Journal of Monetary Economics

1975 - 2025

Continuation of Carnegie-Rochester Conference Series on Public Policy.

Current editor(s): R. G. King and C. I. Plosser

From Elsevier
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Volume 155, issue C, 2025

The underemployment trap

Jie Duan and Paul Jackson

Tokenomics: Optimal monetary and fee policies

Urban Jermann and Haotian Xiang

Skilled immigration frictions as a barrier for young firms

Federico Mandelman, Mishita Mehra and Hewei Shen

Bayesian inference in proxy SVARs with incomplete identification: Re-evaluating the validity of monetary policy instruments

Lam Nguyen

Turbulent business cycles

Ding Dong, Zheng Liu and Pengfei Wang

Quantifying the allocative efficiency of capital: The role of capital utilization

Poorya Kabir, Eugene Tan and Ia Vardishvili

Hedge funds and the Treasury cash-futures basis trade

Daniel Barth and Robert Kahn

Optimal monetary policy with uncertain private sector foresight

Christopher Gust, Edward Herbst and David López-Salido

Volume 154, issue C, 2025

Optimal unemployment insurance with multiple applications

Shu Lin Wee

Negative nominal interest rates and monetary policy

Duhyeong Kim

A model of expenditure shocks

Jorge Miranda-Pinto, Daniel Murphy, Kieran James Walsh and Eric Young

Committed to flexible fiscal rules

Christoph Grosse-Steffen, Laura Pagenhardt and Malte Rieth

International trade and macroeconomic dynamics with sanctions

Fabio Ghironi, Daisoon Kim and Galip Kemal Ozhan

What’s driving the decline in entrepreneurship?

Nicholas Kozeniauskas

Volume 153, issue C, 2025

Sovereign CoCos and debt forgiveness

Juan Carlos Hatchondo, Leonardo Martinez, Yasin Onder and Francisco Roch

Merger guidelines for the labor market

David Berger, Thomas Hasenzagl, Kyle Herkenhoff, Simon Mongey and Eric A. Posner

Optimal normalization policy under behavioral expectations

Alexandre Carrier and Kostas(Konstantinos) Mavromatis

(Re-)Connecting inflation and the labor market: A tale of two curves

Hie Joo Ahn and Jeremy B. Rudd

Fueling expectations: The causal impact of gas prices on Inflation Expectations

Yoon Joo Jo and Ben Klopack

Beyond the headline: How personal exposure to inflation shapes the financial choices of households

Merike Kukk, Jan Toczynski and Christoph Basten

Volume 152, issue C, 2025

All that glitters: A theory of multiple bubbles with implications for cryptocurrencies

Jungsuk Han and Yenan Wang

Corporate bond market distress

Nina Boyarchenko, Richard Crump, Anna Kovner and Or Shachar

A plucking model of business cycles

Stéphane Dupraz, Emi Nakamura and Jón Steinsson

Production and inventory dynamics under ambiguity aversion

Yulei Luo, Jun Nie, Xiaowen Wang and Eric Young

The economics of helicopter money

Pierpaolo Benigno and Salvatore Nisticò

An options-based impact study of the negative interest rate policy and forward guidance

Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto and Arthur Saint-Guilhem

The long-term effects of industrial policy

Jaedo Choi and Andrei Levchenko

Policy transition risk, carbon premiums, and asset prices

Christoph Hambel and Frederick (Rick) van der Ploeg

Wealth taxation and life expectancy

Antonio Andrés Bellofatto

Elasticity of substitution between robots and workers: Theory and evidence from Japanese robot price data

Daisuke Adachi

Decomposing the monetary policy multiplier

Piergiorgio Alessandri, Òscar Jordà and Fabrizio Venditti

Volume 151, issue C, 2025

Trade wars and the optimal design of monetary rules

Stéphane Auray, Michael Devereux and Aurélien Eyquem

Bond market stimulus: Firm-level evidence

Olivier Darmouni and Kerry Y. Siani

Forecast revisions as instruments for news shocks

Danilo Cascaldi-Garcia

The adoption and termination of suppliers over the business cycle

Le Xu, Yang Yu and Francesco Zanetti

Active vs. passive policy and the trade-off between output and inflation in HANK

Noah Kwicklis

Automation and the rise of superstar firms

Hamid Firooz, Zheng Liu and Yajie Wang

Energy price shocks, unemployment, and monetary policy

Nicolò Gnocato

The real effects of financial disruptions in a monetary economy

Miroslav Gabrovski, Athanasios Geromichalos, Lucas Herrenbrueck, Ioannis Kospentaris and Sukjoon Lee

Globalization, structural change and international comovement

Barthélémy Bonadio, Zhen Huo, Andrei Levchenko and Nitya Pandalai-Nayar

Sinking ships: Liquidity constraints and return predictability in recessions

Artur Doshchyn

Dynamic macroeconomic implications of immigration

Conny Olovsson, Karl Walentin and Andreas Westermark

Advance information and consumption insurance: Evidence and structural estimation

Marcelo Pedroni, Swapnil Singh and Christian A. Stoltenberg

Natural gas and the macroeconomy: Not all energy shocks are alike

Piergiorgio Alessandri and Andrea Giovanni Gazzani

Overreaction and macroeconomic fluctuation of the external balance

Seunghoon Na and Donghoon Yoo

Announcements, expectations, and stock returns with asymmetric information

Leyla Jianyu Han

CBDC and the operational framework of monetary policy

Jorge Abad, Galo Nuño and Carlos Thomas

Foreign exchange interventions in the New-Keynesian model: Policy, transmission, and welfare

Yossi Yakhin

Volume 150, issue C, 2025

Shaping inequality and intergenerational persistence of poverty: Free college or better schools?

Dirk Krueger, Alexander Ludwig and Irina Popova

The alpha beta gamma of the labor market

Victoria Gregory, Guido Menzio and David Wiczer

Joint search over the life cycle

Annika Bacher, Philipp Grübener and Lukas Nord

Comments on “Income differences and health disparities: Roles of preventive vs. curative medicine” by Serdar Ozkan

Svetlana Pashchenko

Income differences and health disparities: Roles of preventive vs. curative medicine

Serdar Ozkan

How to fund unemployment insurance with informality and false claims: Evidence from Senegal

Abdoulaye Ndiaye, Kyle Herkenhoff, Abdoulaye Cissé, Dell’Acqua, Alessandro and Ahmadou A. Mbaye

Comment on “How to fund unemployment insurance with informality and false claims: Evidence from Senegal” by Ndiaye, Herkenhoff, Cissé, Dell’Acqua, and Mbaye

Serdar Birinci

Occupational reallocation within and across firms: Implications for labor market polarization

Toshihiko Mukoyama, Naoki Takayama and Satoshi Tanaka

Singles, couples, time-averaging, and taxation

Hans Holter, Lars Ljungqvist, Thomas Sargent and Serhiy Stepanchuk

Heterogeneous job ladders

Katarína Borovičková and Claudia Macaluso

Discussion of “Singles, Couples, Time-Averaging, and Taxation”

Richard Blundell and Eric French

Comment on the alpha beta gamma of the labor market

Richard Rogerson

Comment on: “Occupational reallocation within and across firms: Implications for labor-market polarization” By T. Mukoyama, N. Takayama, and S. Tanaka

Sergio Salgado

Discussion of “Heterogeneous Job Ladders”

Gregor Jarosch

Discussion of “Joint Search Over the Life Cycle”

Alessandra Fogli

Discussion of “Shaping Inequality and Intergenerational Persistence of Poverty: Free college or better schools”

Veronica Guerrieri