Journal of Monetary Economics

Article	Citations
Measuring the effects of federal reserve forward guidance and asset purchases on financial markets	242
Monetary policy uncertainty	197
Financial fragility in the COVID-19 crisis: The case of investment funds in corporate bond markets	154
Designing central bank digital currencies	133
The making of hawks and doves	100
Innovation, automation, and inequality: Policy challenges in the race against the machine	96
A unified measure of Fed monetary policy shocks	95
Evaluating Central Banks’ tool kit: Past, present, and future	93
Delphic and odyssean monetary policy shocks: Evidence from the euro area	86
Central bank digital currency in an open economy	78
The real effects of the bank lending channel	77
The propagation of monetary policy shocks in a heterogeneous production economy	75
News-driven inflation expectations and information rigidities	73
Some unpleasant markup arithmetic: Production function elasticities and their estimation from production data	72
Central bank communication that works: Lessons from lab experiments	72
Banks’ exposure to interest rate risk and the transmission of monetary policy	68
Finance and productivity growth: Firm-level evidence	67
Does a big bazooka matter? Quantitative easing policies and exchange rates	61
The effects of a money-financed fiscal stimulus	61
Government consumption and investment: Does the composition of purchases affect the multiplier?	56
State-level economic policy uncertainty	52
Managing self-organization of expectations through monetary policy: A macro experiment	51
Deep learning for solving dynamic economic models.	51
The Treasury Market in Spring 2020 and the Response of the Federal Reserve	50
Austerity in the aftermath of the great recession	47

Taylor rule estimation by OLS	47
Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and the distribution of income	47
Business complexity and risk management: Evidence from operational risk events in U.S. bank holding companies	45
News and uncertainty about COVID-19: Survey evidence and short-run economic impact	45
Inflation expectations, consumption and the lower bound: Micro evidence from a large multi-country survey	45
Backtesting global Growth-at-Risk	44
Kaldor and Piketty’s facts: The rise of monopoly power in the United States	43
Central banking challenges posed by uncertain climate change and natural disasters	41
No firm is an island? How industry conditions shape firms’ expectations	40
The price of residential land for counties, ZIP codes, and census tracts in the United States	40
Fifty shades of QE: Comparing findings of central bankers and academics	38
Bank capital in the short and in the long run	38
Structural scenario analysis with SVARs	38
Workers, capitalists, and the government: fiscal policy and income (re)distribution	38
Expectation formation in a new environment: Evidence from the German reunification	37
Do survey expectations of stock returns reflect risk adjustments?	37
Loan types and the bank lending channel	36
Misallocation or Mismeasurement?	36
The importance of technology in banking during a crisis	36
Output hysteresis and optimal monetary policy	35
Learning, confidence, and business cycles	34
What drives heterogeneity in the marginal propensity to consume? Temporary shocks vs persistent characteristics	33
The FOMC Risk Shift	33
Disagreement about inflation expectations and monetary policy transmission	33
Central bank communication with non-experts – A road to nowhere?	32
Resolving the missing deflation puzzle	32
Wealth redistribution in bubbles and crashes	31
The risks of old capital age: Asset pricing implications of technology adoption	31
The Phillips multiplier	31
The effect of interest rates on home buying: Evidence from a shock to mortgage insurance premiums	29
Debt sustainability in a low interest rate world	29
Effectiveness and addictiveness of quantitative easing	28
Predicting the demand for central bank digital currency: A structural analysis with survey data	27
The origins of aggregate fluctuations in a credit network economy	27
Hitting the elusive inflation target	27
Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey	27
Optimal capital account liberalization in China	25
State dependence of fiscal multipliers: the source of fluctuations matters	25
The supply and demand for safe assets	25
Can government demand stimulate private investment? Evidence from U.S. federal procurement	25
Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy	25
Subjective intertemporal substitution	24
Policy uncertainty, lender of last resort and the real economy	24
Female entrepreneurship, financial frictions and capital misallocation in the US	24
Aggregate expected investment growth and stock market returns	24
Efficient redistribution	23
Price level targeting with evolving credibility	23
Optimal capital taxation revisited	23
Fiscal and monetary stabilization policy at the zero lower bound: Consequences of limited foresight	23
Price elasticities and demand-side real rigidities in micro data and in macro models	23

The macroeconomics of automation: Data, theory, and policy analysis	22
International evidence on long-run money demand	22
Foreign exchange reserves as a tool for capital account management	22
Threats to central bank independence: High-frequency identification with twitter	21
Money and monetary stability in Europe, 1300–1914	21
