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

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Volume 123, issue C, 2021

Volatile hiring: uncertainty in search and matching models pp. 1-18

Wouter J. Den Haan, Lukas Freund and Pontus Rendahl

International business cycles: Information matters pp. 19-34

Eleni Iliopulos, Erica Perego and Thepthida Sopraseuth

Financial fragility in the COVID-19 crisis: The case of investment funds in corporate bond markets pp. 35-52

Antonio Falato, Itay Goldstein and Ali Hortacsu

Asset price beliefs and optimal monetary policy pp. 53-67

Colin Caines and Fabian Winkler

Quantitative easing with heterogeneous agents pp. 68-90

Wei Cui and Vincent Sterk

Expectations and aggregate risk pp. 91-108

Lorenzo Bretscher, Aytek Malkhozov and Andrea Tamoni

Volume 122, issue C, 2021

The macroeconomics of automation: Data, theory, and policy analysis pp. 1-16

Nir Jaimovich, Itay Saporta-Eksten, Henry Siu and Yaniv Yedid-Levi

Were there fire sales in the RMBS market? pp. 17-37

Craig B. Merrill, Taylor D. Nadauld, René M. Stulz and Shane M. Sherlun

Domestic price dollarization in emerging economies pp. 38-55

Andrés Drenik and Diego J. Perez

Price selection pp. 56-75

Carlos Carvalho and Oleksiy Kryvtsov

Deep learning for solving dynamic economic models pp. 76-101

Lilia Maliar, Serguei Maliar and Pablo Winant

Investment externalities in models of fire sales pp. 102-118

Pablo Kurlat

Volume 121, issue C, 2021

Some unpleasant markup arithmetic: Production function elasticities and their estimation from production data pp. 1-14

Steve Bond, Arshia Hashemi, Greg Kaplan and Piotr Żoch

Comment on (Un)pleasant... by Bond et al (2020) pp. 15-18

Jan De Loecker

Concentration in international markets: Evidence from US imports pp. 19-39

Alessandra Bonfiglioli, Rosario Crino and Gino Gancia

The Dynamic Effects of Antitrust Policy on Growth and Welfare pp. 42-59

Laurent Cavenaile, Murat Celik and Xu Tian

The “Matthew effect” and market concentration: Search complementarities and monopsony power pp. 62-90

Jesus Fernandez-Villaverde, Federico Mandelman, Yang Yu and Francesco Zanetti

Government policies in a granular global economy pp. 95-112

Cecile Gaubert, Oleg Itskhoki and Maximilian Vogler

Monetary policy, customer capital, and market power pp. 116-134

Monica Morlacco and David Zeke

Regulation and security design in concentrated markets pp. 139-151

Ana Babus and Kinda Hachem

Comments on “Regulation and security design in concentrated markets” by A. Babus and K. Hachem (2021) pp. 152-154

Marzena Rostek

Low interest rates and risk incentives for banks with market power pp. 155-174

Toni Whited, Yufeng Wu and Kairong Xiao

Comment on “Low Interest Rates and Risk Incentives for Banks with Market Power,” by Whited, Wu, and Xiao pp. 175-179

Skander Van den Heuvel

Volume 120, issue C, 2021

Fifty shades of QE: Comparing findings of central bankers and academics pp. 1-20

Brian Fabo, Martina Jančoková, Elisabeth Kempf and Lubos Pastor

The FOMC Risk Shift pp. 21-39

Tim Kroencke, Maik Schmeling and Andreas Schrimpf

The economic impact of recession announcements pp. 40-52

Andrew C. Eggers, Martin Ellison and Sang Seok Lee

Toothless tiger with claws? Financial stability communication, expectations, and risk-taking pp. 53-69

Johannes Beutel, Norbert Metiu and Valentin Stockerl

Information frictions, monetary policy, and the paradox of price flexibility pp. 70-82

Shengliang Ou, Donghai Zhang and Renbin Zhang

Globalization and entrepreneurial entry and exit: Evidence from U.S. households pp. 83-100

