• How Partisanship Shapes Economic Expectations: Evidence from the 2025 U.S. Tariff Announcement (July 2025, joint with Jorge Hirs-Garzón and Yoon Joo Jo, submitted) 

Presented at Yonsei University*, KDI*, Bank of Korea*, Texas A&M University*, CEPR* , NTxEC 2025 (scheduled)

We study how households update their beliefs about the economic effects of tariffs following the April 2, 2025, policy announcement (“Liberation Day”). Using experimental evidence, we document substantial disagreement in subjective economic models—driven primarily by political affiliation rather than demographic characteristics. Providing politically neutral, research-based information leads to changes in expectations: information about the near-complete pass-through of tariffs to consumer prices induces upward revisions in inflation expectations, particularly among Democrats, while information on the employment effects of tariffs leads to increased unemployment expectations, mainly among Republicans. Despite these revisions in macroeconomic beliefs, support for the administration’s economic policy remains unchanged. Our findings highlight the role of partisan alignment in shaping responses to policy announcements and new information.

• Effects of Monetary Policy on Household Expectations: The Role of Investing Households (December 2024, submitted) 

Presented at MEG 2024, SNDE 2025, Texas A&M Macro Mini-Conference 2025 (poster)

Holding stock investments can incentivize households to monitor monetary announcements due to their impact on stock prices. This study examines how stock-investing households adjust their inflation expectations in response to monetary shocks. Using individual-level survey data from the U.S., I find that investors raise their short-term inflation expectations following a monetary expansion, in contrast to non-investing households. Additionally, investor households increase their non-durable consumption after an expansionary shock, unlike non-investors. These findings indicate that holding stock investments motivate households to adjust their expectations and consumption in response to monetary policy shocks, aligned with its intended effects.

• Optimal Monetary Policy and Rawls' Difference Principle (joint with Dario Bonciani and Joonseok Oh)

• Downward Nominal Wage Rigidity at the Zero Lower Bound (joint with Joonseok Oh)