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Author:Chiang, Yu-Ting 

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

Journal Article
Developments in Household Liabilities Since the 1990s

The ratio of household liabilities to income increased from the mid 1990s to 2010, driven by an increase in the supply of loans that outpaced loan demand.
Economic Synopses , Issue 23 , Pages 3 pages

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

Which Households Prefer ARMs vs. Fixed-Rate Mortgages?

Adjustable-rate mortgages appear to be more popular with younger, higher-income households that also have bigger mortgages, according to 2019 data.
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

Working Paper
Financial Intermediation and Aggregate Demand: A Sufficient Statistics Approach

We provide a unified framework to study how the financial sector affects the transmission of macroeconomic policies, such as monetary and fiscal policies, and asset purchase programs. Our framework nests models of financial intermediation with various microfoundations and allows for rich household heterogeneity. The financial sector supplies liquidity by issuing liquid assets to finance illiquid capital. The elasticities of liquidity supply with respect to returns are sufficient statistics that summarize how the financial sector determines responses to policy through asset markets. This asset ...
Working Papers , Paper 2022-038

Journal Article
Assets and Liabilities of Younger vs. Older Households

The balance sheets of US households have changed over the past seven decades, overall and for different age groups.
Economic Synopses , Issue 2 , Pages 3 [pages

Which Households Are Most Exposed to the Inflation “Tax”?

The federal government benefits from unexpected bouts of inflation since the real value of its debt falls. However, this also hurts its debtholders.
On the Economy

Working Paper
Attention and Fluctuations in Macroeconomic Uncertainty

I show that economic agents’ attention to macroeconomic events can increase macroeconomic uncertainty during recessions. Agents face uncertainty about the aggregate state of the economy, receive dispersed information about it, and can pay attention to acquire more information. When the economy is in a bad state, agents choose to pay more attention, and their collective response increases three common measures of uncertainty: (i) aggregate output volatility, (ii) forecast dispersion about output, and (iii) subjective uncertainty about output. Uncertainty driven by agents’ attention implies ...
Working Papers , Paper 2022-004




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