How does household heterogeneity affect the transmission of an energy price shock? What
are the implications for monetary policy? We develop a small, open-economy TANK model …

We measure the heterogeneous welfare effects of the recent inflation surge across
households in the Euro Area. A simple framework illustrating the numerous channels of the …

We identify and study three key channels that shape how inflation affects wealth
inequality:(i) the traditional Fisher channel through which inflation redistributes from lenders …

This paper studies people's understanding of inflation—their perceived causes,
consequences, trade-offs—and the policies supported to mitigate its effects. We design a …

How costly is inflation to workers? Answers to this question have focused on the path of real
wages during inflationary periods. We argue that workers must take costly actions (“conflict”) …

We measure the heterogeneous first-order welfare effects of the recent inflation surge across
households in the euro area. A simple framework illustrating the numerous transmission …

This paper characterizes the allocations that emerge in general equilibrium economies
populated by households with preferences of the additive random utility type that make …

We study a new type of monetary-fiscal interaction in a heterogeneous-agent New
Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public …

In this paper we use the functional vector autoregression (VAR) framework of Chang, Chen,
and Schorfheide (2024) to study the effects of monetary policy shocks (conventional and …

This article shows that income inequality and inflation in Brazil are multidimensional
phenomena linked to the unemployment rate and to the foreign sector. Consequently, the …