Working Papers

How Oil Shocks Propagate: Evidence on the Monetary Policy Channel (with Wataru Miyamoto and Thuy Lan Nguyen)

     revise and resubmit at the American Economic Review

The Economics of Financial Stress (with Chen Lian and Yuriy Gorodnichenko)

     conditionally accepted at the Review of Economic Studies

Zero Lower Bound on Inflation Expectations (with Yuriy Gorodnichenko)

Optimal Macroprudential and Monetary Policy in a Currency Union

Financial Integration and Financial Instability

Sectoral Shocks, the Beveridge Curve and Monetary Policy (with Neil Mehrotra)


Published and Forthcoming Papers

Central Bank Balance Sheet Policies without Rational Expectations (with Luigi Iovino)

The Review of Economic Studies, 2023

Debt Sustainability in a Low Interest Rate World (with Neil Mehrotra)

Journal of Monetary Economics, 124, November 2021.

Web Appendix

Financial Shocks, Firm Credit and the Great Recession (with Neil Mehrotra

Journal of Monetary Economics, 117, January 2021.

Web Appendix

Government Spending Multipliers under Zero Lower Bound: Evidence from Japan (with Wataru Miyamoto and Thuy Lan Nguyen)

American Economic Journal: Macroeconomics, 10(3), 247-77, July 2018. 

The older version containing a model (April 2017)

The Effects of Tax Changes at the Zero Lower Bound: Evidence from Japan (with Akihisa Kato, Wataru Miyamoto, and Thuy Lan Nguyen)

AEA Papers and Proceedings, 108, 513-18, May 2018.

Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence (with Emi Nakamura and Jon Steinsson)

American Economic Journal: Macroeconomics, 9(1), 1-39, January 2017.

Web Appendix: Figure A.1 -- Data and Programs