Utilizing transaction-level financial data, we explore how household consumption
responded to the onset of the COVID-19 pandemic. As case numbers grew and cities and …

We study treatment-effect estimation using panel data. The treatment may be non-binary,
non-absorbing, and the outcome may be affected by treatment lags. We make a parallel …

We ask three questions about the connection between monetary policy and inequality. First,
does monetary policy affect inequality? While different households respond to changes in …

We use daily transaction data in 214 cities to study the impact of COVID-19 on consumption
after China's outbreak in late January 2020. Based on difference-in-difference estimation …

In this paper, we use transaction‐level bank account data from Denmark to study the
dynamics of consumer spending during the COVID‐19 pandemic. We document that …

Abstract Technology-based (“FinTech”) lenders increased their market share of US
mortgage lending from 2% to 8% from 2010 to 2016. Using loan-level data on mortgage …

The responsiveness of aggregate expenditure to shocks depends on the level and interest
rate sensitivity (duration) of household debt, as well as on the liquidity of the assets it …

We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian
cross for the dynamic output response to government spending and taxes in microfounded …

We follow a representative panel of US borrowers to study the suspension of household
debt payments (debt forbearance) during the COVID-19 pandemic. Between March and …

What is the role of the financial sector in explaining business cycles? This question is as old
as the field of macroeconomics, and an extensive body of research conducted since the …