Macroprudential policies—caps on loan to value ratios, limits on credit growth and other
balance-sheet restrictions,(countercyclical) capital and reserve requirements and …

A handful of currencies, especially the US dollar, play a dominant role in international trade.
We survey the active theoretical and empirical literature that documents patterns of currency …

We build a publicly available database that tracks economic activity in the United States at a
granular level in real time using anonymized data from private companies. We report weekly …

An increase in the household debt to GDP ratio predicts lower GDP growth and higher
unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to …

This paper evaluates the role of redistribution in the transmission mechanism of monetary
policy to consumption. Three channels affect aggregate spending when winners and losers …

“A brilliant and lucid new book”(John Lanchester, New York Times Magazine) about why
paper money and digital currencies lie at the heart of many of the world's most difficult …

This paper provides a critique of the DSGE models that have come to dominate
macroeconomics during the past quarter-century. It argues that at the heart of the failure …

We show that deterioration in household balance sheets, or the housing net worth channel,
played a significant role in the sharp decline in US employment between 2007 and 2009 …

We provide a theory of the determination of exchange rates based on capital flows in
imperfect financial markets. Capital flows drive exchange rates by altering the balance …

How small shocks are amplified and propagated through the economy to cause sizable
fluctuations is at the heart of much macroeconomic research. Potential mechanisms that …