This chapter provides an overview of and user's guide to dynamic factor models (DFMs),
their estimation, and their uses in empirical macroeconomics. It also surveys recent …

We investigate the flattening Phillips relation by making two departures from standard
specifications. First, we measure slack using real activity variables that are bandpass filtered …

Several prominent economists have argued that existing DSGE models cannot properly
account for the evolution of key macroeconomic variables during and following the recent …

This paper presents a model in which price setting firms decide what to pay attention to,
subject to a constraint on information flow. When idiosyncratic conditions are more variable …

A common exercise in empirical studies is a “robustness check”, where the researcher
examines how certain “core” regression coefficient estimates behave when the regression …

The last decade has seen a burst of micro price studies. Many studies analyze data
underlying national CPIs and PPIs. Others focus on more granular subnational grocery store …

Empirical evidence suggests that as much as one-third of the US business cycle is due to
nominal shocks. We calibrate a multisector menu cost model using new evidence on the …

This paper examines empirically whether the measurement of trend inflation can be
improved by using disaggregated data on sectoral inflation to construct indexes akin to core …

This paper examines the relationship between climate risk and climate policy uncertainty,
and CO2 emissions in the US over the 2000–2022 period using a structural Factor …

This paper investigates the relationship between oil prices, global industrial production,
prices, central bank policy interest rate and monetary aggregate with a global factor …