Journal of Monetary Economics

Article	Citations
Measuring the effects of federal reserve forward guidance and asset purchases on financial markets	172
Monetary policy uncertainty	154
Financial fragility in the COVID-19 crisis: The case of investment funds in corporate bond markets	117
Global spillover effects of US uncertainty	116
Commodity-price comovement and global economic activity	98
Designing central bank digital currencies	86
The effects of quasi-random monetary experiments	79
The New Keynesian cross	77
The making of hawks and doves	74
The real effects of the bank lending channel	73
Innovation, automation, and inequality: Policy challenges in the race against the machine	70
A unified measure of Fed monetary policy shocks	68
Delphic and odyssean monetary policy shocks: Evidence from the euro area	66
Evaluating Central Banks’ tool kit: Past, present, and future	66
U.S. monetary policy and emerging market credit cycles	63
Mending the broken link: Heterogeneous bank lending rates and monetary policy pass-through	62
Central bank communication that works: Lessons from lab experiments	60
The propagation of monetary policy shocks in a heterogeneous production economy	58
The (Unintended?) consequences of the largest liquidity injection ever	58
Banks’ exposure to interest rate risk and the transmission of monetary policy	56
Why do fiscal multipliers depend on fiscal Positions?	52
Government consumption and investment: Does the composition of purchases affect the multiplier?	52
News-driven inflation expectations and information rigidities	51
Finance and productivity growth: Firm-level evidence	51
The effects of a money-financed fiscal stimulus	50

Central bank digital currency in an open economy	48
Does a big bazooka matter? Quantitative easing policies and exchange rates	47
Some unpleasant markup arithmetic: Production function elasticities and their estimation from production data	46
Managing self-organization of expectations through monetary policy: A macro experiment	45
Austerity in the aftermath of the great recession	44
Firm performance and macro forecast accuracy	44
Deep learning for solving dynamic economic models.	40
Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and the distribution of income	40
Business complexity and risk management: Evidence from operational risk events in U.S. bank holding companies	39
Starting from a blank page? Semantic similarity in central bank communication and market volatility	39
A model of slow recoveries from financial crises	39
Dynamic effects of monetary policy shocks on macroeconomic volatility	38
News and uncertainty about COVID-19: Survey evidence and short-run economic impact	36
Migration costs and observational returns to migration in the developing world	36
Lost generations of firms and aggregate labor market dynamics	35
The price of residential land for counties, ZIP codes, and census tracts in the United States	34
Inflation expectations, consumption and the lower bound: Micro evidence from a large multi-country survey	33
Backtesting global Growth-at-Risk	33
Do survey expectations of stock returns reflect risk adjustments?	32
The Treasury Market in Spring 2020 and the Response of the Federal Reserve	31
Workers, capitalists, and the government: fiscal policy and income (re)distribution	31
Credit market frictions and trade liberalizations	30
Central banking challenges posed by uncertain climate change and natural disasters	29
Structural scenario analysis with SVARs	29
Taylor rule estimation by OLS	29
Output hysteresis and optimal monetary policy	28
Rethinking Optimal Currency Areas	27
Wealth redistribution in bubbles and crashes	26
Learning, confidence, and business cycles	26
Financial integration and growth in a risky world	26
The risks of old capital age: Asset pricing implications of technology adoption	26
Disagreement about inflation expectations and monetary policy transmission	26
The FOMC Risk Shift	25
Loan types and the bank lending channel	25
Fifty shades of QE: Comparing findings of central bankers and academics	25
Expectation formation in a new environment: Evidence from the German reunification	25
State-level economic policy uncertainty	25
Resolving the missing deflation puzzle	25
The Phillips multiplier	25
No firm is an island? How industry conditions shape firms’ expectations	25
Kaldor and Piketty’s facts: The rise of monopoly power in the United States	25
What drives heterogeneity in the marginal propensity to consume? Temporary shocks vs persistent characteristics	24
Bank capital in the short and in the long run	24
Central bank communication with non-experts – A road to nowhere?	24
The effect of interest rates on home buying: Evidence from a shock to mortgage insurance premiums	23
Hitting the elusive inflation target	23
Price stickiness along the income distribution and the effects of monetary policy	23
The effect of migration policy on growth, structural change, and regional inequality in China	23
Misallocation or Mismeasurement?	22
The origins of aggregate fluctuations in a credit network economy	22

Policy uncertainty, lender of last resort and the real economy	22
Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy	21
Price level targeting with evolving credibility	21
Aggregate expected investment growth and stock market returns	20
