The past half-century has seen major shifts in inflation expectations, how inflation comoves
with the business cycle, and how stocks comove with Treasury bonds. Against this backdrop …

This paper reviews Bayesian methods that have been developed in recent years to estimate
and evaluate dynamic stochastic general equilibrium (DSGE) models. We consider the …

We estimate the slope of the Phillips curve in the cross section of US states using newly
constructed state-level price indices for nontradeable goods back to 1978. Our estimates …

This paper discusses empirical approaches macroeconomists use to answer questions like:
What does monetary policy do? How large are the effects of fiscal stimulus? What caused …

We investigate the bank lending channel of negative nominal policy rates from an empirical
and theoretical perspective. For the empirical results, we rely on Swedish data, including …

We study how monetary policy in China influences banks' shadow banking activities. We
develop and estimate the endogenously switching monetary policy rule that is based on …

We present estimates of monetary non-neutrality based on evidence from high-frequency
responses of real interest rates, expected inflation, and expected output growth. Our …

内容提要: 本文提出了包含需求拉动, 成本推动, 通胀预期和通胀惯性四种因素的新凯恩斯菲利普
斯曲线模型, 该模型推广了Gordon (1996) 的三角模型和Galíand Gertler (1999) …

This article investigates the effect of bank lending frictions on employment outcomes. I
construct a new data set that combines information on banking relationships and …

ABSTRACT We estimate a Heterogeneous-Agent New Keynesian model with sticky
household expectations that matches existing microeconomic evidence on marginal …