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Christian K. Wolf

Citations

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Dake Li & Mikkel Plagborg-M{o}ller & Christian K. Wolf, 2021. "Local Projections vs. VARs: Lessons From Thousands of DGPs," Papers 2104.00655, arXiv.org, revised Jan 2024.

    Mentioned in:

    1. Local Projections vs. VARs
      by Francis Diebold in No Hesitations on 2021-04-05 13:24:00

Working papers

  1. Jos'e Luis Montiel Olea & Mikkel Plagborg-M{o}ller & Eric Qian & Christian K. Wolf, 2025. "Local Projections or VARs? A Primer for Macroeconomists," Papers 2503.17144, arXiv.org, revised May 2025.

    Cited by:

    1. World Bank, 2025. "Fiscal Multipliers in Resource-Rich Economies : Evidence from the Gulf Countries," Policy Research Working Paper Series 11193, The World Bank.
    2. Damiano Di Francesco & Omar Pietro Carnevale, 2025. "Are Hysteresis Effects Nonlinear?," LEM Papers Series 2025/32, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. Olegs Tkacevs & Karsten Staehr, 2025. "The Effects of Macroeconomic and Budget Balance Shocks on Public Debt Trajectories in the Euro Area," Working Papers 2025/08, Latvijas Banka.
    4. Sarah Vella, 2025. "Constructing a country-specific indicator for cyclical systemic risk," Economic Change and Restructuring, Springer, vol. 58(3), pages 1-63, June.
    5. Andrea Recine & Massimiliano Tancioni, 2025. "Macroeconomic Effects of Government Defense and Non-Defense R&D," Working Papers in Public Economics 262, Department of Economics and Law, Sapienza University of Rome.
    6. Roberto Casarin & Antonio Peruzzi & Davide Raggi, 2025. "Multiple Equilibria and the Phillips Curve: Do Agents Always Underreact?," Working Papers 2025: 10, Department of Economics, University of Venice "Ca' Foscari".
    7. Gasmi, Farid & Kouakou, Dorgyles & Metevier, Samantha & Noumba Um, Paul, 2026. "Capturing the positive effects of brain drain through return migration policies: An analysis of the 1980-2022 Moroccan experience," TSE Working Papers 26-1700, Toulouse School of Economics (TSE).

  2. Jos'e Luis Montiel Olea & Mikkel Plagborg-M{o}ller & Eric Qian & Christian K. Wolf, 2024. "Double Robustness of Local Projections and Some Unpleasant VARithmetic," Papers 2405.09509, arXiv.org, revised Jan 2026.

    Cited by:

    1. Oriol Gonzalez-Casasus & Frank Schorfheide, 2025. "Misspecification-Robust Shrinkage and Selection for VAR Forecasts and IRFs," PIER Working Paper Archive 25-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    2. Òscar Jordà & Alan M. Taylor, 2024. "Local Projections," Working Paper Series 2024-24, Federal Reserve Bank of San Francisco.
    3. Mar'ia Dolores Gadea & `Oscar Jord`a, 2025. "Local Projections Bootstrap Inference," Papers 2509.17949, arXiv.org.
    4. William Ginn & Jamel Saadaoui & Evangelos Salachas, 2025. "Stock Price Bubbles, Inflation and Monetary Surprises," Working Papers 2025.17, International Network for Economic Research - INFER.
    5. Bernardini, Marco & De Nicola, Annalisa, 2025. "The market stabilization role of central bank asset purchases: High-frequency evidence from the COVID-19 crisis," Journal of International Money and Finance, Elsevier, vol. 152(C).
    6. Lucas Ordóñez, 2025. "The Transmission of Supply Shocks to Inflation: the Case of Argentina (2004-2022)," Working Papers 351, Red Nacional de Investigadores en Economía (RedNIE).
    7. Maria Gadea & Òscar Jordà, 2025. "Local Projections Bootstrap Inference," Working Paper Series 2025-21, Federal Reserve Bank of San Francisco.
    8. Simon Freyaldenhoven & Christian Hansen, 2025. "(Visualizing) Plausible Treatment Effect Paths," Papers 2505.12014, arXiv.org.
    9. Saadaoui, Jamel & Smyth, Russell & Vespignani, Joaquin, 2025. "Ensuring the security of the clean energy transition: Examining the impact of geopolitical risk on the price of critical minerals," Energy Economics, Elsevier, vol. 142(C).
    10. Nabil Daher, 2025. "Is growth at risk from natural disasters ? Evidence from quantile local projections," EconomiX Working Papers 2025-9, University of Paris Nanterre, EconomiX.
    11. Checherita-Westphal, Cristina & Pesso, Tom, 2024. "Fiscal policy and inflation: accounting for non-linearities in government debt," Working Paper Series 2996, European Central Bank.
    12. Milov{s} Ciganovi'c & Elena Scola Gagliardi & Massimiliano Tancioni, 2025. "Disentangling the Distributional Effects of Financial Shocks in the Euro Area," Papers 2510.11289, arXiv.org.
    13. Ordoñez Lucas Sebastián, 2024. "The transmission of Supply Shocks to inflation: The case of Argentina (2004-2023)," Asociación Argentina de Economía Política: Working Papers 4750, Asociación Argentina de Economía Política.
    14. Tianyu Fan, 2025. "The Geopolitical Determinants of Economic Growth, 1960-2024," Papers 2507.04833, arXiv.org, revised Nov 2025.

  3. George-Marios Angeletos & Chen Lian & Christian K. Wolf, 2024. "Deficits and Inflation: HANK meets FTPL," NBER Working Papers 33102, National Bureau of Economic Research, Inc.

    Cited by:

    1. Jonathon Hazell & Stephan Hobler, 2024. "Do Deficits Cause Inflation? A High Frequency Narrative Approach," Discussion Papers 2439, Centre for Macroeconomics (CFM).
    2. Bartal, Mehdi & Becard, Yvan, 2024. "Consumption tax cuts vs stimulus payments," Journal of Public Economics, Elsevier, vol. 239(C).
    3. Yingwei Dong & Tirupam Goel & Emanuel Kohlscheen & Philip Wooldridge, 2025. "Keeping the momentum: how finance can continue to support growth in EMEs," BIS Papers chapters, in: Bank for International Settlements (ed.), How can central banks take account of differences across households and firms for monetary policy?, volume 127, pages 1-32, Bank for International Settlements.
    4. Vasileios Karaferis, 2025. "Inequality, Labour Market Dynamics and the Policy Mix: Insights from a FLANK," Edinburgh School of Economics Discussion Paper Series 319, Edinburgh School of Economics, University of Edinburgh.
    5. Kwicklis, Noah, 2025. "Active vs. passive policy and the trade-off between output and inflation in HANK," Journal of Monetary Economics, Elsevier, vol. 151(C).

  4. George-Marios Angeletos & Chen Lian & Christian K. Wolf, 2023. "Can Deficits Finance Themselves?," NBER Working Papers 31185, National Bureau of Economic Research, Inc.

    Cited by:

    1. Fernández Romero, Daniel, 2025. "The fiscal multiplier in presence of unconventional monetary policy: Evidence for 17 OECD countries," Economic Modelling, Elsevier, vol. 147(C).
    2. Jonathon Hazell & Stephan Hobler, 2024. "Do Deficits Cause Inflation? A High Frequency Narrative Approach," Discussion Papers 2439, Centre for Macroeconomics (CFM).
    3. Kopiec, Paweł, 2024. "Monetary-Fiscal Forward Guidance," MPRA Paper 120563, University Library of Munich, Germany.
    4. Gergő Motyovszki & Philipp Pfeiffer & Jan in ’t Veld, 2024. "The Implications of Public Investment for Debt Sustainability," European Economy - Discussion Papers 204, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    5. Elfsbacka Schmöller, Michaela & McClung, Nigel, 2024. "Can growth stabilize debt? A fiscal theory perspective," Bank of Finland Research Discussion Papers 2/2024, Bank of Finland, revised 2024.
    6. R. Anton Braun & Daisuke Ikeda, 2025. "Monetary Policy Over the Lifecycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 56, April.
    7. M. Yu. Andreev, 2025. "Deep Consumer Habits and Fiscal Policy Shocks," Studies on Russian Economic Development, Springer, vol. 36(1), pages 53-65, February.
    8. Diamond, William & Landvoigt, Tim & Sánchez, Germán Sánchez, 2025. "Printing away the mortgages: Fiscal inflation and the post-covid boom," Journal of Financial Economics, Elsevier, vol. 171(C).
    9. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.

  5. Alisdair McKay & Christian K. Wolf, 2023. "What Can Time-Series Regressions Tell Us About Policy Counterfactuals?," Staff Report 642, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Hack, Lukas & Istrefi, Klodiana & Meier, Matthias, 2023. "Identification of systematic monetary policy," Working Paper Series 2851, European Central Bank.
    2. Ambrocio, Gene & Haavio, Markus & McClung, Nigel, 2024. "Monetary policy announcements and sacrifice ratios," Bank of Finland Research Discussion Papers 12/2024, Bank of Finland.
    3. Carrier, Alexandre & Mavromatis, Kostas, 2025. "Optimal normalization policy under behavioral expectations," Journal of Monetary Economics, Elsevier, vol. 153(C).
    4. Jonas E. Arias & Minchul Shin, 2025. "Breaking Down the Latest Fight Against Inflation," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 10(2), pages 14-22, June.
    5. Fabrizio Ferriani & Andrea Gazzani, 2025. "The international transmission of Chinese monetary policy and the commodity channel," Temi di discussione (Economic working papers) 1510, Bank of Italy, Economic Research and International Relations Area.
    6. Georgios Georgiadis & Gernot J. Müller & Ben Schumann, 2023. "Global Risk and the Dollar," Discussion Papers of DIW Berlin 2057, DIW Berlin, German Institute for Economic Research.
    7. Max Breitenlechner & Martin Geiger & Mathias Klein, 2024. "The Fiscal Channel of Monetary Policy," Working Papers 2024-07, Faculty of Economics and Statistics, Universität Innsbruck.
    8. Régis Barnichon & Geert Mesters, 2022. "A Sufficient Statistics Approach for Macro Policy Evaluation," Working Paper Series 2022, Federal Reserve Bank of San Francisco.
    9. Raimondo Pala, 2025. "Control VAR: a counterfactual based approach to inference in macroeconomics," Papers 2510.23762, arXiv.org.
    10. Christian K. Wolf, 2023. "Fiscal Stimulus and the Systematic Response of Monetary Policy," AEA Papers and Proceedings, American Economic Association, vol. 113, pages 388-393, May.
    11. Broer, Tobias & Kramer, John & Mitman, Kurt, 2025. "The Distributional Effects of Oil Shocks," IZA Discussion Papers 17949, IZA Network @ LISER.
    12. Hilde C. Bjørnland & Jamie L. Cross & Jonas Hölz, 2025. "Re-visiting the Relationship Between Oil Prices and Monetary Policy," Working Papers No 04/2025, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    13. Geert Mesters & Régis Barnichon, 2023. "Evaluating Policy Institutions -150 Years of US Monetary Policy-," Working Papers 1410, Barcelona School of Economics.
    14. Boeck, Maximilian & Mori, Lorenzo, 2025. "Has globalization changed the international transmission of U.S. monetary policy?," Journal of International Economics, Elsevier, vol. 157(C).
    15. Wataru Miyamoto & Thuy Lan Nguyen & Dmitry Sergeyev, 2023. "How Oil Shocks Propagate: Evidence on the Monetary Policy Channel," Working Paper Series 2024-06, Federal Reserve Bank of San Francisco.
    16. Eric T. Swanson, 2024. "The Macroeconomic Effects of the Federal Reserve’s Conventional and Unconventional Monetary Policies," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 1152-1184, September.
    17. Anastasiia Antonova & Mykhailo Matvieiev & Céline Poilly, 2024. "Supply Shocks in the Fog: The Role of Endogenous Uncertainty," AMSE Working Papers 2427, Aix-Marseille School of Economics, France.
    18. Gökhan Ider & Alexander Kriwoluzky & Frederik Kurcz & Ben Schumann, 2024. "Friend, Not Foe - Energy Prices and European Monetary Policy," Discussion Papers of DIW Berlin 2089, DIW Berlin, German Institute for Economic Research.
    19. Bernardino Adão & Sandra Gomes & Laura Alpizar, 2025. "On how to assess the impact of monetary policy," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    20. Ho, Paul & Lubik, Thomas A. & Matthes, Christian, 2024. "Averaging impulse responses using prediction pools," Journal of Monetary Economics, Elsevier, vol. 146(C).
    21. Liyu Dou & Paul Ho & Thomas A. Lubik, 2023. "Max-Share Misidentification," Working Paper 25-02, Federal Reserve Bank of Richmond.
    22. Burcu Eyigungor, 2025. "Understanding Job Growth," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 10(2), pages 1-6, June.
    23. Madeira, Carlos & Salazar, Leonardo, 2023. "The impact of monetary policy on a labor market with heterogeneous workers: The case of Chile," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(2).
    24. Coenen, Günter & Mazelis, Falk & Motto, Roberto & Ristiniemi, Annukka & Smets, Frank & Warne, Anders & Wouters, Raf, 2025. "Inflation and monetary policy in medium-sized New Keynesian DSGE models," Working Paper Series 3137, European Central Bank.
    25. Andrew Hertzberg, 2025. "Credit Scores and Rising Credit Card Delinquencies," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 10(2), pages 7-13, June.
    26. Endong Wang, 2024. "Local projections identify the same policy counterfactuals as empirical and structural models," Papers 2409.09577, arXiv.org, revised Feb 2026.

