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41 Results
The Macroeconomic Effects of Tariffs: Evidence From U.S. Historical Data (opens in a new tab)
Working Papers Mar 4, 2026
We study the macroeconomic effects of tariff policy using U.S. historical data from 1840–2024. We construct a narrative series of plausibly exogenous tariff changes–based on major legislative actions, multilateral negotiations,…
Why Financial Crises Recur (opens in a new tab)
Working Papers Aug 5, 2025
Financial crises have occurred around the world for over two centuries. These crises have been so costly and frequent that one wonders why governments cannot prevent them from recurring despite…
Optimal Monetary Policy Under Menu Costs (opens in a new tab)
Working Papers Jul 1, 2025
We analytically characterize optimal monetary policy in a multisector economy with menu costs and contrast it with the textbook New Keynesian model based on Calvo pricing. Following a sectoral productivity…
Americans Informed About the Distributional Effects of Republicans’ Budget Bill Overwhelmingly Oppose It (opens in a new tab)
Working Papers Jun 25, 2025
Republicans in the Senate are currently considering the One Big Beautiful Bill Act, which, if enacted, would be the most regressive U.S. tax and budget law in at least the…
Asymmetric Effects of Monetary Policy on Firms (opens in a new tab)
Working Papers Sep 16, 2024
This paper documents firm-level evidence on the asymmetric effects of monetary policy in the US. Focusing on the 1980q3-2019q4 period, I find that monetary tightenings show larger effects on firms’…
The New Economics of Industrial Policy (opens in a new tab)
Working Papers Sep 19, 2023
We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier generation of…
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