This paper formalizes and quantifies the secular stagnation hypothesis, defined as a
persistently low or negative natural rate of interest leading to a chronically binding zero …

Using a novel dataset, which merges good-level prices underlying the PPI with the
respondents' balance sheets, we show that liquidity constrained firms increased prices in …

We study the gains from increased wage flexibility using a small open economy model with
staggered price and wage setting. Two results stand out:(i) the effectiveness of labor cost …

The common sticky-prices New-Keynesian model behaves differently in a zero-lower bound
environment. Fiscal and forward guidance multipliers can be very large. Positive supply …

This paper re-examines the relationship between population aging and economic growth.
We confirm previous research such as Cutler et al.(1990) and Acemoglu and Restrepo …

How accurate is a log-linear approximation of the New Keynesian model when the nominal
interest rate is bounded by zero? This paper compares the solution of the exact non-linear …

We study the optimal inflation target in an open economy with a zero lower bound (ZLB) on
nominal interest rates calibrated to the Euro area. When uncovered interest rate parity (UIP) …

We use microdata underlying US consumer, producer and import price indices to document
how the distribution of price changes evolves over time. Two striking features characterize …

Motivated by debates surrounding international capital flows during the Great Recession, we
conduct a positive and normative analysis of capital flows when a region of the global …

We analyse the welfare impact of greater wage flexibility in the presence of an occasionally
binding zero lower bound (ZLB) constraint on the nominal interest rate. We show that the …