Working Papers

The three leading explanations for the "retirement savings puzzle" are the desire to insure against uncertain lifespans and medical expenses, the desire to leave bequests to one's heirs, and the desire to remain in one's own home. We discuss the empirical strategies used to differentiate these motivations.

In this paper, we use new data on daily firm-to-firm transactions from India, coupled with a large exogenous shock that disrupted supply chains to varying degrees.

We study how international linkages and nominal price rigidities jointly shape the dynamics of inflation and output across multiple large economies.

Our findings underscore the ongoing causal effects of historical housing policies on present-day exposure to climate risks, and highlight the need to address the legacies of past policies in adapting to future climate risks.

We use an estimated multi-sector New Keynesian model to decompose the behavior of U.S. inflation into contributions from sectoral (or "relative price") shocks, monetary policy shocks, and aggregate real shocks.

The wave of sovereign defaults in the early 1980s and the string of debt crises in subsequent decades have fostered proposals involving policy interventions in sovereign debt restructurings. The global financial crisis and the recent global pandemic have further reignited this discussion among academics and policymakers.

We search for hysteresis in aggregate post-WWII U.S. data. Our findings suggest that hysteresis effects have been virtually absent for the sample excluding the financial crisis and the Great Recession, and they only appear when including the period following the collapse of Lehman Brothers.

Our paper studies the role of the collateral channel for bank credit using confidential bank-firm-loan data.

We study the implications of mixing economics and personal finance standards in a high school course.