External sources of as‐if randomness—that is, external instruments—can be used to identify
the dynamic causal effects of macroeconomic shocks. One method is a one‐step …

The role of real estate during the global financial and economic crisis has prompted efforts to
better incorporate housing and financial channels into macro models, improve housing …

Using a quantitative heterogeneous agents macro-housing model and detailed microdata,
this paper studies the drivers of the 2006–2011 housing bust, its spillovers to consumption …

Price inflation in the US has been slow to pick up in the last two decades. We show that this
missing inflation can be traced to a growing disconnect between unemployment and core …

Historically, large changes in US government spending induced fiscal efforts that were not
all alike, with some using more progressive taxes than others. We develop a heterogeneous …

Using narrative evidence with a novel database of real-time data and forecasts from the
Bank of Canada's staff projections (1974–2015), we construct a new measure of monetary …

We estimate the dynamic causal effects of consumer sentiment shocks in the US. We identify
autonomous changes in survey evidence on consumer confidence using fatalities in mass …

This article provides a framework for understanding the economic role of central banks and
their democratic legitimacy. I argue that thinking about the democratic challenges of central …

We study the effects of central bank balance sheet policies—namely, quantitative easing
and foreign exchange interventions—in a model where people form expectations through an …

Research works into the effect of economic factors on the construction industry are
enormous. But finding the core economic factors is limited in the Ghanaian construction …