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Author:Chiang, Yu-Ting 

How Much Are We “Taxed” by Surprise Inflation?

When inflation surprises to the upside, borrowers pay back less in real terms. And Uncle Sam is America’s biggest borrower.
On the Economy

How Does Human Capital Affect Wealth Inequality?

Accounting for human capital can change the distribution of wealth and some common measures of wealth inequality.
On the Economy

Working Paper
Attention and Fluctuations in Macroeconomic Uncertainty

This paper studies a dispersed information economy in which agents can exert costly attention to learn about an unknown aggregate state of the economy. Under certain conditions, attention and four measures of uncertainty are countercyclical: Agents pay more attention when they expect the economy to be in a bad state, and their reaction generates higher (i) aggregate output volatility, (ii) cross-sectional output dispersion, (iii) forecast dispersion about aggregate output, and (iv) subjective uncertainty about aggregate output faced by each agent. All these phenomena are prominent features of ...
Working Papers , Paper 2022-004

Monetary Policy Surprises and Inflation Expectations

The private sector may slightly underestimate the short-term impact of monetary policy surprises on inflation but may predict longer-term effects fairly well.
On the Economy

Working Paper
Asset supply and liquidity transformation in HANK

We study how the financial sector affects fiscal and monetary policy in heterogeneous agent New Keynesian (HANK) economies. We show that, in a large class of models of financial intermediation, relevant features of the financial sector are summarized by the elasticities of a liquid asset supply function. The financial sector in these models affects aggregate responses only through its ability to perform liquidity transformation (i.e., issue liquid assets to finance illiquid capital). If liquid asset supply responds inelastically to returns on capital (low cross-price elasticities), ...
Working Papers

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