Wealth inequality dynamics in europe and the united states: Understanding the determinants	21
Bank credit risk networks: Evidence from the Eurozone	20
The macroeconomic effects of social security contributions and benefits	20
Reaching for dividends	20
Credit growth and the financial crisis: A new narrative	19
US Fiscal cycle and the dollar	19
Low interest rates and risk incentives for banks with market power	18
Monetary Policy and Bank Equity Values in a Time of Low and Negative Interest Rates	18
Information frictions among firms and households	18
More unequal income but less progressive taxation	18
Flowers of evil? Industrialization and long run development	18
House prices, home equity and entrepreneurship: Evidence from U.S. census micro data	18
The liquidity channel of fiscal policy	17
Quantitative easing with heterogeneous agents	17
On average establishment size across sectors and countries	17
Understanding post-COVID inflation dynamics	17
Inequality and financial fragility	16
Monetary policy and production networks: an empirical investigation	16
Cash: A Blessing or a curse?	16
History remembered: Optimal sovereign default on domestic and external debt	16
Health versus wealth: On the distributional effects of controlling a pandemic	16
Job Search under Debt: Aggregate Implications of Student Loans	16
Perceived FOMC: The making of hawks, doves and swingers	16
The short-term effects of tax changes: The role of state dependence	16
The inflationary effects of sectoral reallocation	15
From secular stagnation to robocalypse? Implications of demographic and technological changes	15
Intangibles, markups, and the measurement of productivity growth	15
Financial shocks, firm credit and the Great Recession	15
Globalization and entrepreneurial entry and exit: Evidence from U.S. households	15
The zero lower bound and estimation accuracy	15
Identification with External Instruments in Structural VARs	15
The scars of supply shocks: Implications for monetary policy	14
What goes around comes around: How large are spillbacks from US monetary policy?	14
Employment inequality: Why do the low-skilled work less now?	14
Macroprudential policy with capital buffers	14
Dynamics of bond and stock returns	13
Why have interest rates fallen far below the return on capital?	13
Volatile hiring: uncertainty in search and matching models	13
Wealth accumulation, on-the-job search and inequality	13
Entry costs and aggregate dynamics	13
Inflation’s role in optimal monetary-fiscal policy	13
Rational inattention, menu costs, and multi-product firms: Micro evidence and aggregate implications	13
Is there news in inventories?	13
Monetary policy surprises and their transmission through term premia and expected interest rates	13
What matters in households’ inflation expectations?	13
Money and capital in a persistent liquidity trap	12
Pegging the interest rate on bank reserves: A resolution of New Keynesian puzzles and paradoxes	12
Deposit market power, funding stability and long-term credit	12
Unemployment crises	12
Taking off into the wind: Unemployment risk and state-Dependent government spending multipliers	12
Public bank guarantees and allocative efficiency	12
Through scarcity to prosperity: Toward a theory of sustainable growth	12
Monetary policy and intangible investment	12
Discussion of “designing central bank digital currency” by Agur, Ari and Dell'Ariccia	12
The convenience of electronic payments and consumer cash demand	12
Central bank reputation, cheap talk and transparency as substitutes for commitment: Experimental evidence	11
The welfare cost of inflation revisited: The role of financial innovation and household heterogeneity	11
Institutions, tax evasion, and optimal policy	11
Globalization, trade imbalances and inequality	11
Would households understand average inflation targeting?	11
Comment on (Un)pleasant ... by Bond et al (2020)	11
Empirical evidence on the Euler equation for consumption in the US	11
Will the AI revolution cause a great divergence?	11
State-dependent fiscal multipliers with preferences over safe assets	11
Monetary policy, customer capital, and market power	10
Price setting under uncertainty about inflation	10
Government debt and risk premia	10
On the perils of stabilizing prices when agents are learning	10
The international spillovers of synchronous monetary tightening	10
The unbearable lightness of equilibria in a low interest rate environment	10
The real-time macro content of corporate financial reports: A dynamic factor model approach	10
Economic leadership and growth	10
Capital and income inequality: An aggregate-demand complementarity	10
Liquidity requirements and the interbank loan market: An experimental investigation	10
Financial crises and shadow banks: A quantitative analysis	10

Intratemporal nonseparability between housing and nondurable consumption: Evidence from reinvestment in housing stock	10
Default cycles	10
Domestic price dollarization in emerging economies	9
Lending effects of the ECB’s asset purchases	9
Were there fire sales in the RMBS market?	9
The “Matthew effect” and market concentration: Search complementarities and monopsony power	9
Consumption dynamics under time-varying unemployment risk	9
Structural change in labor supply and cross-country differences in hours worked	9
Government policies in a granular global economy	9
The Dynamic Effects of Antitrust Policy on Growth and Welfare	9
