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Working Papers

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Monetary Economics

The Digitalization of Money


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Falling Rates and Rising Superstars

Thomas KroenErnest LiuAtif MianAmir Sufi
Monetary Economics

Interactions between Monetary and Fiscal Policy: Yesterday, Today, and Tomorrow

Monetary Economics

What explains the decline in r*? Rising income inequality versus demographic shifts

Atif MianLudwig StraubAmir Sufi

Dynamical Structure and Spectral Properties of Input-Output Networks

Ernest LiuAleh Tsyvinski

Micro Risks and Pareto Improving Policies

Mark A. Aguiar Manuel AmadorCristina Arellano

Costs of Financing US Federal Debt: 1791-1933

George HallJonathan PayneThomas J. SargentBálint Szőke

Market Power in Small Business Lending: A Two Dimensional Bunching Approach

Natalie CoxErnest LiuDaniel Morrison

Credit Default Swaps as Sovereign Debt Collateral

A Goldilocks Theory of Fiscal Policy

Atif MianLudwig StraubAmir Sufi

Dividend Taxes and the Allocation of Capital

Charles BoisselAdrien Matray

Can a Machine Correct Option Pricing Models?


Constrained Polynomial Likelihood

Caio AlmeidaPaul Schneider

The Data Privacy Paradox and Digital Demand

Long ChenYadong HuangShumiao OuyangWei Xiong

Issuance Overpricing of China’s Corporate Debt Securities

Yi DingWei XiongJinfan Zhang
Monetary Economics

Credit Horizons

Nobuhiro KiyotakiJohn MooreShengxing Zhang

Aggregate Implications of Changing Sectoral Trends

Andrew FoersterAndreas HornsteinPierre-Daniel SarteMark W. Watson

Spatial Correlation Robust Inference


The Flight to Safety and International Risk Sharing

Rohan KekreMoritz Lenel

A Model of Cryptocurrencies

Michael SockinWei Xiong
Monetary Economics

Debt as Safe Asset: Mining the Bubble

Markus BrunnermeierSebastian MerkelYuliy Sannikov