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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

Which U.S. Households Have Credit Card Debt?

Households carrying credit card balances tend to be middle income, but the ratio of credit card debt to income is highest among those who earn the least.
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 , Paper 2022-038

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

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

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

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

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

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

Journal Article
Inflation Uncertainty among Eighth District Households

Survey data suggest that uncertainty about future inflation among Eighth District households rose during periods of significant change in monetary policy.
The Regional Economist

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