  6. Christian K. Wolf, 2021. "The Missing Intercept: A Demand Equivalence Approach," NBER Working Papers 29558, National Bureau of Economic Research, Inc.

    Cited by:

    1. Cristiano Cantore & Lukas Freund, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England working papers 858, Bank of England.
    2. Kilian Huber, 2021. "Estimating General Equilibrium Spillovers of Large-Scale Shocks," CESifo Working Paper Series 8955, CESifo.
    3. Bartal, Mehdi & Becard, Yvan, 2024. "Consumption tax cuts vs stimulus payments," Journal of Public Economics, Elsevier, vol. 239(C).
    4. Hack, Lukas & Rostam-Afschar, Davud, 2024. "Understanding Firm Dynamics with Daily Data," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302376, Verein für Socialpolitik / German Economic Association.
    5. Robert Minton & Casey B. Mulligan, 2024. "A Market Interpretation of Treatment Effects," Finance and Economics Discussion Series 2024-096, Board of Governors of the Federal Reserve System (U.S.).
    6. Mary Amiti & Sang Hoon Kong & David Weinstein, 2020. "The Effect of the U.S.-China Trade War on U.S. Investment," NBER Working Papers 27114, National Bureau of Economic Research, Inc.
    7. Cristiano Cantore & Filippo Ferroni & Haroon Mumtaz & Angeliki Theophilopoulou, 2023. "A tail of labor supply and a tale of monetary policy," Discussion Papers 2308, Centre for Macroeconomics (CFM).
    8. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2018. "The Intertemporal Keynesian Cross," NBER Working Papers 25020, National Bureau of Economic Research, Inc.
    9. Alistair Macaulay, 2022. "Heterogeneous Information, Subjective Model Beliefs, and the Time-Varying Transmission of Shocks," CESifo Working Paper Series 9733, CESifo.
    10. Koller, Julian & Stefanova, Stefani, 2025. "Aggregating Trade Shocks: From Local Labor Markets to National Outcomes," MPRA Paper 126772, University Library of Munich, Germany.
    11. Stephanie Ettmeier, 2022. "No Taxation without Reallocation: The Distributional Effects of Tax Changes," Discussion Papers of DIW Berlin 2022, DIW Berlin, German Institute for Economic Research.
    12. Gerald Carlino & Thorsten Drautzburg & Robert P. Inman & Nicholas Zarra, 2021. "Partisanship and Fiscal Policy in Economic Unions: Evidence from U.S. States," NBER Working Papers 28425, National Bureau of Economic Research, Inc.
    13. Fanfani, Bernardo, 2023. "The employment effects of collective wage bargaining," Journal of Public Economics, Elsevier, vol. 227(C).
    14. Steininger, Lea & Matzner, Anna, 2025. "Monetary policy and the firm-level labor share: a story about capital," Working Paper Series 3024, European Central Bank.

  7. Christian K. Wolf, 2021. "Interest Rate Cuts vs. Stimulus Payments: An Equivalence Result," NBER Working Papers 29193, National Bureau of Economic Research, Inc.

    Cited by:

    1. Galo Nuño, 2025. "Three Theories of Natural Rate Dynamics," CESifo Working Paper Series 11878, CESifo.
    2. Juan Herreño & Mathieu Pedemonte, 2022. "The Geographic Effects of Monetary Policy," Working Papers 22-15, Federal Reserve Bank of Cleveland.
    3. Mark Aguiar & Manuel Amador & Cristina Arellano, 2024. "Micro Risks and (Robust) Pareto-Improving Policies," American Economic Review, American Economic Association, vol. 114(11), pages 3669-3713, November.
    4. Jonathon Hazell & Stephan Hobler, 2024. "Do Deficits Cause Inflation? A High Frequency Narrative Approach," Discussion Papers 2439, Centre for Macroeconomics (CFM).
    5. Kopiec, Paweł, 2024. "Monetary-Fiscal Forward Guidance," MPRA Paper 120563, University Library of Munich, Germany.
    6. Bianchi-Vimercati, Riccardo & Eichenbaum, Martin & Guerreiro, Joao, 2024. "Fiscal stimulus with imperfect expectations: Spending vs. tax policy," Journal of Economic Theory, Elsevier, vol. 217(C).
    7. Hannah Magdalena Seidl & Fabian Seyrich, 2021. "Unconventional Fiscal Policy in HANK," Discussion Papers of DIW Berlin 1953, DIW Berlin, German Institute for Economic Research.
    8. Bayer, Christian & Born, Benjamin & Luetticke, Ralph & Müller, Gernot, 2022. "The Coronavirus Stimulus Package: How large is the transfer multiplier?," CEPR Discussion Papers 14600, C.E.P.R. Discussion Papers.
    9. Mark Aguiar & Manuel Amador & Cristina Arellano, 2022. "Micro Risks and Pareto Improving Policies," Working Papers 2022-10, Princeton University. Economics Department..
    10. Bilbiie, Florin O. & Monacelli, Tommaso & Perotti, Roberto, 2024. "Stabilization vs. Redistribution: The optimal monetary–fiscal mix," Journal of Monetary Economics, Elsevier, vol. 147(S).
    11. Marco Bellifemine & Adrien Couturier & Rustam Jamilov, 2023. "The Regional Keynesian Cross," Discussion Papers 2311, Centre for Macroeconomics (CFM).
    12. Kocherlakota, Narayana R., 2022. "Stabilization with fiscal policy," Journal of Monetary Economics, Elsevier, vol. 131(C), pages 1-14.
    13. Alisdair McKay & Christian K. Wolf, 2023. "What Can Time-Series Regressions Tell Us About Policy Counterfactuals?," Staff Report 642, Federal Reserve Bank of Minneapolis.
    14. George‐Marios Angeletos & Chen Lian & Christian K. Wolf, 2024. "Can Deficits Finance Themselves?," Econometrica, Econometric Society, vol. 92(5), pages 1351-1390, September.
    15. Stefano Maria Corbellini, 2022. "Optimal monetary and transfer policy in a liquidity trap," Diskussionsschriften dp2216, Universitaet Bern, Departement Volkswirtschaft.
    16. Oliver Pfäuti & Fabian Seyrich, 2022. "A Behavioral Heterogeneous Agent New Keynesian Model," Discussion Papers of DIW Berlin 1995, DIW Berlin, German Institute for Economic Research.
    17. Yoosoon Chang & Fabio Gomez-Rodriguez & Christian Matthes, 2023. "The Influence of Fiscal and Monetary Policies on the Shape of the Yield Curve," CAEPR Working Papers 2023-008 Classification-E, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    18. Rodolfo G. Campos & Jesus Fernandez-Villaverde & Galo Nuno & Peter Paz, 2024. "Navigating by Falling Stars:Monetary Policy with Fiscally Driven Natural Rates," PIER Working Paper Archive 24-007, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    19. Dupraz, Stéphane & Rogantini Picco, Anna, 2025. "Fiscal requirements for price stability when households are not Ricardian," Working Paper Series 3038, European Central Bank.
    20. Roulleau-Pasdeloup, Jordan, 2023. "Analyzing Linear DSGE models: the Method of Undetermined Markov States," Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
    21. Mark Aguiar & Manuel Amador & Cristina Arellano, 2023. "Pareto Improving Fiscal and Monetary Policies: Samuelson in the New Keynesian Model," Staff Report 646, Federal Reserve Bank of Minneapolis.
    22. Marco Bellifemine & Adrien Couturier & Rustam Jamilov, 2022. "The Regional Keynesian Cross," Economics Series Working Papers 995, University of Oxford, Department of Economics.
    23. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.
    24. Jing Cynthia Wu & Yinxi Xie, 2023. "(Un)Conventional Monetary and Fiscal Policy," Staff Working Papers 23-6, Bank of Canada.

  8. Martin Beraja & Christian K. Wolf, 2021. "Demand Composition and the Strength of Recoveries," NBER Working Papers 29304, National Bureau of Economic Research, Inc.

