Nakamura)
Annual Review of Economics, 5, 133-163, 2013.
Crises and Recoveries in an Empirical Model of Consumption Disasters (with Emi Nakamura, Robert Barro and José Ursúa)
American Economic Journal: Macroeconomics, 5(3), 35-74, July 2013.
Web Appendix -- Data and Programs
Vox Article: Disasters, Recoveries, and the Equity Premium
Lost in Transit: Product Replacement Bias and Pricing to Market (with Emi Nakamura)
American Economic Review, 102(7), 3277-3316, December 2012.
Press: BusinessWeek (6/3/09), BusinessWeek (10/14/09)
Comments on Gagnon, Mandel, and Vigfusson (2013)
Price Setting in Forward-Looking
Customer Markets (with Emi Nakamura)
Journal of Monetary Economics, 58(3), 220-233, April 2011.
Appendixes: Technical Appendix, Firm Price Commitments
Monetary Non-Neutrality in a Multi-Sector Menu Cost Model
(with Emi Nakamura)
Quarterly Journal of Economics, 125(3), 961-1013, August 2010.
Matlab Programs: Code -- Documentation
Five Facts About Prices: A Reevaluation of Menu Cost Models (with Emi Nakamura)
Quarterly Journal of Economics, 123(4), 1415-1464, November 2008.
Frequency of Price Change by ELI: ELI table (PDF) -- ELI table (Excel)
Supplementary Material: More Facts About Prices
Tables in Excel: Tables from Paper (Excel) -- Tables from Supplement (Excel)
Press: The Economist (11/9/06), Handelsblatt (2/8/10)
The Dynamic Behavior of the Real Exchange Rate in Sticky-Price Models
American Economic Review, 98(1), 519-533, March 2008.
Appendix: Derivation of the Model
Matlab Programs: Empirical Programs -- Theoretical Programs -- Documentation.
Erratum -- Response to Iversen and Söderström (2014)
Optimal Monetary Policy in an Economy with Inflation
Journal of Monetary Economics
50(7), 1425-1456, October 2003.
Should the Fed Ignore the Most Important Bias in the CPI? December 2007. (with Emi Nakamura)
Identification in Macroeconomics
Discussion given at State of Macro: Now and Looking Forward session at AEA Meetings, January 2018
The Rise, the Fall, and the Resurrection of Iceland
by Sigridur Benediksdottir, Gauti B. Eggertsson, and Eggert Thorarinsson.
Discussion at Brookings Panel on Economic Acticity, September 2017, and NBER ME Meeting, November 2017. Slides
Large and State-dependent Effects of Quasi-random Monetary Experiments
by Oscar Jorda, Moritz Schularick, and Alan M. Taylor. Discussion at NBER ME Meeting, October 2016
Monetary Policy According to HANK
by Greg Kaplan, Ben Moll, and Gianluca Violante. Discussion at NBER EF&G Meeting, February 2016
The Forward Premium Puzzle
by Marco Del Negro, Marc Giannoni, and Christina Patterson. Discussion at NBER EF&G Meeting, October 2015
Iceland's Experience May Offer a Lesson. Financial Times; June 29th 2015.
Don't Replace Data with Ideology. Bloomberg View; June 12th 2012. (with Emi Nakamura and Nicolas Vincent)