Monetary Policy

Browse by topic: Financial Crises and Macroprudential Policy · International Reserves · Banking · Monetary Policy · Sovereign Debt · Geoeconomics · Heterogeneous Agents
How Small is Small? Non-linearities in Heterogeneous Agent Models
How Small is Small? Non-linearities in Heterogeneous Agent Models
with Greg Kaplan — May 2026
[Paper] [Thread]
The Optimal Monetary Policy Response to Tariffs
The Optimal Monetary Policy Response to Tariffs
with Louphou Coulibaly — August 2026
[Paper] [Slides] [Policy highlights] [Thread]
A Theory of Fear of Floating
A Theory of Fear of Floating
with Louphou Coulibaly (2026)
Journal of Monetary Economics
[Paper][Journal link]
Liquidity Traps, Prudential Policies, and International Spillovers
Liquidity Traps, Prudential Policies, and International Spillovers
with Louphou Coulibaly — July 2025
Review of Economic Studies, 2026
[Paper][Journal link]
Helicopter Drops and Liquidity Traps
Helicopter Drops and Liquidity Traps
with Manuel Amador — Updated May 2025
[Paper][Slides]
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates
with Saki Bigio and Charles Engel — March 2025
Revise and Resubmit, Review of Economic Studies
[Paper]
How Should Monetary Policy Respond to Housing Inflation?
How Should Monetary Policy Respond to Housing Inflation?
with Alisdair McKay and Neil Mehrotra — December 2024
Revise and Resubmit, Quarterly Journal of Economics
[Paper] [Slides] [Policy highlights] [Thread]
Financial Integration and Monetary Policy Coordination
Financial Integration and Monetary Policy Coordination
with Louphou Coulibaly — June 2024
Revise and Resubmit, Journal of Political Economy
[Paper][Slides][Policy highlights]
Bank Runs, Fragility, and Credit Easing
Bank Runs, Fragility, and Credit Easing
with Manuel Amador (2024)
American Economic Review, 2024
[Paper] [Journal link] [Slides] [Thread]
Partial Bank Runs and Optimal Default
with Manuel Amador
[Paper]
Banks, Liquidity Management and Monetary Policy
Banks, Liquidity Management and Monetary Policy
with Saki Bigio (2022)
Econometrica
[Paper][Journal link]
Monetary Independence and Rollover Crises
Monetary Independence and Rollover Crises
with Jorge Mondragón (2022)
Quarterly Journal of Economics
[Paper][Slides][Journal link]
Exchange Rate Policies at the Zero Lower Bound
Exchange Rate Policies at the Zero Lower Bound
with Manuel Amador, Luigi Bocola, and Fabrizio Perri (2020)
Review of Economic Studies (Featured Article)
[Paper][Journal link][Older WP]
Reverse Speculative Attacks
Reverse Speculative Attacks
with Manuel Amador, Luigi Bocola, and Fabrizio Perri (2016)
Journal of Economic Dynamics and Control
[Paper][Journal link][Code]
Foreign holdings as a percentage of GDP
International Equity Flows, Monetary Policy, and Time Consistency
with Alejandro Van der Ghote — August 2026
[Paper][Slides]
One Money, Many Debts: Monetary Credibility and Self-Fulfilling Sovereign Risk in a Monetary Union
One Money, Many Debts: Monetary Credibility and Self-Fulfilling Sovereign Risk in a Monetary Union
with Carlos Bolívar