We characterize optimal policy rules in business-cycle models with nominal rigidities and
heterogeneous households. The derived rules are expressed in terms of the causal effects …

We provide a simple framework to study the prudential use of capital controls and currency
reserves that have been explored in the recent literature. We cover the role of both …

How does household heterogeneity affect the transmission of an energy price shock? What
are the implications for monetary policy? We develop a small, open-economy TANK model …

I study the effects of a reduction in energy supply using a quantitative Heterogeneous
Agents New Keynesian (HANK) model with energy consumption by households and firms. I …

We study the consequences of “regime-induced” exchange rate depreciations by comparing
outcomes for peggers versus floaters to the US dollar in response to a dollar depreciation …

We propose a novel approach to estimate the trade elasticity at various horizons. When
large countries change Most Favored Nation (MFN) tariffs, small trading partners that are not …

We document a disconnect between policy rates and short-term market rates in emerging
economies. On the one hand, central banks in emerging economies follow Taylor-type rules …

The dollar is a safe-haven currency and appreciates when global risk goes up. We
investigate the dollar's role for the transmission of global risk to the world economy within a …

When countries change most favored nation (MFN) tariffs, partners that trade on MFN terms
experience plausibly exogenous tariff changes. Using this variation, we estimate the trade …

Governments around the world responded to the economic fallout from the COVID pandemic
with unprecedented transfers to households and firms, financing these transfers with large …