Discussion Papers

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1512: Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective

Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Rebucci and Eric Young

1511: Large Capital Inflows, Sectoral Allocation, and Economic Performance

Gianluca Benigno, Nathan Converse and Luca Fornaro

1510: Identifying Noise Shocks: a VAR with Data Revisions

Riccardo M. Masolo and Alessia Paccagnini

1509: Towards a New Keynesian Theory of the Price Level

John Barrdear

1508: Time-Consistent Consumption Taxation

Sarolta Laczó and Raffaele Rossi

1507: House Prices and Job Losses

Gabor Pinter

1506: Monetary Policy with Ambiguity Averse Agents

Riccardo M. Masolo and Francesca Monti

1505: Can a data-rich environment help identify the sources of model misspecification?

Francesca Monti

1504: Time-dependent or state-dependent pricing? Evidence from a large devaluation episode

Celio Feltrin and Bernardo Guimaraes

1503: Demand expectations and the timing of stimulus Policies

Bernardo Guimaraes and Caio Machado

1502: Capital Values and Job Values

Eran Yashiv

1501: Job Uncertainty and Deep Recessions

Morten Ravn and Vincent Sterk

1430: The Curse of Inflation

Erik Eyster, Kristof Madarasz and Pascal Michaillat

1429: Estimating the Effects of Forward Guidance in Rational Expectations Models

Richard Harrison

1428: Why are real interest rates so low? Secular stagnation and the relative price of investment goods

Gregory Thwaites

1427: Financial Disruption as a Cost of Sovereign Default: a quantative assessment

Andre Diniz and Bernardo Guimaraes

1426: A model of the confidence channel of fiscal policy

Bernardo Guimaraes, Caio Machado and Marcel Ribeiro

1425: An Economical Business-Cycle Model

Pascal Michaillat and Emmanuel Saez

1424: The "Mystery of the Printing Press" Monetary Policy and Self-fulfilling Debt Crises

Giancarlo Corsetti and Luca Dedola

1423: Housing Dynamics over the Business Cycle

Finn Kydland, Peter Rupert and Roman Sustek

1422: Transitory interest-rate pegs under imperfect credibility

Alex Haberis, Richard Harrison and Matt Waldron

1421: The Latin American Efficiency Gap

Francesco Caselli

1420: The Cost of Human Capital Depreciation during Unemployment

Lien Laureys

1419: Aggregate Demand, Idle Time, and Unemployment

Pascal Michaillat and Emmanuel Saez

1418: Shake me the money!

Francesco Porcelli and Riccardo Trezzi

1417: Bayesian Networks and Boundedly Rational Expectations

Ran Spiegler

1416: Exploiting the monthly data-flow in structural forecasting

Domenico Giannone, Francesca Monti and Lucrezia Reichlin

1415: Optimal Monetary Policy in the Presence of Human Capital Depreciation during Unemployment

Lien Laureys

1414: Managing Intrinsic Motivation in a Long-Run Relationship

Kfir Eliaz and Ran Spiegler

1413: Government spending shocks, wealth effects and distortionary taxes

James Cloyne

1412: Issues In The Design of Fiscal Policy Rules

Jonathan Portes and Simon Wren-Lewis

1411: Transparency and Deliberation within the FOMC: a Computational Linguistics Approach

Stephen Hansen, Michael McMahon and Andrea Prat

1410: A procedure for combining zero and sign restrictions in a VAR-identification scheme

Alex Haberis and Andrej Sokol

1409: Peering into the mist: social learning over an opaque observation network

John Barrdear

1408: Optimal Monetary Responses to Oil Discoveries

Samuel Wills

1407: Productivity Dynamics in the Great Stagnation: Evidence from British businesses

Rebecca Riley, Chiara Rosazza Bondibene and Garry Young

1406: Systemic Sovereign Risk: Macroeconomic Implications in the Euro Area

Saleem Bahaj

1405: Fiscal Policy in an Unemployment Crisis

Pontus Rendahl

1404: Gender Gaps and the Rise of the Service Economy

L. Rachel Ngai and Barbara Petrongolo

1403: The Growth Potential of Startups over the Business Cycle

Petr Sedlacek and Vincent Sterk

1402: Inventories and the Role of Goods-Market Frictions for Business Cycles

Wouter Den Haan

1401: Modelling the service sector

Philip King and Stephen Millard

1307: Medium and long run prospects for UK growth in the aftermath of the financial crisis

Nicholas Oulton

1306: Mortgages and Monetary Policy

Carlos Garriga, Finn Kydland and Roman Sustek

1305: The Transmission of Monetary Policy Operations through Redistributions and Durable Purchases

Vincent Sterk and Silvana Tenreyro

1304: Did the Job Ladder Fail After the Great Recession?

Giuseppe Moscariniy and Fabien Postel-Vinay

1303: Optimal Unemployment Insurance over the Business Cycle

Camille Landais, Pascal Michaillat and Emmanuel Saez

1302: Scotland’s Currency Options

Angus Armstrong and Monique Ebell

1301: Pushing on a string: US monetary policy is less powerful in recessions

Silvana Tenreyro and Gregory Thwaites