Research
Working Papers
The Macroeconomic Effects of Cash Transfers: Evidence from Brazil (Leo Feler, Arthur Mendes, Thuy Lan Nguyen and Steven Pennings)
How Oil Shocks Propagate: Evidence on the Monetary Policy Channel (with Thuy Lan Nguyen and Dmitriy Sergeyev)
Aggregation Bias in International Business Cycles (with Thuy Lan Nguyen and Chang Sun)
Work in Progress
International Business Cycles in a Heterogeneous Agent New Keynesian Model (with Seungki Hong and Thuy Lan Nguyen)
Published and Accepted Papers
Changing Global Input-Output Linkages and Demand Spillovers [published version] (with Thuy Lan Nguyen)
IMF Economic Review, vol. 72(3), pages 1125-1151, September 2024.
International Input-Output Linkages and Changing Business Cycle Volatility [online appendix] [published version] (with Thuy Lan Nguyen)
Journal of International Economics, Vol. 147, January 2024
In Search of Dominant Drivers of the Real Exchange Rate [online appendix] [replication files] (with Thuy Lan Nguyen and Hyunseung Oh),
Review of Economics and Statistics, 107(4), 1059-1073, July 2025.
The Expectational Effects of News in Business Cycles: Evidence from Forecast Data [published version] (with Thuy Lan Nguyen)
Journal of Monetary Economics, Volume 116, December 2020, Pages 184-200
The Effects of Government Spending on Real Exchange Rates: Evidence from Military Spending Panel Data [published version] [online appendix] [data and code] (with Thuy Lan Nguyen and Viacheslav Sheremirov)
Journal of International Economics, Vol. 116, January 2019, Pages 144-157
Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan [published version] [older version with a model] (with Thuy Lan Nguyen and Dmitriy Sergeyev)
American Economic Journal: Macroeconomics, Vol. 10(3), July 2018, Pages 1-32.
The Effects of Tax Changes at the Zero Lower Bound: Evidence from Japan [published version] (with Akihisa Kato, Thuy Lan Nguyen and Dmitriy Sergeyev)
AEA Papers & Proceedings , Vol. 108, May 2018, Pages 513-18.
Business Cycles in Small Open Economies: Evidence from Panel Data between 1900 and 2013 [published version] (with Thuy Lan Nguyen)
International Economic Review, Vol. 58, Issue 3, August 2017, Pages 1007-1044
Understanding the Cross-Country Effects of U.S. Technology Shocks [published version] (with Thuy Lan Nguyen)
Journal of International Economics, Vol. 106, May 2017, Pages 143-164
Other Works
ToTEM III: The Bank of Canada's Main DSGE Model for Projection and Policy Analysis (with Paul Corrigan, Hélène Desgagnés, José Dorich, Vadym Lepetyuk, Yang Zhang)
Bank of Canada Technical Reports, June 2021