Working Papers

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808: How Should Monetary Policy Respond to Housing Inflation?

Javier Bianchi, Alisdair McKay and Neil Mehrotra

807: Unique Implementation of Permanent Primary Deficits?

Amol Amol and Erzo G. J. Luttmer

806: Default and Interest Rate Shocks: Renegotiation Matters

Victor Leão Borges de Almeida, Carlos Esquivel, Timothy Kehoe and Juan Pablo Nicolini

805: International Reserve Management under Rollover Crises

Mauricio Barbosa-Alves, Javier Bianchi and Cesar Sosa-Padilla

804: Bank Runs, Fragility, and Regulation

Manuel Amador and Javier Bianchi

803: The Puzzling Behavior of Spreads during Covid

Stelios Fourakis and Loukas Karabarbounis

801: Benchmarking Global Optimizers

Antoine Arnoud, Fatih Guvenen and Tatjana Kleineberg

800: Perspectives on the Labor Share

Loukas Karabarbounis

799: Global Flight to Safety, Business Cycles, and the Dollar

Martin Bodenstein, Pablo Cuba-Borda, Nils Gornemann, Ignacio Presno, Andrea Prestipino, Albert Queraltó and Andrea Raffo

798: Overborrowing, Underborrowing, and Macroprudential Policy

Fernando Arce, Julien Bengui and Javier Bianchi

797: Helicopter Drops and Liquidity Traps

Manuel Amador and Javier Bianchi

796: A Theory of Fear of Floating

Javier Bianchi and Louphou Coulibaly

795: Stagflation and Topsy-Turvy Capital Flows

Julien Bengui and Louphou Coulibaly

794: Permanent Primary Deficits, Idiosyncratic Long-Run Risk, and Growth

Amol Amol and Erzo G. J. Luttmer

793: Minimum Wages and Labor Markets in the Twin Cities

Loukas Karabarbounis, Jeremy Lise and Anusha Nath

792: On Wars, Sanctions and Sovereign Default

Javier Bianchi and Cesar Sosa-Padilla

791: The Global Distribution of College Graduate Quality

Paolo Martellini, Todd Schoellman and Jason Sockin

790: The Incredible Taylor Principle

Pablo Neumeyer and Juan Pablo Nicolini

789: Dynamic Urn-Ball Discovery

Erzo G. J. Luttmer

788: Monetary/Fiscal Interactions with Forty Budget Constraints

Marco Bassetto and Gherardo Gennaro Caracciolo

787: The Prudential Use of Capital Controls and Foreign Currency Reserves

Javier Bianchi and Guido Lorenzoni

786: Scrambling for Dollars: International Liquidity, Banks and Exchange Rates

Javier Bianchi, Saki Bigio and Charles Engel

785: Bank Runs, Fragility, and Credit Easing

Manuel Amador and Javier Bianchi

784: Online Appendix for: The Welfare Costs of Inflation

Luca Benati and Juan Pablo Nicolini

783: The Welfare Costs of Inflation

Luca Benati and Juan Pablo Nicolini

782: Online Appendix for: Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith

Joao Ayres, Constantino Hevia and Juan Pablo Nicolini

781: Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith

Joao Ayres, Constantino Hevia and Juan Pablo Nicolini

780: Liquidity Traps, Prudential Policies, and International Spillovers

Javier Bianchi and Louphou Coulibaly

779: Capital Buffers in a Quantitative Model of Banking Industry Dynamics

P. Dean Corbae and Pablo D'Erasmo

778: Priors and the Slope of the Phillips Curve

Callum Jones, Mariano Kulish and Juan Pablo Nicolini

777: Because of Monopolies, Income Inequality Significantly Understates Economic Inequality

James Schmitz

776: Reparations and Persistent Racial Wealth Gaps

Job Boerma and Loukas Karabarbounis

775: A Ramsey Theory of Financial Distortions

Marco Bassetto and Wei Cui

774: Two Illustrations of the Quantity Theory of Money Reloaded

Han Gao, Mariano Kulish and Juan Pablo Nicolini

773: Solving the Housing Crisis will Require Fighting Monopolies in Construction

James Schmitz

772: Monopolies: Silent Spreaders of Poverty and Economic Inequality

David Fettig and James Schmitz

771: Bounded Learning from Incumbent Firms

Erzo Luttmer

770: A Quantitative Theory of the Credit Score

Satyajit Chatterjee, P. Dean Corbae, Kyle Dempsey and José-Víctor Ríos-Rull

769: Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics

P. Dean Corbae and Pablo D'Erasmo

764: Use it or Lose it: Efficiency Gains from Wealth Taxation

Daphne Chen, Fatih Guvenen, Gueorgui Kambourov, Burhanettin Kuruscu and Sergio Ocampo

763: Labor Market Trends and the Changing Value of Time

Job Boerma and Loukas Karabarbounis

762: Fiscal Stimulus under Sovereign Risk

Javier Bianchi, Pablo Ottonello and Ignacio Presno

761: A Macroprudential Theory of Foreign Reserve Accumulation

Fernando Arce, Julien Bengui and Javier Bianchi

760: On the Risk of Leaving the Euro

Manuel Macera, Albert Marcet and Juan Pablo Nicolini

759: The Seniority Structure of Sovereign Debt

Matthias Schlegl, Christoph Trebesch and Mark Wright

758: The Macroeconomics of the Greek Depression

Gabriel Chodorow-Reich, Loukas Karabarbounis and Rohan Kekre

757: Self-Fulfilling Debt Crises with Long Stagnations

Joao Ayres, Gaston Navarro, Juan Pablo Nicolini and Pedro Teles

756: Firm and Worker Dynamics in an Aging Labor Market

Niklas Engbom

755: Monetary Independence and Rollover Crises

Javier Bianchi and Jorge Mondragon

754: Macroprudential Policy with Leakages

Julien Bengui and Javier Bianchi