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Conference Paper
Incomplete cost pass-through under deep habits
Working Paper
The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States: Reply to Jentsch and Lunsford
In this reply to a comment by Jentsch and Lunsford, we show that, when focusing on the relevant impulse responses, the evidence for economic and statistically significant macroeconomic effects of tax changes in Mertens and Ravn (2013) remains present for a range of asymptotically valid inference methods.
Journal Article
Asymmetric effects of monetary policy in the United States
This paper tests for the presence of asymmetric effects of monetary policy on output. The asymmetries that the authors examine are related to the size and sign of monetary policy shocks and are based on economic theory. Using M1 as the basis for measuring monetary policy shocks, they find evidence in line with previous evidence of larger real effects resulting from positive shocks than from negative shocks?although the authors cannot reject symmetry either. However, using the federal funds rate instead, a measure that is more closely related to the actual conduct of monetary policy, they find ...