We demonstrate the importance of intertemporal marginal propensities to consume (iMPCs)
in disciplining general equilibrium models with heterogeneous agents and nominal …

THANK is a tractable heterogeneous-agent New-Keynesian model that captures analytically
core micro-heterogeneity channels of quantitative-HANK: cyclical inequality and risk; self …

At the outbreak of the recent inflation surge, the public's attention to inflation was low but
increased rapidly once inflation started to rise. In this paper, I develop a general equilibrium …

We study the redistributive effects of inflation combining administrative bank data with an
information provision experiment during an episode of historic inflation. On average …

I propose an approach to quantify attention to inflation and show that attention declined after
the Great Inflation period. This decline in attention has important implications for monetary …

Central banks in major industrialized economies were slow to react to the surge in inflation
that began in early 2021. The proximate causes of this surge were the supply chain …

We develop a theoretical framework that rationalizes two hypotheses of long-lasting low-
interest rate episodes: deflationary-expectations-traps and secular stagnation in a unified …

In the past decade, a new paradigm for fiscal and monetary policy analysis has emerged,
combining the canonical macro model of income and wealth inequality with the New …

We show that households with lower cognitive skills are persistently:(i) overconfident about
their abilities,(ii) overly optimistic about their future financial situations, and (iii) more likely to …

We revisit predictability of forecast errors in macroeconomic survey data, which is often
taken as evidence of behavioral biases at odds with rational expectations. We argue that to …