Many economic time series exhibit dramatic breaks associated with events such as
economic recessions, financial panics, and currency crises. Such changes in regime may …

We develop a new class of general-equilibrium models with partially unfunded debt to
propose a fiscal theory of persistent inflation. In response to business cycle shocks, the …

This study provides a view of the inflation process that is complementary to the one captured
in standard models, such as those based on the Phillips curve. It char acterises the process …

Dynamic stochastic general equilibrium (DSGE) models have become one of the
workhorses of modern macroeconomics and are extensively used for academic research as …

This chapter provides an overview of solution and estimation techniques for dynamic
stochastic general equilibrium models. We cover the foundations of numerical …

We attempt to replicate 67 papers published in 13 well-regarded economics journals using
author-provided replication files that include both data and code. Some journals in our …

Increases in government spending trigger substitution effects—both inter-and intra-temporal—
and a wealth effect. The ultimate impacts on the economy hinge on current and expected …

We develop a dynamic general equilibrium model in which the policy rate signals the central
bank's view about macroeconomic developments to price setters. The model is estimated …

This paper compares alternative models of time‐varying volatility on the basis of the
accuracy of real‐time point and density forecasts of key macroeconomic time series for the …

We estimate a model for the US economy with monetary/fiscal policy mix changes. Monetary
policy accommodated fiscal policy through the'60s–'70s leading to high inflation. Monetary …