    Cited by:

    1. Bambi, Mauro & Ghilli, Daria & Gozzi, Fausto & Leocata, Marta, 2024. "Habits and demand changes after COVID-19," Journal of Mathematical Economics, Elsevier, vol. 110(C).
    2. Cardi, Olivier & Restout, Romain, 2023. "Sectoral fiscal multipliers and technology in open economy," Journal of International Economics, Elsevier, vol. 144(C).
    3. Jacques Sapir, 2023. "The Macroeconomic Impact of the New Geopolitical Deal on the French Economy," Studies on Russian Economic Development, Springer, vol. 34(3), pages 308-319, June.
    4. Elisa Guglielminetti & Concetta Rondinelli, 2021. "Consumption and saving patterns in Italy during Covid-19," Questioni di Economia e Finanza (Occasional Papers) 620, Bank of Italy, Economic Research and International Relations Area.
    5. Dennis Bonam & Bart Hobijn, 2024. "Downward Price Rigidities and Inflationary Relative Demand Shocks," Working Paper Series WP 2024-11, Federal Reserve Bank of Chicago.
    6. Boysen-Hogrefe, Jens & Groll, Dominik & Hoffmann, Timo & Jannsen, Nils & Kooths, Stefan & Sonnenberg, Nils & Stamer, Vincent, 2023. "Deutsche Wirtschaft im Winter 2023: Finanzpolitik in Turbulenzen - Gegenwind für die Erholung [German Economy in Winter 2023: Public budget under stress - Recovery faces headwinds]," Kieler Konjunkturberichte 110, Kiel Institute for the World Economy.
    7. Christian Ragacs & Richard Sellner & Klaus Vondra, 2021. "Economic recovery aided by coronavirus vaccine rollout. Economic outlook for Austria from 2021 to 2023 (June 2021)," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/21, pages 81-115.
    8. Antolín-Díaz, Juan & Drechsel, Thomas & Petrella, Ivan, 2024. "Advances in nowcasting economic activity: The role of heterogeneous dynamics and fat tails," Journal of Econometrics, Elsevier, vol. 238(2).
    9. Francesco Berardini & Fabrizio Renzi, 2022. "Mind the Gap! The (unexpected) impact of COVID-19 pandemic on VAT revenue in Italy," Questioni di Economia e Finanza (Occasional Papers) 669, Bank of Italy, Economic Research and International Relations Area.
    10. Bocquet, L., 2024. "The Network Origin of Slow Labour Reallocation," Cambridge Working Papers in Economics 2465, Faculty of Economics, University of Cambridge.
    11. Federico S. Mandelman, 2021. "Money Aggregates, Debt, Pent-Up Demand, and Inflation: Evidence from WWII," Policy Hub, Federal Reserve Bank of Atlanta, vol. 2021(4), pages 1-19, May.
    12. Melanie Koch & Thomas Scheiber, 2022. "Mitigating the impact of the pandemic on personal finances in CESEE: descriptive evidence for 2020," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/22, pages 63-96.
    13. Hodbod, Alexander & Hommes, Cars & Huber, Stefanie J. & Salle, Isabelle, 2021. "The COVID-19 consumption game-changer: evidence from a large-scale multi-country survey," Working Paper Series 2599, European Central Bank.

  9. Dake Li & Mikkel Plagborg-M{o}ller & Christian K. Wolf, 2021. "Local Projections vs. VARs: Lessons From Thousands of DGPs," Papers 2104.00655, arXiv.org, revised Jan 2024.

    Cited by:

    1. Michael D. Bauer & Eric T. Swanson, 2022. "A Reassessment of Monetary Policy Surprises and High-Frequency Identification," NBER Chapters, in: NBER Macroeconomics Annual 2022, volume 37, pages 87-155, National Bureau of Economic Research, Inc.
    2. Leonardo Nogueira Ferreira & Silvia Miranda-Agrippino & Giovanni Ricco, 2023. "Bayesian Local Projections," Working Papers Series 581, Central Bank of Brazil, Research Department.
    3. Oriol Gonzalez-Casasus & Frank Schorfheide, 2025. "Misspecification-Robust Shrinkage and Selection for VAR Forecasts and IRFs," PIER Working Paper Archive 25-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    4. José Luis Montiel Olea & Mikkel Plagborg-Møller & Eric Qian & Christian K. Wolf, 2025. "Local Projections or VARs? A Primer for Macroeconomists," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, National Bureau of Economic Research, Inc.
    5. Rubio Mateo Luis, 2025. "Long and Variable Lags in Argentina's Monetary Policy: Evidence from Disaggregated Price Indices," Asociación Argentina de Economía Política: Working Papers 4836, Asociación Argentina de Economía Política.
    6. Kopits, Elizabeth & Kraynak, Daniel & Parthum, Bryan & Rennels, Lisa & Smith, David & Spink, Elizabeth & Griffiths, Charles & Perla, Joseph & Burns, Nshan & Howerton, Michael, 2025. "Economic Damages from Climate Change to U.S. Populations: Integrating Evidence from Recent Studies," National Center for Environmental Economics-NCEE Working Papers 368258, United States Environmental Protection Agency (EPA).
    7. Bruns, Martin & Lütkepohl, Helmut, 2022. "Comparison of local projection estimators for proxy vector autoregressions," Journal of Economic Dynamics and Control, Elsevier, vol. 134(C).
    8. Jesus Fernandez-Villaverde & Yiliang Li & Le Xu & Francesco Zanetti, 2025. "Charting the Uncharted: The (Un)Intended Consequences of Oil Sanctions and Dark Shipping," PIER Working Paper Archive 25-005, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    9. Castro Nofal, Bastian & Díaz, Juan D. & Gutiérrez Cubillos, Pablo & Hansen, Erwin, 2024. "On the robustness of the relationship between tax progressivity, growth, and inequality in the US," Economics Letters, Elsevier, vol. 241(C).
    10. Marco Gallegati & William Ginn & Jamel Saadaoui & Solomos Solomou & Kun Tian, 2025. "How does ENSO impact U.S. Oil Spot and Future Prices?," Working Papers 2025.20, International Network for Economic Research - INFER.
    11. Aumond, Romain & Di Tommaso, Valerio & Rünstler, Gerhard, 2022. "A narrative database of labour market reforms in euro area economies," Working Paper Series 2657, European Central Bank.
    12. Ignace De Vos & Gerdie Everaert, 2025. "GLS Estimation of Local Projections: Trading Robustness for Efficiency," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 24/1095, Ghent University, Faculty of Economics and Business Administration.
    13. Fabrizio Ferriani & Andrea Gazzani, 2025. "The international transmission of Chinese monetary policy and the commodity channel," Temi di discussione (Economic working papers) 1510, Bank of Italy, Economic Research and International Relations Area.
    14. Mark W. Watson, 2022. "Comment on "A Reassessment of Monetary Policy Surprises and High-Frequency Identification" 2," NBER Chapters, in: NBER Macroeconomics Annual 2022, volume 37, pages 161-166, National Bureau of Economic Research, Inc.
    15. Brianti, Marco & Cormun, Vito, 2024. "Expectation-driven boom-bust cycles," Journal of Monetary Economics, Elsevier, vol. 146(C).
    16. Òscar Jordà & Alan M. Taylor, 2024. "Local Projections," Working Paper Series 2024-24, Federal Reserve Bank of San Francisco.
    17. Ziwei Mei & Liugang Sheng & Zhentao Shi, 2023. "Nickell Bias in Panel Local Projection: Financial Crises Are Worse Than You Think," Papers 2302.13455, arXiv.org, revised Jan 2026.
    18. Hernández, Juan R. & Ventosa-Santaulària, Daniel & Valencia, J. Eduardo, 2024. "Global supply chain inflationary pressures and monetary policy in Mexico," Emerging Markets Review, Elsevier, vol. 58(C).
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    6. João Tovar Jalles & André Teixeira, 2025. "Austerity And Banking: The Impact Of Fiscal Consolidation On Bank Efficiency And Stability," Working Papers REM 2025/0370, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
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    45. Eric Cuijpers, 2025. "The regulatory precondition to sovereign risk transmission," Working Papers 834, DNB.
    46. Francesco Jacopo Pintus & Jan P.A.M. Jacobs & Elmer Sterken & Jan Jacobs, 2024. "Fiscal Impacts of Climate Anomalies," CESifo Working Paper Series 11548, CESifo.
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    351. Tianyu Fan, 2025. "The Geopolitical Determinants of Economic Growth, 1960-2024," Papers 2507.04833, arXiv.org, revised Nov 2025.
    352. Luca Fanelli & Antonio Marsi, 2021. "Unconventional Monetary Policy in the Euro Area: A Tale of Three Shocks," Working Papers wp1164, Dipartimento Scienze Economiche, Universita' di Bologna.
    353. Maximilian Boeck & Christian Glocker, 2025. "The Role of Labor Market Institutions in Shaping Euro Area Monetary Policy Transmission," WIFO Working Papers 713, WIFO.
    354. Salha Ben Salem & Moez Labidi, 2024. "Financial friction and optimal monetary policy: analysis of DSGE model with financial friction and price sticky," SN Business & Economics, Springer, vol. 4(7), pages 1-24, July.
    355. Ambrocio, Gene, 2022. "Inflationary household uncertainty shocks," Bank of Finland Research Discussion Papers 5/2022, Bank of Finland.
    356. Ivan Torre & Michael M. Lokshin & Foster,James, 2025. "Does Social Mobility Affect Economic Development ? Cross-Country Analysis Using Different Mobility Measures," Policy Research Working Paper Series 11056, The World Bank.
    357. Altavilla, Carlo & Rostagno, Massimo & Schumacher, Julian, 2025. "When banks hold back: credit and liquidity provision," Working Paper Series 3009, European Central Bank.
    358. Miguel Cabello, 2022. "Robust Estimation of the non-Gaussian Dimension in Structural Linear Models," Papers 2212.07263, arXiv.org, revised Sep 2023.
    359. CHANG, Shian & ARAI, Natsuki, 2025. "US Credit Spillovers to Small Open Economies : A Proxy-VAR Approach," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 66(1), pages 46-60, June.
    360. Jörg Breitung & Ralf Brüggemann, 2023. "Projection Estimators for Structural Impulse Responses," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(6), pages 1320-1340, December.
    361. Philipp Roderweis & Jamel Saadaoui & Francisco Serranito, 2023. "The Unintended Consequences of ECB’s Asset Purchases. How Excess Reserves Shape Bank Lending," Working Papers of BETA 2023-34, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    362. Finck, David & Hoffmann, Mathias & Hürtgen, Patrick, 2023. "On the empirical relevance of the exchange rate as a shock absorber at the zero lower bound," Discussion Papers 10/2023, Deutsche Bundesbank.
    363. Denis Gorea & Oleksiy Kryvtsov & Marianna Kudlyak, 2024. "House price responses to monetary policy surprises: evidence from US listings data," BIS Working Papers 1212, Bank for International Settlements.

  11. Mikkel Plagborg-M{o}ller & Christian K. Wolf, 2020. "Instrumental Variable Identification of Dynamic Variance Decompositions," Papers 2011.01380, arXiv.org, revised Jul 2021.

