Emi Nakamura -- Papers


Macroeconomic Effects of UI Extensions at Short and Long Durations (with Miguel Acosta, Andreas Mueller and Jón Steinsson)

The Macroeconomic Consequences of Exchange Rate Depreciations (with Masao Fukui and Jón Steinsson)

When Did Growth Begin? New Estimates of Productivity Growth in England from 1250 to 1870 (with Paul Bouscasse and Jón Steinsson)

Revise and Resubmit, Quarterly Journal of Economics

A Plucking Model of Business Cycles (with Stéphane Dupraz and Jón Steinsson)

Revise and Resubmit, Journal of Monetary Economics
Code to Date Peaks and Troughs -- Press: Bloomberg (11/4/19)


Identification in Macroeconomics (with Jón Steinsson)

Journal of Economic Perspectives, 32(3), 59-86, Summer 2018.
Slides -- Appendix -- Replication Material

Price Rigidity: Microeconomic Evidence and Macroeconomic Implications (with Jón Steinsson)

Annual Review of Economics, 5, 133-163, 2013.


Learning About the Long Run (with Leland Farmer and Jón Steinsson)

Journal of Political Economy, forthcoming.
Appendix -- Replication Package

Women, Wealth Effects, and Slow Recoveries (with Masao Fukui and Jón Steinsson)

American Economic Journal: Macroeconomics, 15(1), 269-313, January 2023.
Appendix -- Replication Package

The Slope of the Phillips Curve: Evidence from U.S. States (with Jonathon Hazell, Juan Herreno and Jón Steinsson)

Quarterly Journal of Economics, 137(3), 1299-1344, August 2022.
Appendix -- State Level CPI Data (BETA) -- ReadMe for State Level CPIs -- Replication Package

The Gift of Moving: Intergenerational Consequences of a Mobility Shock (with Jósef Sigurdsson and Jón Steinsson)

Review of Economic Studies, 89(3), 1557-1592, May 2022.
Appendix -- Replication Files -- Slides

Housing Wealth Effects: The Long View (with Adam Guren, Alisdair McKay, and Jón Steinsson)

Review of Economic Studies, 88(2), 669-707, March 2021.
Local House Price Sensitivity Estimates -- Online Appendix -- Replication Files

What Do We Learn From Cross-Regional Empirical Estimates in Macroeconomics (with Adam Guren, Alisdair McKay, and Jón Steinsson)

NBER Macroeconomics Annual 2020, 175-223.
Online Appendix -- Replication Files

New Evidence on the Cyclicality of Employer-to-Employer Flows from Canada (with Alice Nakamura, Kyle Phong, and Jón Steinsson)

American Economic Association Papers and Proceedings, 109, 456-460, May 2019.
Replication Files. Companion paper: Worker Reallocation over the Business Cycle: Evidence from Canada

The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation (with Jón Steinsson, Patrick Sun, and Daniel Villar)

Quarterly Journal of Economics, 133(4), 1933-1980, November 2018.
Appendix -- Slides -- ELI Concordance -- Replication Material -- Press: WSJ (8/19/16) -- Forbes (8/19/16) -- FT (3/16/18)

High Frequency Identification of Monetary Non-Neutrality: The Information Effect (with Jón Steinsson)

Quarterly Journal of Economics, 133(3), 1283-1330, August 2018.
Appendix -- Slides -- Replication Files -- Policy News Shocks (original sample period)
Policy News Shocks constructed by Acosta and Saia for an updated sample period may be found here.

The Discounted Euler Equation: A Note (with Alisdair McKay and Jón Steinsson)

Economica, 84, 820-831, October 2017.

Informational Rigidities and the Stickiness of Temporary Sales (with Eric Anderson, Benjamin Malin, Duncan Simester, and Jón Steinsson)

Journal of Monetary Economics, 90, 64-83, October 2017.

Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence (with Dmitriy Sergeyev and Jón Steinsson)

American Economic Journal: Macroeconomics, 9(1), 1-39, January 2017.
Figure A.1 -- Data and Programs

The Power of Forward Guidance Revisited (with Alisdair McKay and Jón Steinsson)

American Economic Review, 106(10), 3133-3158, October 2016.
Programs -- Erratum

Are Chinese Growth and Inflation Too Smooth? Evidence from Engel Curves (with Jón Steinsson and Miao Liu)

American Economic Journal: Macroeconomics, 8(3), 113-144, July 2016.
Press: Wall Street Journal (10/19/16), Economist (3/15/14), Wall Street Journal (2/14/14), Financial Times (12/2/13)

Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions (with Jón Steinsson)

