We develop a multisector, open economy, New Keynesian framework to evaluate how
potentially binding capacity constraints, and shocks to them, shape inflation. We show that …

We use a structural model to study the interaction between barriers-to-entry, investment, and
monetary policy. We first show that entry cost shocks have distinct macroeconomic …

This paper studies how quantitative easing (QE) affects household welfare across the wealth
distribution. I build a Heterogeneous Agent New Keynesian (HANK) model with household …

Using a nonlinear Bayesian likelihood approach that fully accounts for the lower bound on
nominal interest rates, we analyze US post-crisis macroeconomic dynamics and provide …

Fiscal multipliers provide a way of quantifying the GDP gain for a given (discretionary) fiscal
policy intervention. I compute government consumption multipliers for New Zealand, in …

This paper summarizes the literature on the performance of various extended monetary
policy tools when conventional policy rates are constrained by the effective lower bound. We …

At the zero lower bound, the expected duration of zero interest rate policy has two
dimensions which are key to understanding the stance of monetary policy:(i) the actual …

Recent experience with interest rates hitting the effective lower bound and agents facing
binding borrowing constraints has emphasised the importance of understanding the …

We show that global supply and demand shocks are important drivers of interest rate co-
movement across seven advanced economies. Beyond that, local structural shocks transmit …

We propose a new approach for the efficient and robust Bayesian estimation of medium-and
large-scale DSGE models with occasionally binding constraints. At its core lies the …