E3

Anmol Bhandari · Thomas Bourany · David Evans · Mikhail Golosov

This paper reformulates perturbation approximation of heterogeneous-agent models as the problem of finding directional derivatives that solve small, analytically-characterized linear systems -- a …

Emmanuel Farhi · Iván Werning

This paper builds a theory of macroprudential policy whose only friction is nominal rigidity in goods and labor markets, possibly combined with a constraint on monetary policy such as the zero lower …

Daniel L. Greenwald · Adam Guren

To what extent did an expansion and contraction of credit drive the 2000s housing boom and bust? The existing literature offers sharply divergent answers — ranging from credit explaining virtually …

Richard Audoly

How do aggregate economic fluctuations reallocate workers across the firm productivity distribution over the business cycle? In particular, to what extent do recessions impede workers' movement up the …

Carmen M Reinhart · Kenneth S Rogoff

Sorting about 3,700 annual observations from 44 countries over roughly two centuries into four debt-to-GDP buckets, the authors find little relationship between public debt and growth below 90 percent …

Amy Finkelstein · Matthew J Notowidigdo · Frank Schilbach · Jonathan Zhang

Does the Great Recession reduce or increase mortality, and what are the welfare implications of incorporating recession-induced mortality changes into standard macroeconomic welfare frameworks?

Eric Anderson · Sergio Rebelo · Arlene Wong

Anderson, Rebelo, and Wong study the behavior of markups in the retail sector across regions and over time, using a combination of firm-level Compustat data and product-level scanner data from two …

Athanasios Orphanides

Re-estimating the Clarida-Galí-Gertler forward-looking Fed policy rule using only the real-time Greenbook forecasts available to the FOMC at the time, rather than revised after-the-fact data, this …

Yuliya Rychalovska · Sergey Slobodyan · Rafael Wouters

This paper asks whether Survey of Professional Forecasters (SPF) data can be efficiently integrated into medium-scale DSGE models, and whether models with imperfectly rational expectations based on …

Sebastian Heise · Jeremy Pearce · Jacob P. Weber

Which measures of labor market tightness best predict nominal wage inflation, and do standard measures such as the unemployment rate and the vacancy-to-unemployment ratio capture the relevant slack? …