We augment a standard monetary dynamic general equilibrium model to include a
Bernanke-Gertler-Gilchrist financial accelerator mechanism. We fit the model to US data …

We argue that the vast bulk of movements in aggregate real economic activity during the
Great Recession were due to financial frictions. We reach this conclusion by looking through …

We estimate non‐linear VARs to assess to what extent fiscal spending multipliers are
countercyclical in the US. We deal with the issue of non‐fundamentalness due to fiscal …

We develop a dynamic stochastic general equilibrium (DSGE) model with rational
inattention and compare its predictions to data. Households and decision-makers in firms …

This paper demonstrates that an estimated, structural, small open-economy model of the
Canadian economy cannot account for the substantial influence of foreign-sourced …

We would like to thank Jean Boivin, Rick Mishkin, Ed Nelson, and Lars Svensson for helpful
discussions, Brad Strum for research assistance, and the National Science Foundation for …

This paper compares different solution methods for computing the equilibrium of dynamic
stochastic general equilibrium (DSGE) models with recursive preferences such as those in …

This paper surveys some of the main developments in macroeconomics since the anti-
Keynesian counter-revolution 40 years ago. It covers both mainstream and heterodox …

We study the causes behind the shift in the level of US GDP following the Great Recession.
To this end, we propose a model featuring endogenous productivity à la Romer and a …

The foundation of the New Keynesian Phillips curve is a model of price setting with nominal
rigidities which implies that the dynamics of inflation are well explained by the evolution of …