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 116, issue C, 2020

The propagation of monetary policy shocks in a heterogeneous production economy pp. 1-22

Ernesto Pasten, Raphael Schoenle and Michael Weber

Price setting under uncertainty about inflation pp. 23-38

Andrés Drenik and Diego J. Perez

Lending effects of the ECB’s asset purchases pp. 39-52

Michael Koetter

Public bank guarantees and allocative efficiency pp. 53-69

Reint Gropp, Andre Guettler and Vahid Saadi

Money and capital in a persistent liquidity trap pp. 70-87

Philippe Bacchetta, Kenza Benhima and Yannick Kalantzis

Price level targeting with evolving credibility pp. 88-103

Seppo Honkapohja and Kaushik Mitra

Price rigidities and the relative PPP pp. 104-116

Andrés Blanco and Javier Cravino

Money velocity and the natural rate of interest pp. 117-134

Luca Benati

Price dispersion and the border effect pp. 135-146

Ryan Chahrour and Luminita Stevens

Optimal capital taxation revisited pp. 147-165

V.V. Chari, Juan Pablo Nicolini and Pedro Teles

An analysis of the importance of both destruction and creation to economic growth pp. 166-183

Gregory W. Huffman

The expectational effects of news in business cycles: Evidence from forecast data pp. 184-200

Wataru Miyamoto and Thuy Lan Nguyen

Does history repeat itself? Business cycle and industry returns pp. 201-218

Sudheer Chava, Alex Hsu and Linghang Zeng

Pecuniary externalities in economies with downward wage rigidity pp. 219-235

Martin Wolf

Fiscal forward guidance: A case for selective transparency pp. 236-248

Ippei Fujiwara and Yuichiro Waki

Innovation, automation, and inequality: Policy challenges in the race against the machine pp. 249-265

Klaus Prettner and Holger Strulik

Investment without Q pp. 266-282

Vito D. Gala, Joao F. Gomes and Tong Liu

Risk endogeneity at the lender/investor-of-last-resort pp. 283-297

Diego Caballero, Andre Lucas, Bernd Schwaab and Xin Zhang

Economic leadership and growth pp. 298-333

Craig O. Brown

The cyclical component of labor market polarization and jobless recoveries in the US pp. 334-347

Paul Gaggl and Sylvia Kaufmann

Volume 115, issue C, 2020

The effects of a money-financed fiscal stimulus pp. 1-19

Jordi Galí

Monetary policy uncertainty pp. 20-36

Lucas Husted, John Rogers and Bo Sun

Austerity in the aftermath of the great recession pp. 37-63

Christopher L. House, Christian Proebsting and Linda L. Tesar

Bank capital in the short and in the long run pp. 64-79

Caterina Mendicino, Kalin Nikolov, Javier Suarez and Dominik Supera

Government consumption and investment: Does the composition of purchases affect the multiplier? pp. 80-93

Christoph Boehm

Adverse selection, lemons shocks and business cycles pp. 94-112

Daisuke Ikeda

Liquidity requirements and the interbank loan market: An experimental investigation pp. 113-126

Douglas Davis, Oleg Korenok, John Lightle and Edward S. Prescott

Price points and price dynamics pp. 127-144

Volker Hahn and Michal Marenčák

The risks of old capital age: Asset pricing implications of technology adoption pp. 145-161

Xiaoji Lin, Berardino Palazzo and Fan Yang

The real effects of the bank lending channel pp. 162-179

Gabriel Jimenez, Atif Mian, Jose-Luis Peydro and Jesús Saurina

Two-sided market, R&D, and payments system evolution pp. 180-199

Bin Grace Li, James McAndrews and Zhu Wang

Price elasticities and demand-side real rigidities in micro data and in macro models pp. 200-212

Guenter Beck and Sarah Lein

Self-fulfilling recessions at the zero lower bound pp. 213-232

Charles Brendon, Matthias Paustian and Tony Yates

Inequality and financial fragility pp. 233-248

Yuliyan Mitkov

The zero lower bound and estimation accuracy pp. 249-264

Tyler Atkinson, Alexander Richter and Nathaniel Throckmorton

Financial intermediation, resource allocation, and macroeconomic interdependence pp. 265-278

Galip Ozhan

Money and monetary stability in Europe, 1300–1914 pp. 279-300

Kıvanç Karaman, Sevket Pamuk and Seçil Yıldırım-Karaman

Expectation formation in a new environment: Evidence from the German reunification pp. 301-320

Olga Goldfayn-Frank and Johannes Wohlfart

Reaching for dividends pp. 321-338

Hao Jiang and Zheng Sun

On the perils of stabilizing prices when agents are learning pp. 339-353

Antonio Mele, Krisztina Molnár and Sergio Santoro

Volume 114, issue C, 2020

A model of slow recoveries from financial crises pp. 1-25

Albert Queralto

Firm performance and macro forecast accuracy pp. 26-41

Mari Tanaka, Nicholas Bloom, Joel David and Maiko Koga

The role of learning for asset prices and business cycles pp. 42-58

Fabian Winkler

Price dispersion and inflation: New facts and theoretical implications pp. 59-70

Viacheslav Sheremirov

Global spillover effects of US uncertainty pp. 71-89

Saroj Bhattarai, Arpita Chatterjee and Woong Yong Park

The New Keynesian cross pp. 90-108

Florin Bilbiie

Why do fiscal multipliers depend on fiscal Positions? pp. 109-125

Raju Huidrom, Ayhan Kose, Jamus Lim and Franziska Ohnsorge

Job creation in tight and slack labor markets pp. 126-143

Lukas Buchheim, Martin Watzinger and Matthias Wilhelm

Dynamic tax externalities and the U.S. fiscal transformation pp. 144-158

Martin Gonzalez-Eiras and Dirk Niepelt

Monetary policy shocks from the consumer perspective pp. 159-173

Edda Claus and Viet Hoang Nguyen

Asymmetric inflation expectations, downward rigidity of wages, and asymmetric business cycles pp. 174-193

David Baqaee

Time-consistent consumption taxation pp. 194-220

Sarolta Laczó and Raffaele Rossi

Capital-market consequences of asymmetric output-price rigidities pp. 221-239

Jin Xie

The Great Depression and the Great Recession: A view from financial markets pp. 240-261

Francesco Bianchi

Dynamic effects of monetary policy shocks on macroeconomic volatility pp. 262-282

Haroon Mumtaz and Konstantinos Theodoridis

Is the IT revolution over? An asset pricing view pp. 283-316

Colin Ward

Rules-based monetary policy and the threat of indeterminacy when trend inflation is low pp. 317-333

Hashmat Khan, Louis Phaneuf and Jean Gardy Victor

The optimal composition of public spending in a deep recession pp. 334-349

Hafedh Bouakez, Michel Guillard and Jordan Roulleau-Pasdeloup

A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment pp. 350-367

Óscar Arce, Galo Nuño, Dominik Thaler and Carlos Thomas

Rational expectations and the Paradox of policy-relevant natural experiments pp. 368-381

Gilles Chemla and Christopher A. Hennessy