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 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 R. 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 A. 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 B. 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 A. 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

Volume 149, issue C, 2025

Equilibrium yield curves with imperfect information

Hiroatsu Tanaka

Wealth shocks and portfolio choice

Dimitris Christelis, Dimitris Georgarakos, Tullio Jappelli and Geoff Kenny

Measuring monetary policy in the UK: The UK monetary policy event-study database

Robin Braun, Silvia Miranda-Agrippino and Tuli Saha

Subjective housing price expectations, falling natural rates, and the optimal inflation target

Klaus Adam, Oliver Pfäuti and Timo Reinelt

Do firm expectations respond to monetary policy announcements?

Federico Di Pace, Giacomo Mangiante and Riccardo M. Masolo

A theory of net capital flows over the global financial cycle

J. Scott Davis and Eric van Wincoop

Sovereign risk and Dutch disease

Carlos Esquivel

Optimal trend inflation in an open economy

Daeha Cho, Jung Hyun Kim, Kwang Hwan Kim and Suk Joon Kim

Female entrepreneurship in the U.S. 1982–2012: Implications for welfare and aggregate output

Pedro Bento

Style over substance? Advertising, innovation, and endogenous market structure

Laurent Cavenaile, Murat Celik, Pau Roldan-Blanco and Xu Tian

Wage employment, unemployment and self-employment across countries

Markus Poschke

The collateral link between volatility and risk sharing

Sebastian Infante and Guillermo Ordoñez

Monetary policy, firm heterogeneity, and the distribution of investment rates

Matthias Gnewuch and Donghai Zhang

Who gains from corporate tax cuts?

James Cloyne, Ezgi Kurt and Paolo Surico

Neural network learning for nonlinear economies

Julian Ashwin, Paul Beaudry and Martin Ellison

Labor market effects of global supply chain disruptions

Mauricio Ulate, Jose P. Vasquez and Roman D. Zarate