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 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 P. Hürtgen

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

Eric T. 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

Volume 117, issue C, 2021

Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and the distribution of income pp. 1-18

Era Dabla-Norris, Yan Ji, Robert M. Townsend and Filiz Unsal

The making of hawks and doves pp. 19-42

Ulrike Malmendier, Stefan Nagel and Zhen Yan

International evidence on long-run money demand pp. 43-63

Luca Benati, Robert Lucas, Juan Pablo Nicolini and Warren Weber

An heterogeneous-agent New-Monetarist model with an application to unemployment pp. 64-90

Guillaume Rocheteau, Pierre-Olivier Weill and Russell Wong

Finance and productivity growth: Firm-level evidence pp. 91-107

Oliver Levine and Missaka Warusawitharana

Flowers of evil? Industrialization and long run development pp. 108-128

Raphael Franck and Oded Galor

Empirical evidence on the Euler equation for consumption in the US pp. 129-152

Guido Ascari, Leandro Magnusson and Sophocles Mavroeidis

Endogenous forecast switching near the zero lower bound pp. 153-169

Kevin Lansing

Managing self-organization of expectations through monetary policy: A macro experiment pp. 170-186

Tiziana Assenza, P. Heemeijer, C.H. Hommes and Domenico Massaro

The federal funds network and monetary policy transmission: Evidence from the 2007–2009 financial crisis pp. 187-202

Daniel Beltran, Valentin Bolotnyy and Elizabeth Klee

Recessions and recoveries: Multinational banks in the business cycle pp. 203-219

Qingqing Cao, Raoul Minetti, María Pía Olivero and Giacomo Romanini

On average establishment size across sectors and countries pp. 220-242

Pedro Bento and Diego Restuccia

Through scarcity to prosperity: Toward a theory of sustainable growth pp. 243-257

Pietro Peretto

Agnostic Structural Disturbances (ASDs): Detecting and reducing misspecification in empirical macroeconomic models pp. 258-277

Wouter J. Den Haan and Thomas Drechsel

Does demand noise matter? Identification and implications pp. 278-295

Kenza Benhima and Céline Poilly

Financial shocks, firm credit and the Great Recession pp. 296-315

Neil Mehrotra and Dmitriy Sergeyev

The origins of aggregate fluctuations in a credit network economy pp. 316-334

Levent Altinoglu

Unemployment crises pp. 335-353

Nicolas Petrosky-Nadeau and Lu Zhang

Learning, confidence, and business cycles pp. 354-376

Cosmin Ilut and Hikaru Saijo

Default cycles pp. 377-394

Wei Cui and Leo Kaas

Learning, parameter drift, and the credibility revolution pp. 395-417

Christopher A. Hennessy and Dmitry Livdan

Business complexity and risk management: Evidence from operational risk events in U.S. bank holding companies pp. 418-440

Anna Chernobai, Ali Ozdagli and Jianlin Wang

Wealth creation, wealth dilution and demography pp. 441-459

Christa Brunnschweiler, Pietro Peretto and Simone Valente

Exchange rates, local currency pricing and international tax policies pp. 460-472

Sihao Chen, Michael Devereux, Kang Shi and Juanyi Xu

Foreign exchange reserves as a tool for capital account management pp. 473-488

Jonathan Davis, Ippei Fujiwara, Kevin X.D. Huang and Jiao Wang

Does a big bazooka matter? Quantitative easing policies and exchange rates pp. 489-506

Luca Dedola, Georgios Georgiadis, Johannes Gräb and Arnaud Mehl

News-driven inflation expectations and information rigidities pp. 507-520

Vegard Larsen, Leif Thorsrud and Julia Zhulanova

What drives heterogeneity in the marginal propensity to consume? Temporary shocks vs persistent characteristics pp. 521-542

Michael Gelman

Banks’ exposure to interest rate risk and the transmission of monetary policy pp. 543-570

Matthieu Gomez, Augustin Landier, David Sraer and David Thesmar

The macroeconomic effects of social security contributions and benefits pp. 571-584

Sebastian Gechert, Christoph Paetz and Paloma Villanueva

Bank credit risk networks: Evidence from the Eurozone pp. 585-599

Christian Brownlees, Christina Hans and Eulalia Nualart

Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy pp. 600-617

Eric Leeper, Campbell Leith and Ding Liu

Aggregate expected investment growth and stock market returns pp. 618-638

Jun Li, Huijun Wang and Jianfeng Yu

Low-frequency fiscal uncertainty pp. 639-657

Zhao Han

Intratemporal nonseparability between housing and nondurable consumption: Evidence from reinvestment in housing stock pp. 658-670

Natalia Khorunzhina

Participation following sudden access pp. 671-688

Nicola Fuchs-Schündeln and Michael Haliassos

The Phillips multiplier pp. 689-705

Régis Barnichon and Geert Mesters

Learning and job search dynamics during the Great Recession pp. 706-722

Tristan Potter

Do survey expectations of stock returns reflect risk adjustments? pp. 723-740

Klaus Adam, Dmitry Matveev and Stefan Nagel

Job Search under Debt: Aggregate Implications of Student Loans pp. 741-759

Yan Ji

Central bank communication that works: Lessons from lab experiments pp. 760-780

Oleksiy Kryvtsov and Luba Petersen

Worker churn in the cross section and over time: New evidence from Germany pp. 781-797

Ruediger Bachmann, Christian Bayer, Christian Merkl, Stefan Seth, Heiko Stüber and Felix Wellschmied

Structural scenario analysis with SVARs pp. 798-815

Juan Antolin-Diaz, Ivan Petrella and Juan F Rubio-Ramirez

Delphic and odyssean monetary policy shocks: Evidence from the euro area pp. 816-832

Philippe Andrade and Filippo Ferroni

From secular stagnation to robocalypse? Implications of demographic and technological changes pp. 833-847

Henrique Basso and Juan F Jimeno

A quantitative theory of time-consistent unemployment insurance pp. 848-870

Yun Pei and Zoe Xie

Output hysteresis and optimal monetary policy pp. 871-886

Vaishali Garga and Sanjay R. Singh

Central bank reputation, cheap talk and transparency as substitutes for commitment: Experimental evidence pp. 887-903

John Duffy and Frank Heinemann

A model of state-dependent monetary policy pp. 904-917

Joshua Bernstein

The short-term effects of tax changes: The role of state dependence pp. 918-934

Ufuk Demirel

Inefficiently low screening with Walrasian markets pp. 935-948

Kinda Hachem

More unequal income but less progressive taxation pp. 949-968

Chunzan Wu

History remembered: Optimal sovereign default on domestic and external debt pp. 969-989

D’Erasmo, Pablo and Enrique Mendoza

Taking off into the wind: Unemployment risk and state-Dependent government spending multipliers pp. 990-1007

Julien Albertini, Stéphane Auray, Hafedh Bouakez and Aurélien Eyquem

Information disclosure and the choice between arm’s-length and inside debt pp. 1008-1022

Sumit Agarwal and Robert Hauswald

State-dependent fiscal multipliers with preferences over safe assets pp. 1023-1040

Ansgar Rannenberg

Optimal capital account liberalization in China pp. 1041-1061

Zheng Liu, Mark Spiegel and Jingyi Zhang

Taxation, expenditures and the Irish miracle pp. 1062-1077

Paul Klein and Gustavo Ventura

Input-output linkages in Pigouvian industrial fluctuations pp. 1078-1095

Can Tian

Effectiveness and addictiveness of quantitative easing pp. 1096-1117

Peter Karadi and Anton Nakov