Research Interests
Monetary and Fiscal Policy; International Macroeconomics and Finance; Time Series Econometrics
Publications
"Relative-Price Changes as Aggregate Supply Shocks Revisited: Theory and Evidence," Journal of Monetary Economics, 2024, 148: 103650 (with Hassan Afrouzi and Edson Wu)
"Aggregate Properties of Open Economy Models with Expanding Varieties," Journal of European Economic Association, 2024, 22: 263-309 (with Konstantin Kucheryavyy)
"Redistribution and the Monetary-Fiscal Policy Mix," Quantitative Economics, 2023, 14: 817-853 (with Jae Won Lee and Choongryul Yang)
"Time Consistency and Duration of Government Debt: A Model of Quantitative Easing," Review of Economic Studies, 2023, 90: 1759-1799 (with Gauti Eggertsson and Bulat Gafarov)
"An Analysis of the Literature on International Unconventional Monetary Policy," Journal of Economic Literature, 2022, 60: 527-597 (with Chris Neely)
"Local Scars of the US Housing Crisis," Journal of Monetary Economics, 2021, 119: 40-57 (with Felipe Schwartzman and Choongryul Yang)
"Effects of U.S. Quantitative Easing on Emerging Market Economies," Journal of Economic Dynamics and Control, 2021, 122: 104031 (with Arpita Chatterjee and Woong Yong Park)
Online appendix, Data appendix
"Global Spillover Effects of U.S. Uncertainty," Journal of Monetary Economics, 2020, 114: 71-89 (with Arpita Chatterjee and Woong Yong Park)
"Commodity-Price Comovement and Global Economic Activity," Journal of Monetary Economics, 2020, 112: 41-56 (with Ron Alquist and Olivier Coibion)
"Is Increased Price Flexibility Stabilizing? Redux," Journal of Monetary Economics, 2018, 100: 66-82 (with Gauti Eggertsson and Raphael Schoenle)
"Policy Regimes, Policy Shifts, and U.S. Business Cycles," Review of Economics and Statistics, 2016, 98: 968-983 (with Jae Won Lee and Woong Yong Park)
"Optimal Monetary Policy in a Currency Union with Interest Rate Spreads," Journal of International Economics, 2015, 96: 375-397 (with Jae Won Lee and Woong Yong Park)
Reprinted in Honohan, P. et al Eds., The International Library of Critical Writings in Economics Series on Currency Unions, Volume I, 2020.
"Price Indexation, Habit Formation, and the Generalized Taylor Principle," Journal of Economic Dynamics and Control, 2014, 48: 218-225 (with Jae Won Lee and Woong Yong Park)
"Inflation Dynamics: The Role of Public Debt and Policy Regimes," Journal of Monetary Economics, 2014, 67: 93-108 (with Jae Won Lee and Woong Yong Park)
"Multi-product Firms and Price-setting: Theory and Evidence from U.S. Producer Prices," Journal of Monetary Economics, 2014, 66: 178-192 (with Raphael Schoenle)
"Hedging Against the Government: A Solution to the Home Asset Bias Puzzle," American Economic Journal: Macroeconomics, 2013, 5(1): 102-134 (with Tiago C. Berriel)
"Monetary-Fiscal Policy Interactions and Indeterminacy in Post-War U.S. Data," American Economic Review: Papers and Proceedings, 2012, 102(3): 173-178 (with Jae Won Lee and Woong Yong Park)
"Monetary Policy and Central Bank Balance Sheet Concerns," The B. E. Journal of Macroeconomics (Contributions), 2009 (with Tiago C. Berriel)
Working Papers
"Cost of Inflation in Production Networks," 2023 (with Hassan Afrouzi and Edson Wu)
"Food, Fuel, and Facts: Distributional Effects of Global Price Shocks," 2025 (with Arpita Chatterjee and Gautham Udupa)
"Inflation and GDP Dynamics in Production Networks: A Sufficient Statistics Approach," 2024 (with Hassan Afrouzi)
"Growth, Externalities, and Technology Upgrading in Open Economies," 2022 (with Konstantin Kucheryavyy)
"Monetary Policy in an International Business Cycle Model with Externalities," 2022 (with Konstantin Kucheryavyy)
"Optimal Debt Maturity with Default in an Open Economy," 2022 (with Gauti Eggertsson and Bulat Gafarov)
"Trade Models and International Business Cycles: A Technical Note," 2021 (with Konstantin Kucheryavyy)
"Macroeconomic Effects of Capital Tax Rate Changes," 2020 (with Jae Won Lee, Woong Yong Park, and Choongryul Yang)
(Also released as Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper # 391)
"The Perils of Tracking r-Star," 2019 (with Jae Won Lee and Woong Yong Park)
"US Monetary Policy Spillovers," (joint with Arpita Chatterjee and Woong Yong Park)
"Some Unpleasant Central Bank Balance Sheet Arithmetic," 2016
"Optimal Monetary and Fiscal Policy at the Zero Lower Bound in a Small Open Economy," 2015 (with Konstantin Egorov)
(Also released as Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper # 260)
"Optimal Currency Denomination of Trade: Theory and Quantitative Exploration," 2011