Labor market polarization, the decline of routine work, and technological change: A quantitative analysis	20
Reaching for dividends	20
Sovereign spreads in the Euro area: Cross border transmission and macroeconomic implications	20
Optimal capital account liberalization in China	19
Monetary policy shocks from the consumer perspective	19
The importance of technology in banking during a crisis	19
Foreign exchange reserves as a tool for capital account management	19
Price elasticities and demand-side real rigidities in micro data and in macro models	19
Money and monetary stability in Europe, 1300–1914	18
Female entrepreneurship, financial frictions and capital misallocation in the US	18
The supply and demand for safe assets	17
Bank credit risk networks: Evidence from the Eurozone	17
Asymmetric inflation expectations, downward rigidity of wages, and asymmetric business cycles	17
Debt sustainability in a low interest rate world	17
Low interest rates and risk incentives for banks with market power	17
Not all price endings are created equal: Price points and asymmetric price rigidity	16
Optimal capital taxation revisited	16
More unequal income but less progressive taxation	16
Subjective intertemporal substitution	16
Fiscal and monetary stabilization policy at the zero lower bound: Consequences of limited foresight	16
Effectiveness and addictiveness of quantitative easing	16
International evidence on long-run money demand	16
State dependence of fiscal multipliers: the source of fluctuations matters	15
The role of learning for asset prices and business cycles	15
Can government demand stimulate private investment? Evidence from U.S. federal procurement	15
Efficient redistribution	15
Inequality and financial fragility	15
On average establishment size across sectors and countries	14
The Great Depression and the Great Recession: A view from financial markets	14
History remembered: Optimal sovereign default on domestic and external debt	14
Why are exchange rates so smooth? A household finance explanation	14
Price dispersion and inflation: New facts and theoretical implications	14
Financial shocks, firm credit and the Great Recession	14
The optimal composition of public spending in a deep recession	14
Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey	14
Flowers of evil? Industrialization and long run development	14
Cash: A Blessing or a curse?	14
Credit growth and the financial crisis: A new narrative	14
The short-term effects of tax changes: The role of state dependence	13
Aging and deflation from a fiscal perspective	13
Monetary Policy and Bank Equity Values in a Time of Low and Negative Interest Rates	13
The macroeconomic effects of social security contributions and benefits	13
Identifying the sources of model misspecification	13
US Fiscal cycle and the dollar	13
Unemployment crises	12
Pegging the interest rate on bank reserves: A resolution of New Keynesian puzzles and paradoxes	12
Predicting the demand for central bank digital currency: A structural analysis with survey data	12
Why have interest rates fallen far below the return on capital?	12
Rational expectations and the Paradox of policy-relevant natural experiments	12
The macroeconomics of automation: Data, theory, and policy analysis	12
The Importance of Timing Attitudes in Consumption-Based Asset Pricing Models	12
The inherent benefit of monetary unions	12
Quantitative easing with heterogeneous agents	12
The zero lower bound and estimation accuracy	12
Monetary policy and production networks: an empirical investigation	11
A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment	11
Threats to central bank independence: High-frequency identification with twitter	11
From secular stagnation to robocalypse? Implications of demographic and technological changes	11
Employment inequality: Why do the low-skilled work less now?	11
What goes around comes around: How large are spillbacks from US monetary policy?	11
Macroprudential policy with capital buffers	11
Perceived FOMC: The making of hawks, doves and swingers	11
Public bank guarantees and allocative efficiency	10
Is there news in inventories?	10
Volatile hiring: uncertainty in search and matching models	10
Dynamics of bond and stock returns	10
Migration and sovereign default risk	10
Wealth inequality dynamics in europe and the united states: Understanding the determinants	10
Central bank reputation, cheap talk and transparency as substitutes for commitment: Experimental evidence	10
Empirical evidence on the Euler equation for consumption in the US	10
The convenience of electronic payments and consumer cash demand	9
Information frictions among firms and households	9
Bank market power and the risk channel of monetary policy	9
Rational inattention, menu costs, and multi-product firms: Micro evidence and aggregate implications	9
Monetary policy, customer capital, and market power	9
The real-time macro content of corporate financial reports: A dynamic factor model approach	9

Consumption dynamics under time-varying unemployment risk	9
Lending effects of the ECB’s asset purchases	9
Money and capital in a persistent liquidity trap	9
Comment on (Un)pleasant ... by Bond et al (2020)	9
The expectational effects of news in business cycles: Evidence from forecast data	9
