Discussion Papers

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2501: Monetary Policy in Open Economies with Production Networks

Zhesheng Qiu, Yicheng Wang, Le Xu and Francesco Zanetti

2444: A general theory of tax-smoothing

Anastasios Karantounias

2443: LASH risk and Interest Rates

Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathon Hazell and Ioana Neamtu

2442: Unbalanced Growth and Land Overvaluation

Tomohiro Hirano and Alexis Akira Toda

2441: Job Search, Job Findings and the Role of Unemployment Insurance History

W. Similan Rujiwattanapong

2440: Why Do Workers Dislike Inflation? Wage Erosion and Conflict Costs

Joao Guerreiro, Jonathon Hazell, Chen Lian and Christina Patterson

2439: Do Deficits Cause Inflation? A High Frequency Narrative Approach

Jonathon Hazell and Stephan Hobler

2438: Concentrated Risk: Misallocation and Granular Business Cycles

Tomer Ifergane

2437: How likely is an inflation disaster?

Jens Hilscher, Alon Raviv and Ricardo Reis

2436: The Signaling Effects of Fiscal Announcements

Leonardo Melosi, Hiroshi Morita, Anna Rogantini Picco and Francesco Zanetti

2435: Two Centuries of Systemic Bank Runs

Rustam Jamilov, Tobias Konig, Karsten Müller and Farzad Saidi

2434: Food prices matter most: Sensitive household inflation expectations

Nikoleta Anesti, Vania Esady and Matthew Naylor

2433: How do central banks control inflation? A guide for the perplexed

Laura Castillo-Martinez and Ricardo Reis

2432: Neural Network Learning for Nonlinear Economies

Julian Ashwin, Paul Beaudry and Martin Ellison

2431: Geopolitical Risk and Inflation: The Role of Energy Markets

Marco Pinchetti

2430: The Impact of Aggregate Fluctuations Across the UK Income Distribution

Tomas Key and Jamie Lenney

2429: Slowdown in Immigration, Labor Shortages, and Declining Skill Premia

Federico S. Mandelman, Yang Yu, Francesco Zanetti and Andrei Zlate

2428: Dynamics of the Long Term Housing Yield: Evidence from Natural Experiments

Veronica Backer-Peral, Jonathon Hazell and Atif Mian

2427: Housing Bubbles with Phase Transitions

Tomohiro Hirano and Alexis Akira Toda

2426: The Role of Sell Frictions for Inventories and Business Cycles

Wouter J. Den Haan and Tiancheng Sun

2425: The Speed of Firm Response to Inflation

Ivan Yotzov, Nicholas Bloom, Philip Bunn, Paul Mizen and Gregory Thwaites

2424: Firms’ Sales Expectations and Marginal Propensity to Invest

Andrea Alati, Johannes J. Fischer, Maren Froemel and Ozgen Ozturk

2423: The Global Network of Liquidity Lines

Saleem Bahaj, Marie Fuchs and Ricardo Reis

2422: Controls, Not Shocks: Estimating Dynamic Causal Effects in Macroeconomics

Simon Lloyd and Ed Manuel

2421: Bubble Necessity Theorem

Tomohiro Hirano and Alexis Akira Toda

2420: Unemployment in a Commodity-Rich Economy: How Relevant Is Dutch Disease?

Mariano Kulish, James Morley, Nadine Yamout and Francesco Zanetti

2419: Dominant Currency Pricing Transition

Marco Garofalo, Giovanni Rosso and Roger Vicquéry

2418: Household Disagreement about Expected Inflation

Salomé Fofana, Paula Patzelt and Ricardo Reis

2417: Monetary financing does not produce miraculous fiscal multipliers

Christiaan van der Kwaak

2416: The Adoption and Termination of Suppliers over the Business Cycle

Le Xu, Yang Yu and Francesco Zanetti

2415: Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks

Martin Holm, Rustam Jamilov, Marek Jasinski and Plamen Nenov

2414: Granular Sentiments

Rustam Jamilov, Alexandre Kohlhas, Oleksandr Talavera and Mao Zhang

2413: Government Debt Management and Inflation with Real and Nominal Bonds

Lukas Schmid, Vytautas Valaitis and Alessandro T. Villa

2412: Technological Synergies, Heterogeneous Firms, and Idiosyncratic Volatility

Jesus Fernandez-Villaverde, Yang Yu and Francesco Zanetti

2411: Estimating the rise in expected inflation from higher energy prices

Paula Patzelt and Ricardo Reis

2410: Fiscal Events and Anchored Inflation Expectations

Ethan Ilzetzki

2409: Fiscal Rules and Market Discipline

Ethan Ilzetzki and Heidi Thysen

2408: UK Financial Crisis of 2022: Retrospective Diagnosis and Policy Recommendations

Ethan Ilzetzki

2407: Core Strength: International Evidence on the Impact of Energy Prices on Core Inflation

Gertjan Vlieghe

2406: Monetary-Fiscal Interaction and the Liquidity of Government Debt

Cristiano Cantore and Edoardo Leonardi

2405: The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Evidence and Theory

Xiwen Bai Xiwen Bai, Jesus Fernandez-Villaverde, Yiliang Li and Francesco Zanetti

2404: Banks, Credit Reallocation, and Creative Destruction

Christian Keuschnigg, Michael Kogler and Johannes Matt

2403: Devaluation, Exports, and Recovery from the Great Depression

Jason Lennard and Meredith Paker

2402: Banks and the Economy: Evidence from the Irish Bank Strike of 1966

Jason Lennard, Seán Kenny and Emma Horgan

2401: The anatomy of a peg: lessons from China’s parallel currencies

Saleem Bahaj and Ricardo Reis

2323: European Business Cycles and Economic Growth, 1300-2000

Stephen Broadberry and Jason Lennard

2322: Bubble Economics

Tomohiro Hirano and Alexis Akira Toda

2321: Bonus Question: Does Flexible Incentive Pay Dampen Unemployment Dynamics?

Meghana Gaur, John Grigsby, Jonathon Hazell and Abdoulaye Ndiaye

2320: Interest Rate Surprises: A Tale of Two Shocks

Ricardo Nunes, Ali Ozdagli and Jenny Tang

2319: The Heterogeneous Effects of Carbon Pricing: Macro and Micro Evidence

Brendan Berthold, Ambrogio Cesa-Bianchi, Federico Di Pace and Alex Haberis