Macroeconomic Effects of UI Extensions at Short and Long Durations (with Miguel Acosta, Andreas Mueller and Emi Nakamura)
The Macroeconomic Consequences of Exchange Rate Depreciations (with Masao Fukui and Emi Nakamura)
When Did Growth Begin? New Estimates of Productivity Growth in England from 1250 to 1870 (with Paul Bouscasse and Emi Nakamura)
Revise and Resubmit, Quarterly Journal of Economics
Estimates
A Plucking Model of Business Cycles (with Stéphane Dupraz and Emi Nakamura)
Revise and Resubmit, Journal of Monetary Economics
Code to Date Peaks and Troughs --
Press: Bloomberg (11/4/19)
Identification in Macroeconomics (with Emi Nakamura)
Journal of Economic Perspectives, 32(3), 59-86, Summer 2018.
Slides --
Appendix --
Replication Material
Price Rigidity: Microeconomic Evidence and Macroeconomic Implications (with Emi Nakamura)
Annual Review of Economics, 5, 133-163, 2013.
Learning About the Long Run (with Leland Farmer and Emi Nakamura)
Journal of Political Economy, forthcoming.
Appendix --
Replication Package
Women, Wealth Effects, and Slow Recoveries (with Masao Fukui and Emi Nakamura)
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 Emi Nakamura)
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 Emi Nakamura and Jósef Sigurdsson)
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 Emi Nakamura)
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 Emi Nakamura)
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, Emi Nakamura, and Kyle Phong)
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 Emi Nakamura, 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 Emi Nakamura)
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 Emi Nakamura)
Economica, 84, 820-831, October 2017.
Informational Rigidities and the Stickiness of Temporary Sales (with Eric Anderson, Benjamin Malin, Emi Nakamura, and Duncan Simester)
Journal of Monetary Economics, 90, 64-83, October 2017.
Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence (with Emi Nakamura and Dmitriy Sergeyev)
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 Emi Nakamura)
American Economic Review, 106(10), 3133-3158, October 2016.
Programs -- Erratum
Are Chinese Growth and Inflation Too Smooth? Evidence from Engel Curves (with Emi Nakamura 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 Emi Nakamura)
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 Emi Nakamura, 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 Emi Nakamura)
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 Emi Nakamura)
Journal of Monetary Economics, 58(3), 220-233, April 2011.
Technical Appendix --
Firm Price Commitments
Monetary Non-Neutrality in a Multi-Sector Menu Cost Model (with Emi Nakamura)
Quarterly Journal of Economics, 125(3), 961-1013, August 2010.
Erratum --
Appendix --
Replication Code --
Documentation
Five Facts About Prices: A Reevaluation of Menu Cost Models (with Emi Nakamura)
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 --
Tables from Supplement (Excel)
Press: The Economist (11/9/06),
Handelsblatt (2/8/10)
The Dynamic Behavior of the Real Exchange Rate in Sticky-Price Models
American Economic Review, 98(1), 519-533, March 2008.
Appendix: Derivation of the Model
Matlab Programs: Empirical Programs --
Theoretical Programs --
Documentation.
Erratum --
Response to Iversen and Söderström (2014)
Optimal Monetary Policy in an Economy with Inflation Presistence
Journal of Monetary Economics
50(7), 1425-1456, October 2003.
Erratum -- Programs
Comment on "The Rise, the Fall, and the Resurrection of Iceland"
by Sigridur Benediksdottir, Gauti B. Eggertsson, and Eggert Thorarinsson.
Brookings Panel on Economic Acticity, 289-302, September 2017.
Slides (also given at NBER ME Meeting, November 2017)
Monetary Economics at the NBER, December 2019. (with Emi Nakamura)
Should the Fed Ignore the Most Important Bias in the CPI? December 2007. (with Emi Nakamura)
The Implementation of Monetary Policy in an Era of Electronic Payment Systems March 2005.
Discussion of paper by Stephen G. Cecchetti and Kermit L. Schoenholtz at Fed Listens conference, June 2019
Identification in Macroeconomics
Presentation given at a conference on Frontiers of Macroeconomics in Shanghai, December 2018
The Rise, the Fall, and the Resurrection of Iceland
by Sigridur Benediksdottir, Gauti B. Eggertsson, and Eggert Thorarinsson.
Discussion at Brookings Panel on Economic Acticity, September 2017, and NBER ME Meeting, November 2017
(see also published comments listed above)
Large and State-dependent Effects of Quasi-random Monetary Experiments
by Oscar Jorda, Moritz Schularick, and Alan M. Taylor. Discussion at NBER ME Meeting, October 2016
Monetary Policy According to HANK
by Greg Kaplan, Ben Moll, and Gianluca Violante. Discussion at NBER EF&G Meeting, February 2016
by Marco Del Negro, Marc Giannoni, and Christina Patterson. Discussion at NBER EF&G Meeting, October 2015
A Painless Disinflation Is No Longer Plausible. Economist; May 13th 2022.
How Should the Fed Respond to the Highest Inflation in 40 Years?, a debate with Claudia Sahm, Pairagraph, December 2021.
A New Macroeconomics? July 2nd 2021.
Iceland's Experience May Offer a Lesson. Financial Times; June 29th 2015.
Don't Replace Data with Ideology. Bloomberg View; June 12th 2012. (with Emi Nakamura and Nicolas Vincent)