We develop a framework to measure the welfare impact of inflationary shocks throughout the
distribution. The first-order impact of a shock is summarized by the induced movements in …

We quantify the connection between inequality and business cycles in a medium-scale New
Keynesian model with tractable household heterogeneity, estimated with aggregate and …

We use a large expansion of government-owned banks in cities with extremely low bank
branch coverage and data on the universe of formal-sector employees in Brazil over 2000 …

We study the distributional consequences of monetary policy-induced credit supply in the
German labor market. Firms in relationships with banks that are more exposed to the …

We study the interaction between monetary policy and labor supply decisions at the
household level. We uncover evidence of heterogeneous responses and a strong income …

In times of rising inequality and widespread resignation we study the distributional
consequences of monetary policy through labour mobility. We estimate the impact of …

Growth in household debt-to-income ratios can be attributed to nominal debt changes or
mechanical “Fisher effects” from interest income and expenses, real income growth, and …

This paper first provides empirical evidence that labour market outcomes for the less
educated, who also tend to be poorer, are substantially more volatile than labour market …

We study how income inequality affects monetary policy through the inequality-household
debt channel. We design a minimal macro Agent-Based model that replicates several …

Differences in labour market institutions and regulations between countries of the monetary
union can cause divergent responses even to a common shock. We augment a multi-country …