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 113, issue C, 2020

Migration and sovereign default risk pp. 1-22

George Alessandria, Yan Bai and Minjie Deng

“Migration and sovereign default risk” a comment pp. 23-27

Pablo A. Guerron-Quintana

Should Germany have built a new wall? Macroeconomic lessons from the 2015-18 refugee wave pp. 28-55

Christopher Busch, Dirk Krueger, Alexander Ludwig, Irina Popova and Zainab Iftikhar

What is the optimal immigration policy? Migration, jobs, and welfare pp. 61-87

Joao Guerreiro, Sergio Rebelo and Pedro Teles

Comments on “What is the Optimal Immigration Policy? Migration, Jobs and Welfare” by Guerreiro, Rebelo, and Teles pp. 88-91

Laurence Ales

How do U.S. visa policies affect unauthorized immigration? pp. 92-108

Brian Kovak and Rebecca Lessem

Comment on “How do U.S. visa policies affect unauthorized immigration” pp. 109-111

Kelly Bishop

The effect of migration policy on growth, structural change, and regional inequality in China pp. 112-134

Tongtong Hao, Ruiqi Sun, Trevor Tombe and Xiaodong Zhu

Comment on “The effect of migration policy on growth, structural change, and regional inequality in China”, by Hao, Sun, Tombe and Zhu pp. 135-137

Jessica Leight

Migration costs and observational returns to migration in the developing world pp. 138-154

David Lagakos, Samuel Marshall, Ahmed Mobarak, Corey Vernot and Michael Waugh

Comment on “migration costs and observational returns to migration in the developing world” pp. 155-157

Todd Schoellman

Volume 112, issue C, 2020

Financial integration and growth in a risky world pp. 1-21

Nicolas Coeurdacier, Helene Rey and Pablo Winant

The effects of quasi-random monetary experiments pp. 22-40

Oscar Jorda, Moritz Schularick and Alan Taylor

Commodity-price comovement and global economic activity pp. 41-56

Ron Alquist, Saroj Bhattarai and Olivier Coibion

U.S. monetary policy and emerging market credit cycles pp. 57-76

Falk Bräuning and Victoria Ivashina

Employment, wages and optimal monetary policy pp. 77-96

Martin Bodenstein and Junzhu Zhao

The (Unintended?) consequences of the largest liquidity injection ever pp. 97-112

Matteo Crosignani, Miguel Faria-e-Castro and Luís Fonseca

The safe asset, banking equilibrium, and optimal central bank monetary, prudential and balance-sheet policies pp. 113-128

Michael Magill, Martine Quinzii and Jean Rochet

Why are exchange rates so smooth? A household finance explanation pp. 129-144

YiLi Chien, Hanno Lustig and Kanda Naknoi

Volume 111, issue C, 2020

Aging and deflation from a fiscal perspective pp. 1-15

Mitsuru Katagiri, Hideki Konishi and Kozo Ueda

Lost generations of firms and aggregate labor market dynamics pp. 16-31

Petr Sedláček

Credit market frictions and trade liberalizations pp. 32-47

Wyatt Brooks and Alessandro Dovis

Starting from a blank page? Semantic similarity in central bank communication and market volatility pp. 48-62

Michael Ehrmann and Jonathan Talmi

The inherent benefit of monetary unions pp. 63-79

Dominik Groll and Tommaso Monacelli

Rethinking Optimal Currency Areas pp. 80-94

V.V. Chari, Alessandro Dovis and Patrick Kehoe

The Importance of Timing Attitudes in Consumption-Based Asset Pricing Models pp. 95-117

Martin M. Andreasen and Kasper Jørgensen

Bank market power and the risk channel of monetary policy pp. 118-134

Elena Afanasyeva and Jochen Güntner

Volume 110, issue C, 2020

Identifying the sources of model misspecification pp. 1-18

Atsushi Inoue, Chun-Hung Kuo and Barbara Rossi

Price stickiness along the income distribution and the effects of monetary policy pp. 19-32

Javier Cravino, Ting Lan and Andrei Levchenko

Not all price endings are created equal: Price points and asymmetric price rigidity pp. 33-49

Daniel Levy, Avichai Snir, Alex Gotler and Haipeng (Allan) Chen

Economies of scope in price setting: A moment inequalities estimation pp. 50-61

Andrea Stella

Labor market polarization, the decline of routine work, and technological change: A quantitative analysis pp. 62-80

Christian vom Lehn

Mending the broken link: Heterogeneous bank lending rates and monetary policy pass-through pp. 81-98

