I posted the materials for my second-year PhD course, broadly on "Identification in Macroeconomics" -- basically a back-and-forth between structural models and data, both time-series and cross-sectional, with a focus on business-cycle questions.
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Really excited to receive this -- thanks @sffed, very much enjoyed the visit, as always!
Congratulations to @ChristianKWolf, winner of the @sffed's Janet Yellen Award for Monetary Research, presented at our 3rd annual Conference on Macro-Finance Research. 🏆
His contributions to econometrics and macroeconomics are deeply impacting both monetary research and policy.View quoted post on X
We're happy to see this out, on deficits ➡️ inflation in HANK and in the FTPL. Some quick thoughts:
Deficits in HANK models can be as inflationary as in the Fiscal Theory of the Price Level (FTPL). The mechanism, however, is different, grounded on micro evidence about consumption, and immune to FTPL controversies, from George-Marios Angeletos, Chen Lian, and @ChristianKWolf nber.org/papers/w33102View quoted post on X
Happy to see this out :)
Also soon we'll be posting the first full version of our "HANK-meets-FTPL" follow-up, where we try to connect our results on the deficits-inflation link to the large FTPL literature.
Also soon we'll be posting the first full version of our "HANK-meets-FTPL" follow-up, where we try to connect our results on the deficits-inflation link to the large FTPL literature.
When households are non-Ricardian, fiscal deficits can stimulate economic activity and raise future tax revenue. We discuss the conditions under which this mechanism can be potent enough so that deficits finance themselves econometricsociety.org/publications/e…View quoted post on X
Recently posted a new working paper on LPs vs. VARs, joint with @EricQian252, Mikkel, and Pepe:
economics.mit.edu/sites/default/…
Some quick thoughts below.
economics.mit.edu/sites/default/…
Some quick thoughts below.