We study how monetary policy affects subcomponents of the Personal Consumption
Expenditures Price Index (PCEPI) using local projections. Following a monetary policy …

This paper isolates the role of conflict or disagreement on inflation in two ways. In the first
part of the paper, we present a stylized model, kept purposefully away from traditional macro …

We develop a multi-sector New Keynesian model to analyze the inflationary effects of
climate policies. Climate policies need not be inflationary, but can generate an inflation …

We develop the Canadian behavioral Agent-Based Model (CANVAS) that complements
traditional macroeconomic models for forecasting and monetary policy analysis. CANVAS …

Using disaggregated industry-level data, this paper empirically evaluates predictions for the
cross-sectional price change distribution made by input-output models with sticky prices …

We provide theory and evidence that relative price shocks can cause aggregate inflation
and act as aggregate supply shocks. Empirically, we show that exogenous positive energy …

Financial integration generates macroeconomic spillovers that may require international
monetary policy coordination. We show that individual central banks may set nominal …

I develop a tractable sticky-price model, where input-output linkages are formed
endogenously. The model delivers cyclical properties of networks that are consistent with …

Using firm-level survey data from Germany, this paper asks how do supply constraints
propagate monetary policy shocks? To answer this question, we first offer a general …

We identify empirically two global sectoral supply shocks that lead to disruptions in
production chains. Identification in a structural vector autoregression relies on sign …