Even though expectations are not paramount in how most firms set their prices, there is evidence that inflation expectations matter.

The factors include intrinsic persistence, indexation, fiscal policy and unanchoring of expectations.

Moves toward stable inflation and maximum employment can be in conflict in the short term.

Seemingly small international trade linkages can lead to substantial spillovers across countries, helping explain global comovement in GDP growth and inflation across countries.

Many firms don't follow inflation closely for setting prices, but the recent high inflation may have some firms taking a closer look.

Government transfers may allow households to pull back from work to take care of loved ones or engage in other valued activities.

Household consumption shocks have accounted for close to 40 percent of pre-pandemic business cycle fluctuations.

Researchers and policymakers are wondering whether the economic losses associated with the COVID-19 pandemic will prove temporary or persistent. Examining the housing crisis of 2006—09 may provide some clues.

As a result of the COVID-19 pandemic, public debt has increased dramatically and private debt seems likely to increase as well.

The U.S. presidential election of 1896 provides an excellent natural experiment to measure the impact of exchange-rate uncertainty on bank balance sheets and the broader economy.

According to conventional wisdom, wealth redistribution boosts output by increasing aggregate consumption. However, while redistributive policies can have a short-run stimulative effect on consumption, their effect on output depends, potentially quite importantly, on the nature of household labor supply.

Real business cycle (RBC) models have been highly successful at explaining business cycles that occurred before 1984. But since then, shifts in comovements and relative volatilities of key economic aggregates have challenged their preeminence.

We analyze the relationship between climate-related disasters and sovereign debt crises using a model with capital accumulation, sovereign default, and disaster risk.

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

To study the allocation of workers across cities, we propose and quantify a spatial equilibrium model with multiple industries that employ CNR and alternative (non-CNR) occupations.

In this paper, we show that variations in the discount factor estimated using inventories correlate well with established independent measures of credit market frictions.

We show that, whereas during earlier recessions it was sufficient to examine the flows between employment and unemployment to account for the dynamics of the unemployment rate, this was not true in the Great Recession.