The past half-century has seen major shifts in inflation expectations, how inflation comoves
with the business cycle, and how stocks comove with Treasury bonds. Against this backdrop …

This essay surveys the new monetarist approach to liquidity. Work in this literature strives for
empirical and policy relevance, plus rigorous foundations. Questions include: What is …

We estimate the slope of the Phillips curve in the cross section of US states using newly
constructed state-level price indices for nontradeable goods back to 1978. Our estimates …

We ask three questions about the connection between monetary policy and inequality. First,
does monetary policy affect inequality? While different households respond to changes in …

Recent research has found that monetary policy works in part by influencing the risk
premiums on both traded financial-market securities and intermediated loans. Research has …

What are the medium-to long-term effects of pandemics? Do they differ from other economic
disasters? We study major pandemics using rates of return on assets stretching back to the …

We develop a new class of general-equilibrium models with partially unfunded debt to
propose a fiscal theory of persistent inflation. In response to business cycle shocks, the …

This paper proposes a non-linear New Keynesian Phillips curve (Inv-L NK Phillips Curve) to
explain the surge of inflation in the 2020s. Economic slack is measured as firms' job …

Central bank announcements simultaneously convey information about monetary policy and
the central bank's assessment of the economic outlook. This paper disentangles these two …

A two-country DSGE model with central bank digital currency (CBDC) is derived and used to
analyze the open-economy implications of CBDC for the transmission of shocks, optimal …