Taking off into the wind: Unemployment risk and state-Dependent government spending multipliers	9
Time-consistent consumption taxation	8
Health versus wealth: On the distributional effects of controlling a pandemic	8
Worker churn in the cross section and over time: New evidence from Germany	8
State-dependent fiscal multipliers with preferences over safe assets	8
Wealth accumulation, on-the-job search and inequality	8
The liquidity channel of fiscal policy	8
Will the AI revolution cause a great divergence?	8
Job Search under Debt: Aggregate Implications of Student Loans	8
Monetary policy surprises and their transmission through term premia and expected interest rates	8
House prices, home equity and entrepreneurship: Evidence from U.S. census micro data	8
Globalization and entrepreneurial entry and exit: Evidence from U.S. households	8
Would households understand average inflation targeting?	8
Through scarcity to prosperity: Toward a theory of sustainable growth	8
Economic leadership and growth	8
On the perils of stabilizing prices when agents are learning	8
Were there fire sales in the RMBS market?	7
Liquidity requirements and the interbank loan market: An experimental investigation	7
Does fiscal policy matter for stock-bond return correlation?	7
The welfare cost of inflation revisited: The role of financial innovation and household heterogeneity	7
Identification with External Instruments in Structural VARs	7
Financial intermediation, resource allocation, and macroeconomic interdependence	7
Leaning against house prices: A structural VAR investigation	7
Institutions, tax evasion, and optimal policy	7
Globalization, trade imbalances and inequality	7
Price rigidities and the relative PPP	7
Price selection	7
The “Matthew effect” and market concentration: Search complementarities and monopsony power	7
Domestic price dollarization in emerging economies	7
What is the optimal immigration policy? Migration, jobs, and welfare	7
Two-sided market, R&D, and payments system evolution	7
A quantitative theory of time-consistent unemployment insurance	7
The inflationary effects of sectoral reallocation	7
Economies of scope in price setting: A moment inequalities estimation	7
Local scars of the US housing crisis	7
Government debt and risk premia	7
Monetary policy and intangible investment	7
Structural change in labor supply and cross-country differences in hours worked	7
Capital and income inequality: An aggregate-demand complementarity	7
Default cycles	7
Taxation, expenditures and the Irish miracle	6
Entry costs and aggregate dynamics	6
Toothless tiger with claws? Financial stability communication, expectations, and risk-taking	6
Inflation’s role in optimal monetary-fiscal policy	6
Regulation and security design in concentrated markets	6
Investment without Q	6
Central bank transparency, exchange rates, and demand imbalances	6
The collateral rule: Evidence from the credit default swap market	6
Government policies in a granular global economy	6
Exchange rates, local currency pricing and international tax policies	6
Understanding post-COVID inflation dynamics	6
Discussion of “designing central bank digital currency” by Agur, Ari and Dell'Ariccia	6
Does demand noise matter? Identification and implications	6
Price setting under uncertainty about inflation	6
Diminishing treasury convenience premiums: Effects of dealers’ excess demand and balance sheet constraints	6
Learning and job search dynamics during the Great Recession	6
Money is more than memory	6
Market segmentation and spending multipliers	6
The marginal effect of government mortgage guarantees on homeownership	6
Endogenous forecast switching near the zero lower bound	5
Fiscal forward guidance: A case for selective transparency	5
Intratemporal nonseparability between housing and nondurable consumption: Evidence from reinvestment in housing stock	5
A new approach to assess inflation expectations anchoring using strategic surveys	5
Rules-based monetary policy and the threat of indeterminacy when trend inflation is low	5
Time preferences over the life cycle and household saving puzzles	5
Agnostic Structural Disturbances (ASDs): Detecting and reducing misspecification in empirical macroeconomic models	5
Does history repeat itself? Business cycle and industry returns	5
Rational inattention, misallocation, and the aggregate economy	5
Firm dynamics and pricing under customer capital accumulation	5
How do U.S. visa policies affect unauthorized immigration?	5
Adverse selection, lemons shocks and business cycles	5
Wealth creation, wealth dilution and demography	5
Intangibles, markups, and the measurement of productivity growth	5
The unbearable lightness of equilibria in a low interest rate environment	5
Information management in times of crisis	5
The Dynamic Effects of Antitrust Policy on Growth and Welfare	5
Capital-market consequences of asymmetric output-price rigidities	5
Credit subsidies	5
Participation following sudden access	5
Inflation expectations and the ECB’s perceived inflation objective: Novel evidence from firm-level data	5
How much consumption insurance in the U.S.?	5
Double overreaction in beauty contests with information acquisition: Theory and experiment	5
Money velocity and the natural rate of interest	5
Recessions and recoveries: Multinational banks in the business cycle	5