We review the recent literature on rational inattention, identify the main theoretical
mechanisms, and explain how it helps us understand a variety of phenomena across fields …

This essay surveys the new monetarist approach to liquidity. Work in this literature strives for
empirical and policy relevance, plus rigorous foundations. Questions include: What is …

We estimate the slope of the Phillips curve in the cross section of US states using newly
constructed state-level price indices for nontradeable goods back to 1978. Our estimates …

We document and evaluate how businesses are reacting to the COVID-19 crisis through
August 2020. First, on net, firms see the shock (thus far) largely as a demand rather than …

This paper discusses empirical approaches macroeconomists use to answer questions like:
What does monetary policy do? How large are the effects of fiscal stimulus? What caused …

Using administrative payroll data from the largest US payroll processing company, we
measure the extent of nominal wage rigidity in the United States. The data allow us to define …

We evaluate explanations for the absence of disinflation during the Great Recession and
find popular explanations to be insufficient. We propose a new explanation for this puzzle …

The paper moves from a discussion of the challenges posed by the crisis to standard
macroeconomics and the solutions adopted within the DSGE community. Although several …

Many believe that “big data” will transform business, government, and other aspects of the
economy. In this article we discuss how new data may impact economic policy and …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …