This survey features three parts. The first one reviews the most recent literature on the
relationship between domestic (ie, country‐specific) uncertainty and the business cycle, and …

We study the effects of monetary policy shocks on—and their historical contribution to—
consumption and income inequality in the United States since 1980 as measured by the …

In this paper, we develop a Bayesian framework to estimate a proxy structural vector
autoregression to identify monetary policy shocks. We find that during the Great Moderation …

We document that since 1994, the equity premium is earned entirely in weeks 0, 2, 4, and 6
in Federal Open Market Committee (FOMC) cycle time, that is, even weeks starting from the …

We show that after monetary policy announcements, the conditional volatility of stock market
returns rises more for firms with stickier prices than for firms with more flexible prices. This …

Since the mid-1990s, negative stock returns comove with downgrades to the Fed's growth
expectations and predict policy accommodations. Textual analysis of FOMC documents …

Personal experiences of inflation strongly influence the hawkish or dovish leanings of
central bankers. For all members of the Federal Open Market Committee (FOMC) since …

We develop a dynamic general equilibrium model in which the policy rate signals the central
bank's view about macroeconomic developments to price setters. The model is estimated …

Do tax cuts and spending increases stimulate output? Studies that identify fiscal shocks
using structural vector autoregressions (SVAR) have reached different conclusions. In this …

Realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-
output linkages in the transmission of monetary policy shocks. Quantitatively, heterogeneity …