Monetary Policy

The papers are sorted in reverse chronological order according to the dates of the latest draft for unpublished papers (shown in square brackets) or the date of publication for the published papers. Click on the titles of papers to access various versions of the paper and other material such as codes, data and slides, where available.

Current research is supported by National Science Foundation grants SES 1061725, SES 1425740, and SES 1851093.

The Long and Variable Lags of Monetary Policy: Evidence from Disaggregated Price Indices (with Thomas Drechsel) [May 2024]

Real Rigidities, Firm Dynamics and Monetary Non-Neutrality: Role of Demand Shocks (with Eugene Oue, Felipe Saffie, Jon Willis) [February 2024]

Pricing Under Distress (with Andres Fernandez, Daniel Guzman, Ernesto Pasten, and Felipe Saffie) [January 2024].

Identifying Monetary Policy Shocks: A Natural Language Approach (with Thomas Drechsel) [December 2023]

Monetary Policy and Firm Dynamics: The Financial Channel (with Andres Fernandez, Will Lu, and Felipe Saffie) [Draft Coming Soon]

SVARs With Occasionally-Binding Constraints (with Frank Schorfheide, Marko Mlikota, and Sergio Villalvazo), Journal of Econometrics, forthcoming.

Institutions, Tax Evasion and Optimal PolicyJournal of Monetary Economics, 2021, 118, 212-229.

Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries (with Pablo Cuba-Borda and Frank Schorfheide), Review of Economic Studies, 2018, 85, 87-118.

Inflation During and After the Zero Lower Bound (with Frank Schorfheide), 2015 Jackson Hole Symposium Volume, Federal Reserve Bank of Kansas City, 2016, 359-436.

Sticky Prices versus Monetary Frictions: An Estimation of Policy Trade-offs, (with Frank Schorfheide), American Economic Journal: Macroeconomics, January 2011, 3, 60-90.

Money and Capital (with Christopher J. Waller and Randall D. Wright), Journal of Monetary Economics, March 2011, 58, 98-116.

Optimal Fiscal and Monetary Policy when Money is Essential (with Sanjay K. Chugh), Journal of Economic Theory, September 2010, 145(5), 1618-1647.