    Cited by:

    1. Rogers, John & Sun, Bo & Wu, Wenbin, 2025. "Drivers of the global financial cycle," Journal of International Economics, Elsevier, vol. 156(C).
    2. Giacomo Mangiante & Pascal Meichtry, 2025. "On the Distributional Effects of Conventional Monetary Policy and Forward Guidance," Working papers 996, Banque de France.
    3. Alsalman, Zeina & Herrera, Ana María & Rangaraju, Sandeep Kumar, 2023. "Oil news shocks and the U.S. stock market," Energy Economics, Elsevier, vol. 126(C).
    4. Claus, Edda & Nguyen, Viet Hoang, 2023. "Biased expectations," European Economic Review, Elsevier, vol. 154(C).
    5. Jonas E. Arias & Jesús Fernández-Villaverde & Juan F. Rubio-Ramirez & Minchul Shin, 2021. "Bayesian Estimation of Epidemiological Models: Methods, Causality, and Policy Trade-Offs," Working Papers 21-18, Federal Reserve Bank of Philadelphia.
    6. Cascaldi-Garcia, Danilo, 2025. "Forecast revisions as instruments for news shocks," Journal of Monetary Economics, Elsevier, vol. 151(C).
    7. Fève, Patrick & Collard, Fabrice & Guay, Alain, 2024. "Believe it or not, it’s all about Beliefs!," TSE Working Papers 24-1539, Toulouse School of Economics (TSE).
    8. Inoue, Atsushi & Rossi, Barbara & Wang, Yiru, 2024. "Local projections in unstable environments," Journal of Econometrics, Elsevier, vol. 244(2).
    9. Xavier Gabaix & Ralph S. J. Koijen, 2020. "Granular Instrumental Variables," Working Papers 2020-177, Becker Friedman Institute for Research In Economics.
    10. Òscar Jordà & Alan M. Taylor, 2024. "Local Projections," Working Paper Series 2024-24, Federal Reserve Bank of San Francisco.
    11. Fève, Patrick & Assenza, Tiziana & Collard, Fabrice & Huber, Stefanie, 2024. "From Buzz to Bust: How Fake News Shapes the Business Cycle," TSE Working Papers 24-1516, Toulouse School of Economics (TSE).
    12. Christis Katsouris, 2023. "Structural Analysis of Vector Autoregressive Models," Papers 2312.06402, arXiv.org, revised Feb 2024.
    13. Karau, Sören, 2024. "Relative monetary policy and exchange rates," Discussion Papers 40/2024, Deutsche Bundesbank.
    14. Helmut Herwartz & Christian Ochsner & Hannes Rohloff, 2021. "Global Credit Shocks and Real Economies," MAGKS Papers on Economics 202116, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    15. Battistini, Niccolò & Falagiarda, Matteo & Hackmann, Angelina & Roma, Moreno, 2025. "Navigating the housing channel of monetary policy across euro area regions," European Economic Review, Elsevier, vol. 171(C).
    16. Atsushi Inoue & Òscar Jordà & Guido M. Kuersteiner, 2024. "Inference for Local Projections," Working Paper Series 2024-29, Federal Reserve Bank of San Francisco.
    17. Mario Forni & Alessandro Franconi & Luca Gambetti & Luca Sala, 2025. "Asymmetric transmission of oil supply news," Quantitative Economics, Econometric Society, vol. 16(3), pages 947-979, July.
    18. Dias, Daniel A. & Duarte, João B., 2015. "Monetary Policy and Homeownership: Empirical Evidence, Theory, and Policy Implications," MPRA Paper 112252, University Library of Munich, Germany, revised 05 Mar 2021.
    19. Fabio Canova & Filippo Ferroni, 2020. "Mind the gap! Stylized Dynamic Facts and Structural Models," Working Paper Series WP-2020-29, Federal Reserve Bank of Chicago.
    20. Altavilla, Carlo & Gürkaynak, Refet S. & Laeven, Luc & Kind, Thilo, 2025. "Monetary transmission with frequent policy events," Working Paper Series 3157, European Central Bank.
    21. Alejandro Vicondoa & Andrea Gazzani, 2020. "Bridge Proxy-SVAR: Estimating the Macroeconomic Effects of Shocks Identified at High-Frequency," Documentos de Trabajo 533, Instituto de Economia. Pontificia Universidad Católica de Chile..
    22. Rünstler, Gerhard, 2024. "The macroeconomic impact of euro area labor market reforms: evidence from a narrative panel VAR," European Economic Review, Elsevier, vol. 168(C).
    23. Martin Bruns & Helmut Luetkepohl, 2021. "Comparison of Local Projection Estimators for Proxy Vector Autoregressions," University of East Anglia School of Economics Working Paper Series 2021-04, School of Economics, University of East Anglia, Norwich, UK..
    24. Alisdair McKay & Christian K. Wolf, 2023. "What Can Time-Series Regressions Tell Us About Policy Counterfactuals?," Staff Report 642, Federal Reserve Bank of Minneapolis.
    25. Robin Braun & Ralf Brüggemann, 2022. "Identification of SVAR models by combining sign restrictions with external instruments," Bank of England working papers 961, Bank of England.
    26. Raffaella Giacomini & Toru Kitagawa & Matthew Read, 2020. "Robust Bayesian inference in proxy SVARs," CeMMAP working papers CWP13/20, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    27. Piergiorgio Alessandri & Andrea Gazzani & Alejandro Vicondoa, 2021. "The Real Effects of Financial Uncertainty Shocks: A Daily Identification Approach," Documentos de Trabajo 559, Instituto de Economia. Pontificia Universidad Católica de Chile..
    28. Wataru Miyamoto & Thuy Lan Nguyen & Dmitry Sergeyev, 2023. "How Oil Shocks Propagate: Evidence on the Monetary Policy Channel," Working Paper Series 2024-06, Federal Reserve Bank of San Francisco.
    29. Aldasoro, Iñaki & Beltrán, Paula & Grinberg, Federico & Mancini-Griffoli, Tommaso, 2023. "The macro-financial effects of international bank lending on emerging markets," Journal of International Economics, Elsevier, vol. 142(C).
    30. Mauricio Stern, 2025. "Windfalls for All? International Elasticities and Dutch Disease in a Commodity Exporting Economy," Working Papers 2025-06, Banco de México.
    31. Antoine Levy & Mr. Luca A Ricci & Alejandro M. Werner, 2020. "The Sources of Fiscal Fluctuations," IMF Working Papers 2020/220, International Monetary Fund.
    32. Bruns, Martin & Lütkepohl, Helmut, 2025. "Comparing external and internal instruments for vector autoregressions," Journal of Economic Dynamics and Control, Elsevier, vol. 177(C).
    33. Nguyen, Lam, 2025. "Bayesian inference in proxy SVARs with incomplete identification: Re-evaluating the validity of monetary policy instruments," Journal of Monetary Economics, Elsevier, vol. 155(C).
    34. Li, Dake & Plagborg-Møller, Mikkel & Wolf, Christian K., 2024. "Local projections vs. VARs: Lessons from thousands of DGPs," Journal of Econometrics, Elsevier, vol. 244(2).
    35. Mikkel Plagborg‐Møller & Christian K. Wolf, 2021. "Local Projections and VARs Estimate the Same Impulse Responses," Econometrica, Econometric Society, vol. 89(2), pages 955-980, March.
    36. Matthew Read, 2024. "Sign Restrictions and Supply-demand Decompositions of Inflation," RBA Research Discussion Papers rdp2024-05, Reserve Bank of Australia.
    37. Piergiorgio Alessandri & Andrea Gazzani & Alejandro Vicondoa, 2023. "Are the Effects of Uncertainty Shocks Big or Small?," Working Papers 244, Red Nacional de Investigadores en Economía (RedNIE).
    38. Kilian, Lutz, 2024. "How to construct monthly VAR proxies based on daily surprises in futures markets," Journal of Economic Dynamics and Control, Elsevier, vol. 168(C).
    39. Endong Wang, 2024. "Local projections identify the same policy counterfactuals as empirical and structural models," Papers 2409.09577, arXiv.org, revised Feb 2026.
    40. Cortney Cowley & Jacob Dice & Amaze Lusompa & David Rodziewicz & Francisco Scott, 2024. "The Passthrough of Agricultural Commodity Prices to Food Prices," Research Working Paper RWP 24-16, Federal Reserve Bank of Kansas City, revised 29 Oct 2025.
    41. Gorodnichenko, Yuriy & Lee, Byoungchan, 2017. "A Note on Variance Decomposition with Local Projections," Department of Economics, Working Paper Series qt8878h9r2, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    42. Qureshi, Irfan A. & Ahmad, Ghufran, 2025. "Oil price shocks and US business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 177(C).
    43. Allayioti, Anastasia & Gόrnicka, Lucyna & Holton, Sarah & Martínez Hernández, Catalina, 2024. "Monetary policy pass-through to consumer prices: evidence from granular price data," Working Paper Series 3003, European Central Bank.
    44. Jörg Breitung & Ralf Brüggemann, 2023. "Projection Estimators for Structural Impulse Responses," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(6), pages 1320-1340, December.
    45. Shah, Syed Sadaqat Ali & Wu, Kai, 2025. "How effective are green spending multipliers? Eco-friendly vs non-eco-friendly spending in OECD economies," Energy Policy, Elsevier, vol. 204(C).

  12. SeHyoun Ahn & Greg Kaplan & Benjamin Moll & Thomas Winberry & Christian Wolf, 2017. "When Inequality Matters for Macro and Macro Matters for Inequality," CESifo Working Paper Series 6581, CESifo.

    Cited by:

