This article reviews the literature on production networks in macroeconomics. It presents the
theoretical foundations for the role of input–output linkages as a shock propagation channel …

Does inflation vary across the income distribution? This article reviews the growing literature
on inflation inequality, describing recent advances and opportunities for further research in …

We study supply and demand shocks in a disaggregated model with multiple sectors,
multiple factors, input-output linkages, downward nominal wage rigidities, credit-constraints …

This paper develops a general theory of aggregation in inefficient economies. We provide
nonparametric formulas for aggregating microeconomic shocks in economies with …

How should policymakers respond to the recent surge in inflation? This paper examines the
impact of global supply chain pressures on euro area inflation and the implications for …

This paper revisits the New Keynesian framework, theoretically and quantitatively, in an
economy with multiple sectors and input‐output linkages. Analytical expressions for the …

The COVID-19 pandemic has led to an unprecedented shift of consumption from services to
goods. We study this demand reallocation in a multi-sector model featuring sticky prices …

The challenge for stabilization policy presented by the COVID-19 pandemic stems above all
from disruption of the circular flow of payments, resulting in a failure of what Keynes (1936) …

We propose a supply-side channel for the transmission of monetary policy. We show that
when high-markup firms have lower pass-throughs than low-markup firms, then positive …

Monetary policy shocks have a large impact on stock returns in narrow windows around
press releases by the Federal Reserve. We use spatial autoregressions to decompose the …