Emi Nakamura

Masao Fukui · Emi Nakamura · Jón Steinsson

How does an exchange rate depreciation causally affect macroeconomic outcomes? The paper asks whether depreciations are expansionary or contractionary, and through which mechanism. The core …

Alisdair McKay · Emi Nakamura · Jón Steinsson

This paper shows that the standard New Keynesian prediction that forward guidance about interest rates far in the future is at least as powerful as guidance about current rates -- and grows …

Paul Bouscasse · Emi Nakamura · Jón Steinsson

When did sustained productivity growth begin in England? This paper constructs new estimates of the evolution of productivity in England from 1250 to 1870, with the goal of both dating the onset of …