    1. Galo Nuño, 2025. "Three Theories of Natural Rate Dynamics," CESifo Working Paper Series 11878, CESifo.
    2. Luetticke, Ralph, 2018. "Transmission of monetary policy with heterogeneity in household portfolios," LSE Research Online Documents on Economics 90377, London School of Economics and Political Science, LSE Library.
    3. Pierre Mabille, 2019. "Aggregate Precautionary Savings Motives," 2019 Meeting Papers 344, Society for Economic Dynamics.
    4. Antoine BOZIO & Bertrand GARBINTI & Malka GUILLOT & Jonathan GOUPILLE-LEBRET & Thomas PIKETTY, 2020. "Predistribution vs. Redistribution: Evidence from France and the U.S," Working Papers 2020-24, Center for Research in Economics and Statistics.
    5. Khieu, Hoang & Wälde, Klaus, 2018. "Capital Income Risk and the Dynamics of the Wealth Distribution," IZA Discussion Papers 11840, IZA Network @ LISER.
    6. Papp, Tamás K. & Reiter, Michael, 2020. "Estimating linearized heterogeneous agent models using panel data," Journal of Economic Dynamics and Control, Elsevier, vol. 115(C).
    7. Ribeiro, Gustavo & Teles, Vladmir & Costa-Filho, João, 2023. "The Spending Cap and Monetary Policy Effectiveness," MPRA Paper 116148, University Library of Munich, Germany.
    8. Yoontae Hwang & Yongjae Lee & Frank J. Fabozzi, 2023. "Identifying household finance heterogeneity via deep clustering," Annals of Operations Research, Springer, vol. 325(2), pages 1255-1289, June.
    9. Marcelo Veracierto, 2020. "Computing Equilibria of Stochastic Heterogeneous Agent Models Using Decision Rule Histories," Working Paper Series WP 2020-05, Federal Reserve Bank of Chicago.
    10. Matthias Birkner & Niklas Scheuer & Klaus Wälde, 2023. "The dynamics of Pareto distributed wealth in a small open economy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(2), pages 607-644, August.
    11. Timo Boppart & Per Krusell & Kurt Mitman, 2017. "Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative," NBER Working Papers 24138, National Bureau of Economic Research, Inc.
    12. Kohlscheen, Emanuel & Lombardi, Marco & Zakrajšek, Egon, 2021. "Income Inequality and the depth of economic downturns," Economics Letters, Elsevier, vol. 205(C).
    13. Jesús Fernández‐Villaverde & Samuel Hurtado & Galo Nuño, 2023. "Financial Frictions and the Wealth Distribution," Econometrica, Econometric Society, vol. 91(3), pages 869-901, May.
    14. Jesús Fernández-Villaverde & Joël Marbet & Galo Nuño Barrau & Omar Rachedi, 2024. "Inequality and the zero lower bound," BIS Working Papers 1160, Bank for International Settlements.
    15. Christian Bayer & Benjamin Born & Ralph Luetticke, 2020. "Shocks, Frictions, and Inequality in US Business Cycles," Discussion Papers 2003, Centre for Macroeconomics (CFM).
    16. Atanas Pekanov, 2018. "The New View on Fiscal Policy and its Implications for the European Monetary Union," WIFO Working Papers 562, WIFO.
    17. Adam, Klaus & Weber, Henning, 2017. "Optimal trend inflation," CFS Working Paper Series 579, Center for Financial Studies (CFS).
    18. Leung, Charles Ka Yui, 2022. "Housing and Macroeconomics," MPRA Paper 115500, University Library of Munich, Germany.
    19. Zhouzhou Gu & Mathieu Lauri`ere & Sebastian Merkel & Jonathan Payne, 2024. "Global Solutions to Master Equations for Continuous Time Heterogeneous Agent Macroeconomic Models," Papers 2406.13726, arXiv.org.
    20. Jesús Fernández-Villaverde & Galo Nuno & Jesse Perla, 2024. "Taming the Curse of Dimensionality:Quantitative Economics with Deep Learning," PIER Working Paper Archive 24-034, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    21. Gorodnichenko, Yuriy & Maliar, Serguei & Naubert, Christopher, 2020. "Household Savings and Monetary Policy under Individual and Aggregate Stochastic Volatility," CEPR Discussion Papers 15614, C.E.P.R. Discussion Papers.
    22. Parra-Alvarez, Juan Carlos & Posch, Olaf & Wang, Mu-Chun, 2020. "Estimation of heterogeneous agent models: A likelihood approach," Discussion Papers 42/2020, Deutsche Bundesbank.
    23. François Le Grand & Xavier Ragot, 2022. "Refining the truncation method to solve heterogeneous-agent models," Post-Print hal-04384033, HAL.
    24. Eskelinen, Maria, 2021. "Monetary policy, agent heterogeneity and inequality: insights from a three-agent New Keynesian model," Working Paper Series 2590, European Central Bank.
    25. Pierre Emmanuel Weil, 2018. "Redistribution from the Cradle to the Grave: A Unified Approach to Heterogeneity in Age, Income and Wealth," 2018 Papers pwe433, Job Market Papers.
    26. Michael Funke & Rongrong Sun & Linxu Zhu, 2018. "The Credit Risk of Chinese Households – A Micro-Level Assessment," CFDS Discussion Paper Series 2018/3, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
    27. Toshiaki Ogawa, 2020. "Liquidity Management of Heterogeneous Banks during the Great Recession," IMES Discussion Paper Series 20-E-05, Institute for Monetary and Economic Studies, Bank of Japan.
    28. Emmet Hall-Hoffarth, 2023. "Non-linear approximations of DSGE models with neural-networks and hard-constraints," Papers 2310.13436, arXiv.org.
    29. Reiter, Michael, 2018. "Comments on “Exploiting MIT shocks in heterogeneous-agent economies: The impulse response as a numerical derivative” by T. Boppart, P. Krusell and K. Mitman," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 93-99.
    30. Soyoung Lee, 2023. "The Macroeconomic Effects of Debt Relief Policies During Recessions," Staff Working Papers 23-48, Bank of Canada.
    31. Fernando Alvarez & Francesco Lippi & Panagiotis Souganidis, 2023. "Price Setting With Strategic Complementarities as a Mean Field Game," Econometrica, Econometric Society, vol. 91(6), pages 2005-2039, November.
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    33. Rendahl, Pontus, 2022. "Continuous vs. discrete time: Some computational insights," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    34. Namkhaijantsan, Ninjin, 2018. "Consumption and Savings Behaviour under Household Heterogeneity and Mortgage Debt," MPRA Paper 107033, University Library of Munich, Germany.
    35. Nils M. Gornemann & Keith Kuester & Makoto Nakajima, 2021. "Doves for the Rich, Hawks for the Poor? Distributional Consequences of Systematic Monetary Policy," Opportunity and Inclusive Growth Institute Working Papers 50, Federal Reserve Bank of Minneapolis.
    36. Ricardo Alonzo Fern'andez Salguero, 2025. "SIMPOL Model for Solving Continuous-Time Heterogeneous Agent Problems," Papers 2509.23557, arXiv.org.
    37. Juan Carlos Parra‐Alvarez & Olaf Posch & Mu‐Chun Wang, 2023. "Estimation of Heterogeneous Agent Models: A Likelihood Approach," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(2), pages 304-330, April.
    38. xavier Ragot, 2019. "Managing Inequality over the Business Cycles: Optimal Policies with Heterogeneous Agents and Aggregate Shocks," 2019 Meeting Papers 1090, Society for Economic Dynamics.
    39. Cameron Fen, 2022. "Fast Simulation-Based Bayesian Estimation of Heterogeneous and Representative Agent Models using Normalizing Flow Neural Networks," Papers 2203.06537, arXiv.org.
    40. Bilal Islah & Bar Light, 2025. "Bounded Foresight Equilibrium in Large Dynamic Economies with Heterogeneous Agents and Aggregate Shocks," Papers 2502.16536, arXiv.org.
    41. Nurlan Turdaliev, 2019. "Heterogeneity and monetary policy," Journal of Economics, Springer, vol. 128(2), pages 119-145, October.
    42. Moritz Drechsel-Grau & Fabian Greimel, 2018. "Falling Behind: Has Rising Inequality Fueled the American Debt Boom?," 2018 Meeting Papers 1032, Society for Economic Dynamics.
    43. Karsten Chipeniuk & Gulnara Nolan & Matt Nolan, 2025. "HANK and the Transmission of Shocks to Demand and Supply," RBA Research Discussion Papers rdp2025-04, Reserve Bank of Australia.
    44. Darracq Pariès, Matthieu & Notarpietro, Alessandro & Kilponen, Juha & Papadopoulou, Niki & Zimic, Srečko & Aldama, Pierre & Langenus, Geert & Alvarez, Luis Julian & Lemoine, Matthieu & Angelini, Elena, 2021. "Review of macroeconomic modelling in the Eurosystem: current practices and scope for improvement," Occasional Paper Series 267, European Central Bank.
    45. Nobuhide Okahata, 2019. "An Alternative Solution Method for Continuous-Time Heterogeneous Agent Models with Aggregate Shocks," 2019 Meeting Papers 1470, Society for Economic Dynamics.
    46. Karsten O. Chipeniuk, 2020. "Optimal Grid Selection for the Numerical Solution of Dynamic Stochastic Optimization Problems," Computational Economics, Springer;Society for Computational Economics, vol. 56(4), pages 883-928, December.
    47. Arrigoni, Simone & Boyd, Laura & McIndoe-Calder, Tara, 2022. "Household Economic Resilience," Quarterly Bulletin Articles, Central Bank of Ireland, pages 88-113, October.
    48. Broer, Tobias & Kohlhas, Alexandre N. & Mitman, Kurt & Schlafmann, Kathrin, 2022. "On the possibility of Krusell-Smith Equilibria," Journal of Economic Dynamics and Control, Elsevier, vol. 141(C).
    49. Francesco Ferlaino, 2024. "Does the financial accelerator accelerate inequalities?," Working Papers 538, University of Milano-Bicocca, Department of Economics.
    50. Emoto, Masakazu & Sunakawa, Takeki, 2021. "Applying the explicit aggregation algorithm to heterogeneous agent models in continuous time," Economics Letters, Elsevier, vol. 206(C).
    51. Bayer, Christian & Rendall, Alan D. & Wälde, Klaus, 2019. "The invariant distribution of wealth and employment status in a small open economy with precautionary savings," Journal of Mathematical Economics, Elsevier, vol. 85(C), pages 17-37.
    52. Jaimovich, Nir & Terry, Stephen & Vincent, Nicolas, 2020. "Location, Location, Location: Manufacturing and House Price Growth," CEPR Discussion Papers 15409, C.E.P.R. Discussion Papers.
    53. Li, Mingzhe, 2025. "A Theory of Portfolio Choice for Heterogeneous Investors," MPRA Paper 126642, University Library of Munich, Germany, revised 29 Oct 2025.
    54. Shunya Noda & Kazuhiro Teramoto, 2024. "A dynamic model of rational “panic buying”," Quantitative Economics, Econometric Society, vol. 15(2), pages 489-521, May.
    55. Nicolas Caramp & Dejanir H. Silva, 2021. "Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity," Working Papers 341, University of California, Davis, Department of Economics.
    56. Christensen, Bent Jesper & Neri, Luca & Parra-Alvarez, Juan Carlos, 2024. "Estimation of continuous-time linear DSGE models from discrete-time measurements," Journal of Econometrics, Elsevier, vol. 244(2).
    57. Heejeong Kim, 2022. "Inequality, Disaster risk, and the Great Recession," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 187-216, July.
    58. Lambert Dong, 2024. "Strategic complementarities as stochastic control under sticky price," Papers 2403.19847, arXiv.org.
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    60. Minsu Chang & Xiaohong Chen & Frank Schorfheide, 2021. "Heterogeneity and Aggregate Fluctuations," Cowles Foundation Discussion Papers 2289, Cowles Foundation for Research in Economics, Yale University.
