This paper studies the macroeconomic effects of energy price shocks in energy-importing
economies using a heterogeneous-agent New Keynesian model. When MPCs are …

We use administrative and survey-based micro data to study the relationship between
cognitive abilities (IQ), the formation of inflation expectations, and the consumption plans of …

How does household heterogeneity affect the transmission of an energy price shock? What
are the implications for monetary policy? We develop a small, open-economy TANK model …

We examine the consequences of a sudden increase in household debt burdens by
exploiting variation in exposure to household foreign currency debt during Hungary's late …

This paper develops an open-economy heterogeneous-agent New Keynesian model in
which households differ in their income, wealth, and real and financial integration with …

Governments around the world responded to the economic fallout from the COVID pandemic
with unprecedented transfers to households and firms, financing these transfers with large …

This paper studies the role of exchange rate regimes in shaping the distributional effects of
external monetary shocks. I model a small open economy where agents differ in wealth and …

In the past three decades, governments in emerging markets have accumulated large
amounts of international reserves, especially those with fixed exchange rates. This article …

3. Idiosyncratic risk and business cycles: McKay and Reis 2016; Den Haan et al. 2018;
Bayer et al. 2019; Patterson 2021; Graves 2020; Gornemann et al. 2021-→ relevance of ex …

How does emerging markets'(EMs) monetary policy respond to global financial risk (GFR)
shocks? Despite the broad literature focusing on EM monetary policy dynamics, the existing …