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Crises in the Housing Market: Causes, Consequences, and Policy Lessons  

Carlos Garriga and Aaron Hedlund

The global financial crisis of 2007–2009 helped usher in a stronger consensus about the central role that housing plays in shaping economic activity, particularly during large boom and bust ... More

The Effects of Monetary Policy Announcements  

Chao Gu, Han Han, and Randall Wright

The effects of news (i.e., information innovations) are studied in dynamic general equilibrium models where liquidity matters. As a leading example, news can be announcements about monetary ... More

The Evolution of Forecast Density Combinations in Economics  

Knut Are Aastveit, James Mitchell, Francesco Ravazzolo, and Herman K. van Dijk

Increasingly, professional forecasters and academic researchers in economics present model-based and subjective or judgment-based forecasts that are accompanied by some measure of ... More

The Indeterminacy School in Macroeconomics  

Roger E. A. Farmer

The indeterminacy school in macroeconomics exploits the fact that macroeconomic models often display multiple equilibria to understand real-world phenomena. There are two distinct phases in ... More

International Reserves, Exchange Rates, and Monetary Policy: From the Trilemma to the Quadrilemma  

Joshua Aizenman

The links of international reserves, exchange rates, and monetary policy can be understood through the lens of a modern incarnation of the “impossible trinity” (aka the “trilemma”), based ... More

New Monetarist Economics  

Chao Gu, Han Han, and Randall Wright

Online publication date:
May 2019
This article provides an introduction to New Monetarist Economics. This branch of macro and monetary theory emphasizes imperfect commitment, information problems, and sometimes spatial ... More

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