The expectational effects of news in business cycles: Evidence from forecast data	9
Two-sided market, R&D, and payments system evolution	9
Employment and the residential collateral channel of monetary policy	9
Does fiscal policy matter for stock-bond return correlation?	9
A model of retail banking and the deposits channel of monetary policy	8
Endogenous forecast switching near the zero lower bound	8
The macroeconomic consequences of subsistence self-employment	8
A new approach to assess inflation expectations anchoring using strategic surveys	8
Does demand noise matter? Identification and implications	8
Money velocity and the natural rate of interest	8
Does the Cream Always Rise to the Top? The Misallocation of Talent in Innovation	8
Worker churn in the cross section and over time: New evidence from Germany	8
How should governments create liquidity?	8
A natural level of capital flows	8
A quantitative theory of time-consistent unemployment insurance	8
Time preferences over the life cycle and household saving puzzles	8
Central bank transparency, exchange rates, and demand imbalances	8
Exchange rates, local currency pricing and international tax policies	8
Price selection	8
Bubbly firm dynamics and aggregate fluctuations	8
Financial intermediation, resource allocation, and macroeconomic interdependence	8
The economic impact of recession announcements	8
Inflation expectations and the ECB’s perceived inflation objective: Novel evidence from firm-level data	8
Trade wars and industrial policy competitions: Understanding the US-China economic conflicts	8
Toothless tiger with claws? Financial stability communication, expectations, and risk-taking	8
Price rigidities and the relative PPP	7
Diminishing treasury convenience premiums: Effects of dealers’ excess demand and balance sheet constraints	7
How does caste affect entrepreneurship? birth versus worth	7
Investment without Q	7
Wealth creation, wealth dilution and demography	7
Local scars of the US housing crisis	7
Fiscal forward guidance: A case for selective transparency	7
Optimal bailouts and the doom loop with a financial network	7
Propagation of shocks in an input-output economy: Evidence from disaggregated prices	7
Learning and job search dynamics during the Great Recession	7
Regulation and security design in concentrated markets	7
Leaning against house prices: A structural VAR investigation	7
The economic effects of firm-level uncertainty: Evidence using subjective expectations	6
Credit subsidies	6
Financial heterogeneity and monetary union	6
Concentration in international markets: Evidence from US imports	6
Participation following sudden access	6
How much consumption insurance in the U.S.?	6
Agnostic Structural Disturbances (ASDs): Detecting and reducing misspecification in empirical macroeconomic models	6
Local information and firm expectations about aggregates	6
Recessions and recoveries: Multinational banks in the business cycle	6
Rational inattention, misallocation, and the aggregate economy	6
Asset price beliefs and optimal monetary policy	6
College education and income contingent loans in equilibrium	6
The marginal effect of government mortgage guarantees on homeownership	6
Central Bank Policy and the concentration of risk: Empirical estimates	6
Taxation, expenditures and the Irish miracle	6
Endogenous uncertainty and the macroeconomic impact of shocks to inflation expectations	6
Stabilization with fiscal policy	6
Information management in times of crisis	6
How sovereign is sovereign credit risk? Global prices, local quantities	6
Inflation disasters and consumption	6
Wealth Inequality and Endogenous Growth	6
Market segmentation and spending multipliers	6
Public financing with financial frictions and underground economy	6
Demographics and the evolution of global imbalances	6
The collateral rule: Evidence from the credit default swap market	6
Does history repeat itself? Business cycle and industry returns	6
Trade and diffusion of embodied technology: an empirical analysis	5
Money runs	5
A new approach to integrating expectations into VAR models	5
Firm dynamics and pricing under customer capital accumulation	5
Learning and the capital age premium	5
Pecuniary externalities in economies with downward wage rigidity	5
The emergence of procyclical fertility: The role of breadwinner women	5
The signalling channel of negative interest rates	5
The cyclical component of labor market polarization and jobless recoveries in the US	5
Price points and price dynamics	5
Fiscal foresight and the effects of government spending: It’s all in the monetary-fiscal mix	5
Rising wealth inequality: Intergenerational links, entrepreneurship, and the decline in interest rate	5
Adverse selection, lemons shocks and business cycles	5
Double overreaction in beauty contests with information acquisition: Theory and experiment	5
On wars, sanctions, and sovereign default	5
Fencing off Silicon Valley: Cross-border venture capital and technology spillovers	5
Austerity and distributional policy	5
Inefficiently low screening with Walrasian markets	5
More than words: Fed Chairs’ communication during congressional testimonies	5
The case for a positive euro area inflation target: Evidence from france, germany and italy	4
Rising earnings inequality and optimal income tax and social security policies	4
Risk endogeneity at the lender/investor-of-last-resort	4