Working Papers

The Nonlinear Case Against Leaning Against the Wind
with Nina Boyarchenko, Richard Crump, Leonardo Elias, and Ignacio Lopez Gaffney
NY Fed Staff Report No. 1100

Paradoxes and Problems in the Causal Interpretation of Equilibrium Economics
NY Fed Staff Report No. 1093

The New York Fed DSGE Model: A Post-Covid Assessment
with Marco Del Negro, Aidan Gleich, Pranay Gundam, Donggyu Lee, Ramya Nallamotu, and Brian Pacula
NY Fed Staff Report No. 1082, CEPR Discussion Paper 18742

Capital Management and Wealth Inequality
with James Best
NY Fed Staff Report No. 1072

Estimating HANK for Central Banks
with Sushant Acharya, William Chen, Marco Del Negro, Aidan Gleich, Shlok Goyal, Ethan Matlin, Donggyu Lee, Reca Sarfati, and Sikata Sengupta
NY Fed Staff Report No. 1071, CEPR Discussion Paper 18407

Estimates of Cost-Price Passthrough from Business Survey Data
with Sebastian Heise, Edward Knotek, Brent Meyer, Robert Rich, Raphael Schoenle, Giorgio Topa, Wilbert van der Klaauw, and Wändi Bruine de Bruin
NY Fed Staff Report No. 1062

Is the Green Transition Inflationary?
with Marco Del Negro and Julian di Giovanni
NY Fed Staff Report No. 1053, CEPR Discussion Paper 17906

The Financial Origins of Non-Fundamental Risk
with Sushant Acharya and Sanjay R Singh
CEPR Discussion Paper 16793

Publications

Stress Tests and Model Monoculture
with Keeyoung Rhee
Journal of Financial Economics, 2024, Vol 152 (February)

Optimal Monetary Policy According to HANK
with Sushant Acharya and Edouard Challe
American Economic Review, 2023, 113(7)

The Side Effects of Safe Asset Creation
with Sushant Acharya
Journal of the European Economic Association, 2022, Vol 20(2), 581-625

Slow Recoveries and Unemployment Traps: Monetary Policy in a Time of Hysteresis
with Sushant Acharya, Julien Bengui and Shu Lin Wee
Economic Journal, 2022, Vol 132 (August), 2007-2047

Understanding HANK: Insights from a PRANK
with Sushant Acharya
Econometrica, 2020, Vol 88 (May), 1113-1158

Consumption Volatility, Liquidity Constraints and Household Welfare
with Olga Gorbachev
Economic Journal, 2016, Vol 126 (November), 2012-2037

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The views expressed here are my own and do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.