American Economic Review, 104(3), 753-792, March 2014.
Vox Article: Does Fiscal Stimulus Work in a Montary Union?
Data and Programs -- Technical Appendix -- Erratum -- How to Get Military Prime Contract Data

Crises and Recoveries in an Empirical Model of Consumption Disasters (with Jón Steinsson, Robert Barro and José Ursúa)

American Economic Journal: Macroeconomics, 5(3), 35-74, July 2013.
Web Appendix -- Data and Programs
Vox Article: Disasters, Recoveries, and the Equity Premium

Lost in Transit: Product Replacement Bias and Pricing to Market (with Jón Steinsson)

American Economic Review, 102(7), 3277-3316, December 2012.
Press: BusinessWeek (6/3/09), BusinessWeek (10/14/09)
Comments on Gagnon, Mandel, and Vigfusson (2013)

Price Setting in Forward-Looking Customer Markets (with Jón Steinsson)

Journal of Monetary Economics, 58(3), 220-233, April 2011.
Appendixes: Technical Appendix, Firm Price Commitments

Price Dynamics, Retail Chains and Inflation Measurement (with Alice O. Nakamura and Leonard I. Nakamura)

Journal of Econometrics, 161(1), 47-55, March 2011.

Monetary Non-Neutrality in a Multi-Sector Menu Cost Model (with Jón Steinsson)

Quarterly Journal of Economics, 125(3), 961-1013, August 2010.
Erratum -- Appendix -- Replication Code -- Documentation

Accounting for Incomplete Pass-Through (with Dawit Zerom)

Review of Economic Studies, 77(3), 1192-1230, July 2010.
Supplementary Material: Computational Appendix

Deconstructing the Success of RBC

Economic Inquiry, 47(4), 739-753, October 2009.

Five Facts About Prices: A Reevaluation of Menu Cost Models (with Jón Steinsson)

Quarterly Journal of Economics, 123(4), 1415-1464, November 2008.
Frequency of Price Change by ELI: ELI table (PDF) -- ELI table (Excel)
Supplementary Material: More Facts About Prices
Tables in Excel: Tables from Paper (Excel) -- Tables from Supplement (Excel)
Press: The Economist (11/9/06), Handelsblatt (2/8/10)

Pass-Through in Retail and Wholesale

American Economic Review P&P, 98(2), 430-437, May 2008.
Published Version -- Supplementary Material: Table -- Press: NBER Digest

Layoffs and Lemons over the Business Cycle

Economics Letters, 99(1), 55-58, April 2008.


Using Supervised Learning to Estimate Inequality in the Size and Persistence of Income Shocks (with David Bruns-Smith and Avi Feller)

Proceedings of the ACM Conference on Fairness, Accountability, and Transparency (FAccT), 2023.

Returns to Scale: Estimation and Analysis of Japan's Turbulent 1964-1988 Economy (with W. Erwin Diewert, with Takanobu Nakajima, Alice O. Nakamura and Masao Nakamura)

Canadian Journal of Economics, 44(2), 451-485, May 2011.

Jobs Online (with Alice O. Nakamura, Kathryn L. Shaw, Richard B. Freeman and Amanda Pyman)

in Studies of Labor Market Intermediation, David H. Autor (ed), University of Chicago Press, Chicago, Il, November 2009.

Technical Change in a Bubble Economy: Japanese Manufacturing Firms in the 1990s (with Takanobu Nakajima, Alice O. Nakamura and Masao Nakamura)

Empirica, 34(3), 247-271, May 2007.

Cost Pass-Through in the U.S. Coffee Industry (with Ephraim Leibtag, Alice O. Nakamura, and Dawit Zerom)

USDA Economic Research Report No. (ERR-38), March 2007.

Inflation Forcasting Using a Neural Network

Economics Letters, 86(3), 373-378, March 2005.


Monetary Economics at the NBER, December 2019. (with Jón Steinsson)

Should the Fed Ignore the Most Important Bias in the CPI? December 2007. (with Jón Steinsson)


Micro and Macro Evidence on Inflation and Monetary Policy

AFA Lecture at ASSA Meetings, January 2022.

Monetary Policy: Conventional and Unconventional (Version with Notes)

Discussion at Nobel Symposium, May 2018.

Uniform Pricing in US Retail Chains

by Stefano DellaVigno and Matthew Gentzkow. Discussion at NBER IO Meeting, February 2018.

The Friedman Forces in the Phillips Curve

Discussion prepared for 50th anniversary of Milton Friedman's 1968 presidential address at the AEA Meetings, January 2018

Behavioral Macro

Discussion at BEAM conference, May 2017.


Don't Replace Data with Ideology. Bloomberg View; June 12th 2012. (with Jon Steinsson and Nicolas Vincent)