Carlo Altavilla, Fabio Canova and Matteo Ciccarelli

Money is more than memory pp. 99-115

Maria Bigoni, Gabriele Camera and Marco Casari

Sovereign spreads in the Euro area: Cross border transmission and macroeconomic implications pp. 116-135

Saleem Bahaj

Volume 109, issue C, 2020

On the heterogeneous welfare gains and losses from trade pp. 1-16

Daniel Carroll and Sewon Hur

Comment on “On the Heterogeneous Welfare Gains and Losses from Trade” by Daniel Carroll and Sewon Hur pp. 17-19

Jessie Handbury

Anti-lobbying gains from international agreements pp. 20-34

Giovanni Maggi

Comment on “Anti-lobbying gains from international agreements” by Giovanni Maggi pp. 35-37

Robert W. Staiger

The economic effects of trade policy uncertainty pp. 38-59

Dario Caldara, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino and Andrea Raffo

Comment on: “The economic effects of Trade Policy Uncertainty” by Dario Caldara, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino, and Andrea Raffo pp. 60-64

Joseph Steinberg

Optimal trade policy with trade imbalances pp. 65-82

Mostafa Beshkar and Ali Shourideh

Intellectual property, tariffs, and international trade dynamics pp. 86-103

Federico Mandelman and Andrea Waddle

Comments on Mandelman and Waddle's “Intellectual property, tariffs, and international trade dynamics” pp. 104-106

Wolfgang Keller

A theory of economic unions pp. 107-127

Gino Gancia, Giacomo Ponzetto and Jaume Ventura

A Theory of Economic Unions: A Comment pp. 128-132

Alexander Monge-Naranjo

Volume 108, issue C, 2019

Enhancing central bank communications using simple and relatable information pp. 1-15

David Bholat, Nida Broughton, Janna Ter Meer and Eryk Walczak

Comment on: Enhancing central bank communications using simple and relatable information pp. 16-20

Klodiana Istrefi

Central bank announcements: Big news for little people? pp. 21-38

Michael Lamla and Dmitri Vinogradov

Comment on “Central Bank announcements: Big news for little people?” by Michael Lamla and Dmitri Vinogradov pp. 39-44

Carola Binder

Monetary policy announcements and expectations: Evidence from german firms pp. 45-63

Zeno Enders, Franziska Hünnekes and Gernot Müller

Comments on “Monetary policy announcements and expectations: Evidence from German firms” pp. 64-68

Ruediger Bachmann

Forward guidance: Communication, commitment, or both? pp. 69-86

Marco Bassetto

Comment on “Forward guidance: Communication, commitment, or both?” by Marco Bassetto pp. 87-92

Fernando Duarte

Can more public information raise uncertainty? The international evidence on forward guidance pp. 93-112

Michael Ehrmann, Gaetano Gaballo, Peter Hoffmann and Georg Strasser

Comment on “Can more public information raise uncertainty? The international evidence on forward guidance” by Michael Ehrmann, Gaetano Gaballo, Peter Hoffmann and Georg Strasser pp. 113-117

Jeffrey Campbell

The limits of forward guidance pp. 118-134

Jeffrey Campbell, Filippo Ferroni, Jonas Fisher and Leonardo Melosi

Comment on “The limits of forward guidance” by Jeffrey R. Campbell, Filippo Ferroni, Jonas D. M. Fisher and Leonardo Melosi pp. 135-139

Marcin Bielecki, Michal Brzoza-Brzezina and Marcin Kolasa

Monetary policy communication, policy slope, and the stock market pp. 140-155

Andreas Neuhierl and Michael Weber

Comment on “Monetary Policy Communication, Policy Slope, and the Stock Market” by Andreas Neuhierl and Michael Weber pp. 156-161

Emanuel Moench and Tobias Stein

Measuring euro area monetary policy pp. 162-179

Carlo Altavilla, Luca Brugnolini, Refet Gürkaynak, Roberto Motto and Giuseppe Ragusa

Comment on “Measuring euro area monetary policy” by Carlo Altavilla, Luca Brugnolini, Refet Gürkaynak, Giuseppe Ragusa and Roberto Motto pp. 180-184

Jonathan Wright

The long-run information effect of central bank communication pp. 185-202

Stephen Hansen, Michael McMahon and Matthew Tong

Comment on “The long-run information effect of Central Bank communication” by Stephen Hansen, Michael McMahon, and Matthew Tong pp. 203-210

Jenny Tang