Winner of the Nobel Prize in Economics Get ready to change the way you think about
economics. Nobel laureate Richard H. Thaler has spent his career studying the radical …

We evaluate explanations for the absence of disinflation during the Great Recession and
find popular explanations to be insufficient. We propose a new explanation for this puzzle …

We investigate the consumption consequences of the 2006–9 housing collapse using the
highly unequal geographic distribution of wealth losses across the United States. We …

We show that deterioration in household balance sheets, or the housing net worth channel,
played a significant role in the sharp decline in US employment between 2007 and 2009 …

This paper analyzes the inefficiencies arising from the combination of fixed exchange rates,
nominal rigidity, and free capital mobility. We document that nominal wages are downwardly …

This paper demonstrates that low-skilled Mexican-born immigrants' location choices
respond strongly to changes in local labor demand, which helps equalize spatial differences …

A cutting-edge graduate-level textbook on the macroeconomics of international trade
Combining theoretical models and data in ways unimaginable just a few years ago, open …

In standard models, economic activity fluctuates symmetrically around a “natural rate” and
stabilization policies can dampen these fluctuations but do not affect the average level of …

We introduce a model of monetary policy with downward nominal wage rigidities and show
that both the slope and curvature of the Phillips curve depend on the level of inflation and …

The interaction of incomplete markets and sticky nominal wages is shown to magnify
business cycles even though these two features—in isolation—dampen them. During …