Hadiye Aslan and Praveen Kumar

Volume 119, issue C, 2021

Breaking the spell with credit-easing: Self-confirming credit crises in competitive search economies pp. 1-20

Gaetano Gaballo and Ramon Marimon

Monetary policy and production networks: an empirical investigation pp. 21-39

Mishel Ghassibe

Local scars of the US housing crisis pp. 40-57

Saroj Bhattarai, Felipe Schwartzman and Choongryul Yang

Workers, capitalists, and the government: fiscal policy and income (re)distribution pp. 58-74

Cristiano Cantore and Lukas Freund

The marginal effect of government mortgage guarantees on homeownership pp. 75-89

Serafin Grundl and You Suk Kim

Central bank transparency, exchange rates, and demand imbalances pp. 90-107

Giacomo Candian

Volume 118, issue C, 2021

Credit subsidies pp. 2-14

Isabel Correia, Fiorella De Fiore, Pedro Teles and Oreste Tristani

Disagreement about inflation expectations and monetary policy transmission pp. 15-31

Elisabeth Falck, M. Hoffmann and Patrick Hürtgen

Measuring the effects of federal reserve forward guidance and asset purchases on financial markets pp. 32-53

Eric Swanson

Optimal policy with general signal extraction pp. 54-86

Esther Hauk, Andrea Lanteri and Albert Marcet

Imperfect information transmission from banks to investors: Macroeconomic implications pp. 87-98

Nicolás Figueroa, Oksana Leukhina and Carlos Ramírez

Firm dynamics and pricing under customer capital accumulation pp. 99-119

Pau Roldan-Blanco and Sonia Gilbukh

Inflation expectations, consumption and the lower bound: Micro evidence from a large multi-country survey pp. 120-134

Ioana Duca-Radu, Geoff Kenny and Andreas Reuter

Evaluating Central Banks’ tool kit: Past, present, and future pp. 135-160

Eric Sims and Jing Cynthia Wu

Employment inequality: Why do the low-skilled work less now? pp. 161-177

Erin Wolcott

Can government demand stimulate private investment? Evidence from U.S. federal procurement pp. 178-194

Shafik Hebous and Tom Zimmermann

The effect of interest rates on home buying: Evidence from a shock to mortgage insurance premiums pp. 195-211

Neil Bhutta and Daniel Ringo

Institutions, tax evasion, and optimal policy pp. 212-229

S. Boragan Aruoba

Pegging the interest rate on bank reserves: A resolution of New Keynesian puzzles and paradoxes pp. 230-244

Behzad Diba and Olivier Loisel

Optimal foresight pp. 245-259

Ryan Chahrour and Kyle Jurado

The real-time macro content of corporate financial reports: A dynamic factor model approach pp. 260-280

Ahmed M. Abdalla, Jose M. Carabias and Panos N. Patatoukas

How should governments create liquidity? pp. 281-295

Timothy Jackson and George Pennacchi

Macroprudential policy with capital buffers pp. 296-311

Josef Schroth

Backtesting global Growth-at-Risk pp. 312-330

Christian Brownlees and André B.M. Souza

A unified measure of Fed monetary policy shocks pp. 331-349

Chunya Bu, John Rogers and Wenbin Wu

Consumption dynamics under time-varying unemployment risk pp. 350-365

Karl Harmenberg and Erik Öberg

The welfare cost of inflation revisited: The role of financial innovation and household heterogeneity pp. 366-380

Shutao Cao, Césaire A. Meh, José-Víctor Ríos-Rull and Yaz Terajima

Policy uncertainty, lender of last resort and the real economy pp. 381-398

Martina Jasova, Caterina Mendicino and Dominik Supera

Leaning against house prices: A structural VAR investigation pp. 399-412

Luca Benati

The price of residential land for counties, ZIP codes, and census tracts in the United States pp. 413-431

Morris Davis, William Larson, Stephen D. Oliner and Jessica Shui

Double overreaction in beauty contests with information acquisition: Theory and experiment pp. 432-445

Romain Baeriswyl, Kene Boun My and Camille Cornand