Research
Publications:
The Limited Power of Monetary Policy in a Pandemic joint with A. Lepetit. (2022) European Economic Review, Volume 147, August 2022, 104168.
The paper and code are featured at the Epidemic-Macro Model Data Base (Epi-MMB) available at https://epi-mmb.com
Cited by Governor Waller (December 2021)
Households’ Balance Sheets and the Effect of Fiscal Policy joint with J. Andres, J. E. Bosca, and J. Ferri. Journal of Money, Credit and Banking , Volume 54, Issue 4, June 2022, Pages 737-778.
older version: Finance and Economic Discussion Series, Division of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2018-012
Latent Variables Analysis in Structural Models: A New Decomposition of the Kalman Smoother joint with H. Chung, M. Paustian, and D. Pjafjar. Journal of Economic Dynamics and Control, Volume 125, April 2021, Article104097
Financial Frictions, Financial Shocks, and Aggregate Volatility, Journal of Money, Credit and Banking, 2019, vol. 51, Issue 6, Pages 1581-1621
older version: Finance and Economic Discussion Series, Division of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2014-084.
The Macroeconomic Impact of Financial and Uncertainty shocks joint with D. Caldara, S. Gilchrist, and E. Zakrajsek. European Economic Review, 2016, vol. 88, pp. 185-207, NBER WP 22058
Methods for Computing Marginal Data Densities from the Gibbs Output joint with L. Melosi. Journal of Econometrics, Volume 175, Issue 2, August 2013, Pages 132-141. WP version
Methods versus Substance: Measuring the Effects of Technology Shocks on Hours joint with M. Kryshko, J.V. Rios-Rull, R. Santaeulalia-Llopis, F. Schorfheide. Journal of Monetary Economics, Volume 59, Issue 8, December 2012, Pages 826–846 Online appendix; Gauss Programs; WP version
Can international environmental cooperation be bought? joint with S. Rubio. European Journal of Operational Research, 202, Issue 1, April 2010, 255-264. pdf
Working papers:
Endogenous Labor Supply in an Estimated New-Keynesian Model: Nominal versus Real Rigidities joint with I. Cairo, H. Chung, C. Morales-Jimenez, D. Pfajfar, F. Ferrante, Finance and Economics Discussion Series 2023-069. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2023.069
Policy papers:
Inflation Thresholds and Policy-Rule Inertia: Some Simulation Results joint with J. M. Roberts, FEDS Notes. Washington: Board of Governors of the Federal Reserve System, April 12, 2021.
Cited by Vice Chair Clarida (April 2021)
Issues in the Use of the Balance Sheet Tool joint with M. Carlson, S. D'Amico, B. Schlusche, and P. Wood, Finance and Economics Discussion Series 2020-071. Washington: Board of Governors of the Federal Reserve System.
This paper was written in support of the Fed's Framework Review
Simulating the Macroeconomic Effects of Unconventional Monetary Policies joint with H. Chung, C. Doniger, B. Schlusche, and W. Zheng, FEDS Notes. Washington: Board of Governors of the Federal Reserve System, July 20, 2018.
Discussions:
“Fiscal Expansions in the Era of Low Real Interest Rates” by V. Garga, Women in System Economic Research Conference, 2021.
“Estimating DSGE Models with Zero Interest Rate Policy” by M. Kulish, J. Morley, and T. Robinson, XIX Inflation Targeting Seminar, Banco do Brasil, 2017.
“The Transmission of Monetary Policy Shocks” by S. Miranda-Agrippino and G. Ricco, Conference on Real-Time Data Analysis, Methods and Applications, Philadelphia Fed, 2016.
“How do U.S. Macroeconomic News affect Global Banking Risk?” by C. Koch and J. Yung, SEA Meetings, New Orleans, 2015.
“Housing Market, Financial Shocks and Spillovers” by A. Sapci, SEA Meetings, New Orleans, 2015.
“Sales, Inventories, and Real Interest Rates: A Century of Stylized Facts” by Benati and Lubik, AEA Meetings, San Diego, 2013.
“Uncertainty Shocks Are Aggregate Demand Shocks” by Leduc and Liu. NBER-Methods and Applications for DSGE Models meeting, Atlanta Fed, 2012.