    61. Yves Achdou & Jiequn Han & Jean-Michel Lasry & Pierre-Louis Lionse & Benjamin Moll, 2022. "Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(1), pages 45-86.
    62. Maliar, Lilia & Maliar, Serguei, 2022. "Deep learning classification: Modeling discrete labor choice," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
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    64. Bayer, Christian & Luetticke, Ralph, 2018. "Solving heterogeneous agent models in discrete time with many idiosyncratic states by perturbation methods," CEPR Discussion Papers 13071, C.E.P.R. Discussion Papers.
    65. Ma, Qingyin & Stachurski, John & Toda, Alexis Akira, 2020. "The income fluctuation problem and the evolution of wealth," Journal of Economic Theory, Elsevier, vol. 187(C).
    66. Achdou, Yves & Han, Jiequn & Lasry, Jean Michel & Lions, Pierre Louis & Moll, Ben, 2022. "Income and wealth distribution in macroeconomics: a continuous-time approach," LSE Research Online Documents on Economics 107422, London School of Economics and Political Science, LSE Library.
    67. Antoine Bozio & Bertrand Garbinti & Jonathan Goupille-Lebret & Malka Guillot & Thomas Piketty, 2024. "Predistribution versus Redistribution: Evidence from France and the United States," PSE-Ecole d'économie de Paris (Postprint) hal-04524151, HAL.
    68. Jiequn Han & Yucheng Yang & Weinan E, 2021. "DeepHAM: A Global Solution Method for Heterogeneous Agent Models with Aggregate Shocks," Papers 2112.14377, arXiv.org, revised Feb 2022.
    69. Yan Ji & Songyuan Teng & Robert Townsend, 2021. "Dynamic Bank Expansion: Spatial Growth, Financial Access, and Inequality," NBER Working Papers 28582, National Bureau of Economic Research, Inc.
    70. In Hwan Jo, 2025. "Firm Size And Business Cycles With Credit Shocks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(2), pages 629-659, May.
    71. Heinrichs, Katrin, 2019. "Income distribution and shock transmission: A simple heterogeneous agent New Keynesian perspective," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203649, Verein für Socialpolitik / German Economic Association.
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    73. Kuhelika De & Ryan A. Compton & Daniel C. Giedeman & Gary A. Hoover, 2019. "Macroeconomic Shocks and Racial Labour Market Differences in the U.S," CESifo Working Paper Series 8004, CESifo.
    74. Cristian Badarinza & Tarun Ramadorai & Juhana Siljander & Jagdish Tripathy, 2024. "Behavioral lock-in: aggregate implications of reference dependence in the housing market," Bank of England working papers 1054, Bank of England.
    75. Chikhale, Nisha, 2023. "The effects of uncertainty shocks: Implications of wealth inequality," European Economic Review, Elsevier, vol. 154(C).
    76. Jesus Fernandez-Villaverde & Oren Levintal, 2024. "The Distributional Effects of Asset Returns," PIER Working Paper Archive 24-009, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
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    78. Kase, Hanno & Melosi, Leonardo & Rottner, Matthias, 2024. "Estimating Nonlinear Heterogeneous Agent Models with Neural Networks," The Warwick Economics Research Paper Series (TWERPS) 1499, University of Warwick, Department of Economics.
    79. Michael Reiter, 2019. "Solving Heterogeneous Agent Models with Non-convex Optimization Problems: Linearization and Beyond %," 2019 Meeting Papers 1048, Society for Economic Dynamics.
    80. Hasumi, Ryo & Iiboshi, Hirokuni, 2019. "A Bayesian Estimation of HANK models with Continuous Time Approach:Comparison between US and Japan," MPRA Paper 92292, University Library of Munich, Germany.
    81. Yujie Yang & Chenxing Zhang & Wenwen Hou, 2024. "CBDC, cash, and financial intermediary in HANK," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 23(3), pages 383-420, September.
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    84. Saman Darougheh & Renato Faccini & Leonardo Melosi & Alessandro Villa, 2025. "On-the-Job Search and Inflation Under the Microscope," Working Paper Series WP 2025-10, Federal Reserve Bank of Chicago.
    85. Schesch, Constantin, 2024. "Pseudospectral methods for continuous-time heterogeneous-agent models," Journal of Economic Dynamics and Control, Elsevier, vol. 163(C).
    86. Yongheng Hu, 2025. "How Big Data Dilutes Cognitive Resources, Interferes with Rational Decision-making and Affects Wealth Distribution ?," Papers 2508.20435, arXiv.org, revised Aug 2025.
    87. Youngsoo Jang & Takeki Sunakawa & Minchul Yum, 2023. "Tax‐and‐transfer progressivity and business cycles," Quantitative Economics, Econometric Society, vol. 14(4), pages 1367-1400, November.
    88. Yves Achdou & Jiequn Han & Jean-Michel Lasry & Pierre-Louis Lions & Benjamin Moll, 2017. "Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach," NBER Working Papers 23732, National Bureau of Economic Research, Inc.
    89. Gao, Yijin, 2020. "Knowledge Diffusion and economic Growth based on Fourier’s law," Research in Economics, Elsevier, vol. 74(2), pages 174-185.
    90. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2018. "Inequality, Business Cycles, and Monetary-Fiscal Policy," Working Papers 18-26, New York University, Leonard N. Stern School of Business, Department of Economics.
    91. Süssmuth, Bernd & Wieschemeyer, Matthias, 2022. "Taxation and the distributional impact of inflation: The U.S. post-war experience," Economic Modelling, Elsevier, vol. 111(C).
    92. Gallen, Trevor S., 2021. "Predicting and decomposing why representative agent and heterogeneous agent models sometimes diverge," Economic Modelling, Elsevier, vol. 101(C).
    93. Daron Acemoglu & Martin Kaae Jensen, 2018. "Equilibrium Analysis in the Behavioral Neoclassical Growth Model," NBER Working Papers 25363, National Bureau of Economic Research, Inc.
    94. Laura Liu & Mikkel Plagborg‐Møller, 2023. "Full‐information estimation of heterogeneous agent models using macro and micro data," Quantitative Economics, Econometric Society, vol. 14(1), pages 1-35, January.
    95. Tsuboi, Mizuki, 2019. "Consumption, welfare, and stochastic population dynamics when technology shocks are (Un)tied," Economic Modelling, Elsevier, vol. 79(C), pages 74-85.
    96. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 108931, University Library of Munich, Germany.
    97. Aditya Aladangady & Etienne Gagnon & Benjamin K. Johannsen & William B. Peterman, 2021. "Macroeconomic Implications of Inequality and Income Risk," Finance and Economics Discussion Series 2021-073, Board of Governors of the Federal Reserve System (U.S.).
    98. Matusche, Alexander & Wacks, Johannes, 2023. "Does wealth inequality affect the transmission of monetary policy?," Journal of Macroeconomics, Elsevier, vol. 75(C).
    99. Gross, Marco, 2022. "Beautiful cycles: A theory and a model implying a curious role for interest," Economic Modelling, Elsevier, vol. 106(C).
    100. Andreas Tryphonides, 2020. "Heterogeneity and the Dynamic Effects of Aggregate Shocks," Papers 2007.14022, arXiv.org.
    101. Marius Clemens & Ulrich Eydam & Maik Heinemann, 2020. "Inequality over the Business Cycle – The Role of Distributive Shocks," Discussion Papers of DIW Berlin 1852, DIW Berlin, German Institute for Economic Research.
    102. Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Truger, Achim & Wieland, Volker, 2019. "Den Strukturwandel meistern. Jahresgutachten 2019/20 [Dealing with Structural Change. Annual Report 2019/20]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201920.
    103. Man Chon Iao & Yatheesan J. Selvakumar, 2024. "Estimating HANK with Micro Data," Papers 2402.11379, arXiv.org.
    104. Christian Bayer & Ralph Luetticke, 2020. "Solving discrete time heterogeneous agent models with aggregate risk and many idiosyncratic states by perturbation," Quantitative Economics, Econometric Society, vol. 11(4), pages 1253-1288, November.
    105. Beatriz González & Galo Nuño & Dominik Thaler & Silvia Albrizio, 2021. "Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy," CESifo Working Paper Series 9465, CESifo.
    106. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 110651, University Library of Munich, Germany.
    107. Maliar, Lilia & Maliar, Serguei & Winant, Pablo, 2021. "Deep learning for solving dynamic economic models," Journal of Monetary Economics, Elsevier, vol. 122(C), pages 76-101.
    108. Mizuki Tsuboi, 2018. "Stochastic accumulation of human capital and welfare in the Uzawa–Lucas model: an analytical characterization," Journal of Economics, Springer, vol. 125(3), pages 239-261, November.
    109. Ben Moll, 2020. "The Research Agenda: Ben Moll on the Rich Interactions between Inequality and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 21(2), November.
    110. Christian Bayer & Benjamin Born & Ralph Luetticke, 2020. "The Liquidity Channel of Fiscal Policy," CESifo Working Paper Series 8374, CESifo.
    111. Shuhei Aoki & Makoto Nirei & Kazufumi Yamana, 2023. "Financial Innovations, Taxes, and the Growth of Finance," CARF F-Series CARF-F-574, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    112. Sagiri KITAO & Tomoaki YAMADA, 2019. "Dimensions of Inequality in Japan: Distributions of Earnings, Income and Wealth between 1984 and 2014," Discussion papers 19034, Research Institute of Economy, Trade and Industry (RIETI).
    113. Andreas Tryphonides, 2019. "Qualitative Surveys And Margins Of Adjustment In Heterogeneous Agent Economies," 2019 Meeting Papers 1415, Society for Economic Dynamics.
    114. Mellior, Gustavo & Shibayama, Katsuyuki, 2024. "Solving HACT models with bankruptcy choice," Economics Letters, Elsevier, vol. 245(C).
    115. Chenxin Zhang & Yujie Yang & Wenwen Hou, 2025. "Trade Friction in Two-Country HANK with Financial Friction," Computational Economics, Springer;Society for Computational Economics, vol. 65(1), pages 365-394, January.
    116. Lee, Hanbaek, 2022. "Repeated Transition Method and the Nonlinear Business Cycle with the Corporate Saving Glut," MPRA Paper 115887, University Library of Munich, Germany.
    117. Johannes Wieland, 2024. "Comment on "Heterogeneity and Aggregate Fluctuations: Insights from TANK Models"," NBER Chapters, in: NBER Macroeconomics Annual 2024, volume 39, pages 358-365, National Bureau of Economic Research, Inc.
    118. Sagiri Kitao & Tomoaki Yamada, 2025. "Earnings, income, and wealth inequality in Japan: a long-term perspective, 1984–2019," The Japanese Economic Review, Springer, vol. 76(2), pages 231-283, April.
    119. Felipe Alves & Christian Bustamante & Xing Guo & Katya Kartashova & Soyoung Lee & Thomas Michael Pugh & Kurt See & Yaz Terajima & Alexander Ueberfeldt, 2022. "Heterogeneity and Monetary Policy: A Thematic Review," Discussion Papers 2022-2, Bank of Canada.
    120. Sebastian Gechert, 2022. "Reconsidering macroeconomic policy prescriptions with meta-analysis [Statistical nonsignificance in empirical economics]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 31(2), pages 576-590.

