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 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, Cars 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 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 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