Financial crises have large deleterious effects on economic activity, and as such have been
the focus of a large body of research. This study surveys the existing literature on financial …

We ask three questions about the connection between monetary policy and inequality. First,
does monetary policy affect inequality? While different households respond to changes in …

How large economic stimuli generate individual and aggregate responses is a central
question in economics, but has not been studied experimentally. We provided one‐time …

As of 2022, the share of US income accruing to labor is at its lowest level since the Great
Depression. Updating previous studies with more recent observations, I document the …

Recent research has found that monetary policy works in part by influencing the risk
premiums on both traded financial-market securities and intermediated loans. Research has …

This study provides a new theoretical result that a decline in the long‐term interest rate can
trigger a stronger investment response by market leaders relative to market followers …

Where is the natural rate of interest? How has it evolved? And where is it heading? In core
advanced economies, several estimates of the natural rate have edged up. Shifts in the …

This paper reviews the theoretical literature at the intersection of macroeconomics and
finance to draw lessons on the connection between vulnerabilities in the financial system …

Do wealthier households save a larger share of their incomes than poorer ones? We use
Norwegian administrative panel data on income and wealth to answer this empirical …

We study the relationship between credit expansions, macroeconomic fluctuations, and
financial crises using a novel database on the sectoral distribution of private credit for 117 …