Articles

  1. Li, Dake & Plagborg-Møller, Mikkel & Wolf, Christian K., 2024. "Local projections vs. VARs: Lessons from thousands of DGPs," Journal of Econometrics, Elsevier, vol. 244(2).
    See citations under working paper version above.
  2. George‐Marios Angeletos & Chen Lian & Christian K. Wolf, 2024. "Can Deficits Finance Themselves?," Econometrica, Econometric Society, vol. 92(5), pages 1351-1390, September.
    See citations under working paper version above.
  3. Alisdair McKay & Christian K. Wolf, 2023. "Monetary Policy and Inequality," Journal of Economic Perspectives, American Economic Association, vol. 37(1), pages 121-144, Winter.

    Cited by:

    1. Sen, Aariya & Sensarma, Rudra, 2025. "Winners and Losers: The Effects of Monetary Policy on Income and Consumption Inequality," Emerging Markets Review, Elsevier, vol. 68(C).
    2. Maria Cristina Barbieri Goes & Joana David Avritzer, 2023. "Monetary Policy, Distribution and Autonomous Demand in the US," Working Papers 2307, New School for Social Research, Department of Economics.
    3. Klopack, Ben & Luco, Fernando, 2025. "JUE Insight: Measuring local consumption with payment cards and cell phone pings," Journal of Urban Economics, Elsevier, vol. 149(C).
    4. Krenz, Johanna & Tsiaras, Stylianos, 2024. "Household inequality and the transmission of QE in euro area countries," WiSo-HH Working Paper Series 83, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory.
    5. Valeria Zvereva, 2025. "Monetary Policy Transmission Mechanism: The Role of Household Heterogeneity and Spatial Effects," Russian Journal of Money and Finance, Bank of Russia, vol. 84(3), pages 3-27, September.
    6. Enzinger, Matthias & Gechert, Sebastian & Heimberger, Philipp & Prante, Franz & Romero, Daniel Fernández, 2025. "The overstated effects of conventional monetary policy on output and prices," OSF Preprints 72cen_v2, Center for Open Science.
    7. Evgenidis, Anastasios & Fasianos, Apostolos, 2023. "Modelling monetary policy’s impact on labour markets under Covid-19," Economics Letters, Elsevier, vol. 230(C).
    8. Marie-Claude Beaulieu & Marie-Hélène Gagnon & Céline Gimet, 2025. "Does Financial and social fragmentation matter for European gravity models?," AMSE Working Papers 2531, Aix-Marseille School of Economics, France.
    9. Çerçil, İrfan & Aksaray, Gorkem, 2025. "Monetary policy and inequality: Distributional effects of asset purchase programs," Journal of International Money and Finance, Elsevier, vol. 157(C).
    10. Davide Debortoli & Jordi Galí, 2024. "Heterogeneity and aggregate fluctuations: insights from TANK models," Economics Working Papers 1882, Department of Economics and Business, Universitat Pompeu Fabra.
    11. Holm-Hadulla, Fédéric & Pool, Sebastiaan, 2025. "Interest rate control and the transmission of monetary policy," Working Paper Series 3048, European Central Bank.
    12. Samuel Ligonnière & Salima Ouerk, 2024. "The unequal distribution of credit: Is there any role for monetary policy?," French Stata Users' Group Meetings 2024 08, Stata Users Group.
    13. Chen, Ruoyu & Wang, Guoqing & Jamil, Nabiha & Iqbal, Najaf, 2025. "The green premium of unconventional monetary policy: Evidence from the enlarged collateral framework by the People's Bank of China," Research in International Business and Finance, Elsevier, vol. 73(PB).
    14. James Bullard & Aarti Singh & Jacek Suda, 2024. "Optimal Macroeconomic Policies in a Heterogeneous World," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 991-1041, September.
    15. Anna Stelzer, 2023. "Monetary policy and the joint distribution of income and wealth: The heterogeneous case of the euro area," Papers 2304.14264, arXiv.org.
    16. Fabio Anobile & Marco Maria Matarrese & Alberto Costantiello & Lucio Laureti, 2025. "Insights on measuring the economic impact of monetary policy and inequality," Economic Change and Restructuring, Springer, vol. 58(4), pages 1-28, August.
    17. Jan-Egbert Sturm & Cristina Bodea & Jakob de Haan & Raymond Hicks, 2025. "Central bank independence, income inequality and poverty: What do the data say?," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 23(1), pages 227-246, March.
    18. Tomás Opazo, 2023. "The Heterogeneous Effect of Monetary Policy Shocks: Evidence for US Households," Working Papers Central Bank of Chile 992, Central Bank of Chile.
    19. Bertrand Garbinti & Pierre Lamarche & Frédérique Savignac, 2024. "Wealth Heterogeneity and the Marginal Propensity to Consume out of Wealth," Working papers 962, Banque de France.
    20. Minsu Chang & Frank Schorfheide, 2024. "On the Effects of Monetary Policy Shocks on Income and Consumption Heterogeneity," PIER Working Paper Archive 24-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    21. Yingwei Dong & Tirupam Goel & Emanuel Kohlscheen & Philip Wooldridge, 2025. "Keeping the momentum: how finance can continue to support growth in EMEs," BIS Papers chapters, in: Bank for International Settlements (ed.), How can central banks take account of differences across households and firms for monetary policy?, volume 127, pages 1-32, Bank for International Settlements.
    22. Makram El-Shagi & Steven Yamarik, 2024. "The Effect of Monetary Policy Shocks on Income Inequality across US states," CFDS Discussion Paper Series 2024/4, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
    23. Valeria Zvereva & Olga Demidova & Dmitry Korshunov & Alexander Myasnikov, 2024. "Impact of Intraregional Income Inequality on the Operation of the Bank of Russia's Monetary Policy Transmission Mechanism," Russian Journal of Money and Finance, Bank of Russia, vol. 83(1), pages 3-31, March.
    24. Hakan Yilmazkuday, 2025. "Unequal inflationary effects of tariffs across socio-demographic groups," International Economics and Economic Policy, Springer, vol. 22(4), pages 1-24, October.
    25. Bence Bardóczy, 2024. "HANK Comes of Age: Monetary Policy with Heterogeneous Overlapping Generations," Finance and Economics Discussion Series 2024-052r1, Board of Governors of the Federal Reserve System (U.S.), revised 19 Dec 2025.
    26. Bobasu, Alina & Repele, Amalia, 2025. "Effects of monetary policy on labor income: the role of the employer," Working Paper Series 3046, European Central Bank.
    27. Gkolfinopoulou, Michalitsa & Theophilopoulou, Angeliki, 2025. "Effects of Tax Shocks on Inequality: Empirical Evidence from the United Kingdom," MPRA Paper 123457, University Library of Munich, Germany.
    28. Wolff, Edward N., 2025. "Is there really an inflation tax? Not for the middle class," Structural Change and Economic Dynamics, Elsevier, vol. 72(C), pages 297-319.
    29. Ferrando, Annalisa & Mulier, Klaas & Ongena, Steven & Delis, Manthos, 2025. "The poor, the rich, and the credit channel of monetary policy," Working Paper Series 3058, European Central Bank.
    30. Miller, Stephen M. & Teryoshin, Yevgeniy, 2024. "Income inequality and monetary policy regimes," Economics Letters, Elsevier, vol. 243(C).
    31. Christian Bayer & Luis Calderon & Moritz Kuhn, 2025. "Distributional Dynamics," CRC TR 224 Discussion Paper Series crctr224_2025_625, University of Bonn and University of Mannheim, Germany.
    32. Jaanika Meriküll & Matthias Rottner, 2025. "Monetary policy and earnings inequality: inflation dependencies," BIS Working Papers 1271, Bank for International Settlements.
    33. Okan Akarsu & Emrehan Aktug & Muserref Kucukbayrak, 2025. "Hand-to-Mouth Households in the Eurosystem and the Transmission of Monetary Policy," Working Papers 2506, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    34. Bank of Korea, 2025. "Heterogeneity and monetary policy in Korea," BIS Papers chapters, in: Bank for International Settlements (ed.), How can central banks take account of differences across households and firms for monetary policy?, volume 127, pages 171-182, Bank for International Settlements.
    35. Renzhi, Nuobu, 2023. "Household net saving positions and unconventional monetary policy transmission: Evidence from Japan," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).

  4. Christian K. Wolf, 2023. "Fiscal Stimulus and the Systematic Response of Monetary Policy," AEA Papers and Proceedings, American Economic Association, vol. 113, pages 388-393, May.

    Cited by:

    1. Hack, Lukas & Istrefi, Klodiana & Meier, Matthias, 2023. "Identification of systematic monetary policy," Working Paper Series 2851, European Central Bank.
    2. Tian, Hanhui & Wang, Chenxi & Zhang, Chengsi, 2025. "The effects of fiscal stimulus under monetary accommodation," Journal of Macroeconomics, Elsevier, vol. 85(C).
    3. Gökhan Ider & Alexander Kriwoluzky & Frederik Kurcz & Ben Schumann, 2024. "Friend, Not Foe - Energy Prices and European Monetary Policy," Discussion Papers of DIW Berlin 2089, DIW Berlin, German Institute for Economic Research.
    4. James Cloyne & Òscar Jordà & Alan M. Taylor, 2023. "State-Dependent Local Projections: Understanding Impulse Response Heterogeneity," Working Paper Series 2023-05, Federal Reserve Bank of San Francisco.
    5. Georgiadis, Georgios & Müller, Gernot J. & Schumann, Ben, 2024. "Global risk and the dollar," Journal of Monetary Economics, Elsevier, vol. 144(C).

  5. Christian K. Wolf, 2023. "The Missing Intercept: A Demand Equivalence Approach," American Economic Review, American Economic Association, vol. 113(8), pages 2232-2269, August.
    See citations under working paper version above.
  6. Alisdair McKay & Christian K. Wolf, 2023. "What Can Time‐Series Regressions Tell Us About Policy Counterfactuals?," Econometrica, Econometric Society, vol. 91(5), pages 1695-1725, September.
    See citations under working paper version above.
  7. Mikkel Plagborg-Møller & Christian K. Wolf, 2022. "Instrumental Variable Identification of Dynamic Variance Decompositions," Journal of Political Economy, University of Chicago Press, vol. 130(8), pages 2164-2202.
    See citations under working paper version above.
  8. Christian K. Wolf, 2022. "What Can We Learn from Sign-Restricted VARs?," AEA Papers and Proceedings, American Economic Association, vol. 112, pages 471-475, May.

    Cited by:

    1. Jursa, Lukáš & Janků, Jan, 2025. "From the core to the European periphery: Spillover effects of financial cycles," Emerging Markets Review, Elsevier, vol. 68(C).
    2. Zabavnik, Darja & Verbič, Miroslav, 2025. "Revisiting the impact of financial shocks on the fiscal position of euro area countries," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 622-635.
    3. Philippe Andrade & Filippo Ferroni & Leonardo Melosi, 2023. "Identification Using Higher-Order Moments Restrictions," Working Paper Series WP 2023-28, Federal Reserve Bank of Chicago.
    4. Lukas Berend & Jan Pruser, 2024. "The Transmission of Monetary Policy via Common Cycles in the Euro Area," Papers 2410.05741, arXiv.org, revised Nov 2024.
    5. Naraidoo, Ruthira & Paez-Farrell, Juan, 2023. "Commodity price shocks, labour market dynamics and monetary policy in small open economies," Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
    6. Bianco, Timothy & Herrera, Ana María, 2025. "Monetary policy and credit flows: A tale of two effective lower bounds," Journal of Economic Dynamics and Control, Elsevier, vol. 175(C).
    7. Andrade, Philippe & Ferroni, Filippo & Melosi, Leonardo, 2024. "Higher-Order Moment Inequality Restrictions for SVARs," The Warwick Economics Research Paper Series (TWERPS) 1537, University of Warwick, Department of Economics.
    8. Donayre, Luiggi & Loomer, Lacey, 2025. "Regime-dependent health care employment dynamics in recessions," Research in Economics, Elsevier, vol. 79(2).
    9. Ciccarelli, Matteo & Marotta, Fulvia, 2024. "Demand or Supply? An empirical exploration of the effects of climate change on the macroeconomy," Energy Economics, Elsevier, vol. 129(C).

  9. Mikkel Plagborg‐Møller & Christian K. Wolf, 2021. "Local Projections and VARs Estimate the Same Impulse Responses," Econometrica, Econometric Society, vol. 89(2), pages 955-980, March.
    See citations under working paper version above.
  10. Christian K. Wolf, 2020. "SVAR (Mis)identification and the Real Effects of Monetary Policy Shocks," American Economic Journal: Macroeconomics, American Economic Association, vol. 12(4), pages 1-32, October.

    Cited by:

    1. Michael D. Bauer & Eric T. Swanson, 2022. "A Reassessment of Monetary Policy Surprises and High-Frequency Identification," NBER Chapters, in: NBER Macroeconomics Annual 2022, volume 37, pages 87-155, National Bureau of Economic Research, Inc.
    2. Rogers, John & Sun, Bo & Wu, Wenbin, 2025. "Drivers of the global financial cycle," Journal of International Economics, Elsevier, vol. 156(C).
    3. Calvert Jump, Robert & Kohler, Karsten, 2022. "A history of aggregate demand and supply shocks for the United Kingdom, 1900 to 2016," Explorations in Economic History, Elsevier, vol. 85(C).
    4. Fernández-Villaverde, Jesús & Arias, Jonas & Rubio-Ramírez, Juan Francisco & Shin, Minchul, 2021. "Bayesian Estimation of Epidemiological Models: Methods, Causality, and Policy Trade-Offs," CEPR Discussion Papers 15951, C.E.P.R. Discussion Papers.
    5. Philippe Andrade & Filippo Ferroni & Leonardo Melosi, 2025. "Higher-order Moment Inequality Restrictions for SVARs," Working Papers 25-3, Federal Reserve Bank of Boston.
    6. Nahiyan Azad & Apostolos Serletis, 2022. "Market Shocks in the G7 Countries," Open Economies Review, Springer, vol. 33(1), pages 33-60, February.
    7. Makram El-Shagi, 2024. "Does the Fed Adhere to its Mandate? Estimating the Federal Reserve's Objective Function," CFDS Discussion Paper Series 2024/3, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
    8. Jursa, Lukáš & Janků, Jan, 2025. "From the core to the European periphery: Spillover effects of financial cycles," Emerging Markets Review, Elsevier, vol. 68(C).
    9. Cosmas Dery & Apostolos Serletis, 2021. "Disentangling the Effects of Uncertainty, Monetary Policy and Leverage Shocks on the Economy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 83(5), pages 1029-1065, October.
    10. Sebastian K. Rüth & Wouter Van der Veken, 2023. "Monetary policy and exchange rate anomalies in set‐identified SVARs: Revisited," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(7), pages 1085-1092, November.
    11. Enzinger, Matthias & Gechert, Sebastian & Heimberger, Philipp & Prante, Franz & Romero, Daniel Fernández, 2025. "The overstated effects of conventional monetary policy on output and prices," OSF Preprints 72cen_v2, Center for Open Science.
    12. Andrea Carriero & Alessio Volpicella, 2022. "Generalizing the Max Share Identification to multiple shocks identification: an Application to Uncertainty," School of Economics Discussion Papers 0322, School of Economics, University of Surrey.
    13. Erkmen G. Aslim & Shin‐Yi Chou & Kuhelika De, 2024. "Business cycles and healthcare employment," Health Economics, John Wiley & Sons, Ltd., vol. 33(9), pages 2123-2161, September.
    14. Jonas E. Arias & Jesús Fernández-Villaverde & Juan F. Rubio-Ramirez & Minchul Shin, 2021. "Bayesian Estimation of Epidemiological Models: Methods, Causality, and Policy Trade-Offs," Working Papers 21-18, Federal Reserve Bank of Philadelphia.
    15. Fusari, Francesco, 2025. "Identifying monetary policy shocks through external constraints," Journal of Macroeconomics, Elsevier, vol. 85(C).
    16. Dennis Nsafoah & Cosmas Dery & Ayobami E. Ilori, 2025. "Revisiting the drivers of inflation in Sub-Saharan Africa after COVID-19," Empirical Economics, Springer, vol. 68(3), pages 1073-1112, March.
    17. Ferrari Minesso, Massimo & Gräb, Johannes, 2022. "E pluribus plures: shock dependency of the USD pass-through to real and financial variables," Working Paper Series 2684, European Central Bank.
    18. Giovanni Angelini & Marco M. Sorge, 2021. "Under the same (Chole)sky: DNK models, timing restrictions and recursive identification of monetary policy shocks," Working Papers wp1160, Dipartimento Scienze Economiche, Universita' di Bologna.
    19. Karau, Sören, 2024. "Relative monetary policy and exchange rates," Discussion Papers 40/2024, Deutsche Bundesbank.
    20. Matthew Read, 2023. "Estimating the Effects of Monetary Policy in Australia Using Sign‐restricted Structural Vector Autoregressions," The Economic Record, The Economic Society of Australia, vol. 99(326), pages 329-358, September.
    21. Mikhail Mamonov, 2023. "Measuring Fraud in Banking and its Impact on the Economy: A Quasi-Natural Experiment," CERGE-EI Working Papers wp755, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    22. Fabio Canova & Filippo Ferroni, 2020. "Mind the gap! Stylized Dynamic Facts and Structural Models," Working Paper Series WP-2020-29, Federal Reserve Bank of Chicago.
    23. Philippe Andrade & Filippo Ferroni & Leonardo Melosi, 2023. "Identification Using Higher-Order Moments Restrictions," Working Paper Series WP 2023-28, Federal Reserve Bank of Chicago.
    24. Gurdgiev, Constantin & Petrovskiy, Alexander, 2024. "Hedging and safe haven assets dynamics in developed and developing markets: Are different markets that much different?," International Review of Financial Analysis, Elsevier, vol. 92(C).
    25. Diegel, Max & Nautz, Dieter, 2021. "Long-term inflation expectations and the transmission of monetary policy shocks: Evidence from a SVAR analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 130(C).
    26. Jonas E. Arias & Jesús Fernández-Villaverde & Juan Rubio Ramírez & Minchul Shin, 2021. "The Causal Effects of Lockdown Policies on Health and Macroeconomic Outcomes," NBER Working Papers 28617, National Bureau of Economic Research, Inc.
    27. Zens, Gregor & Böck, Maximilian & Zörner, Thomas O., 2020. "The heterogeneous impact of monetary policy on the US labor market," Journal of Economic Dynamics and Control, Elsevier, vol. 119(C).
    28. Carriero, Andrea & Marcellino, Massimiliano & Tornese, Tommaso, 2024. "Blended identification in structural VARs," Journal of Monetary Economics, Elsevier, vol. 146(C).
    29. Hur, Joonyoung, 2021. "Labor income share and economic fluctuations: A sign-restricted VAR approach," Economic Modelling, Elsevier, vol. 102(C).
    30. Doh, Taeyoung & Smith, A. Lee, 2022. "A new approach to integrating expectations into VAR models," Journal of Monetary Economics, Elsevier, vol. 132(C), pages 24-43.
    31. Jonas E. Arias & Juan F. Rubio‐Ramírez & Daniel F. Waggoner, 2025. "Uniform Priors for Impulse Responses," Econometrica, Econometric Society, vol. 93(2), pages 695-718, March.
    32. Francesco Fusari, 2023. "Identifying Monetary Policy Shocks Through External Variable Constraints," School of Economics Discussion Papers 0123, School of Economics, University of Surrey.
    33. Mikkel Plagborg-M{o}ller & Christian K. Wolf, 2020. "Instrumental Variable Identification of Dynamic Variance Decompositions," Papers 2011.01380, arXiv.org, revised Jul 2021.
    34. Jonas E. Arias & Juan F. Rubio-Ramirez & Daniel F. Waggoner, 2020. "Uniform Priors for Impulse Responses," Working Papers 22-30, Federal Reserve Bank of Philadelphia.
    35. Eric T. Swanson, 2024. "The Macroeconomic Effects of the Federal Reserve’s Conventional and Unconventional Monetary Policies," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 1152-1184, September.
    36. Herwartz, Helmut & Rohloff, Hannes & Wang, Shu, 2020. "Proxy SVAR identification of monetary policy shocks: MonteCarlo evidence and insights for the US," University of Göttingen Working Papers in Economics 404, University of Goettingen, Department of Economics.
    37. Samahita Phul, 2025. "Effectiveness of Monetary Policy Transmission in Small Open Economy: An Empirical Exploration on India," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 23(2), pages 521-560, June.
    38. Raffaella Giacomini & Toru Kitagawa, 2021. "Robust Bayesian Inference for Set‐Identified Models," Econometrica, Econometric Society, vol. 89(4), pages 1519-1556, July.
    39. Herwartz, Helmut & Rohloff, Hannes & Wang, Shu, 2022. "Proxy SVAR identification of monetary policy shocks - Monte Carlo evidence and insights for the US," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
    40. Stéphane Auray & Michael B. Devereux & Aurélien Eyquem, 2024. "The Demand for Trade Protection over the Business Cycle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 865-898, June.
    41. Martin Bruns & Michele Piffer, 2023. "A new posterior sampler for Bayesian structural vector autoregressive models," Quantitative Economics, Econometric Society, vol. 14(4), pages 1221-1250, November.
    42. Nguyen, Lam, 2025. "Bayesian inference in proxy SVARs with incomplete identification: Re-evaluating the validity of monetary policy instruments," Journal of Monetary Economics, Elsevier, vol. 155(C).
    43. Diegel, Max & Nautz, Dieter, 2020. "The role of long-term inflation expectations for the transmission of monetary policy shocks," Discussion Papers 2020/19, Free University Berlin, School of Business & Economics.
    44. Yang Yang & Ren Zhang & Shuwei Zhang, 2024. "Deciphering Dollar Exchange Rates and Interest Parity," Working Papers 2024-04, Towson University, Department of Economics, revised Mar 2024.
    45. Hwang, Youngjin, 2025. "Information content in yield curve dynamics: Implications for monetary policy," Journal of Macroeconomics, Elsevier, vol. 83(C).
    46. Mikkel Plagborg‐Møller & Christian K. Wolf, 2021. "Local Projections and VARs Estimate the Same Impulse Responses," Econometrica, Econometric Society, vol. 89(2), pages 955-980, March.
    47. Matthew Read, 2024. "Sign Restrictions and Supply-demand Decompositions of Inflation," RBA Research Discussion Papers rdp2024-05, Reserve Bank of Australia.
    48. Kilian, Lutz, 2024. "How to construct monthly VAR proxies based on daily surprises in futures markets," Journal of Economic Dynamics and Control, Elsevier, vol. 168(C).
    49. ChaeWon Baek & Byoungchan Lee, 2022. "A Guide to Autoregressive Distributed Lag Models for Impulse Response Estimations," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 84(5), pages 1101-1122, October.
    50. Kilman, Josefin, 2022. "Monetary Policy Shocks for Sweden," Working Papers 2022:18, Lund University, Department of Economics.
    51. Ochs, A. C. R., 2021. "A New Monetary Policy Shock with Text Analysis," Cambridge Working Papers in Economics 2148, Faculty of Economics, University of Cambridge.
    52. Jetro Anttonen & Markku Lanne & Jani Luoto, 2024. "Statistically identified structural VAR model with potentially skewed and fat‐tailed errors," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(3), pages 422-437, April.

  11. SeHyoun Ahn & Greg Kaplan & Benjamin Moll & Thomas Winberry & Christian Wolf, 2018. "When Inequality Matters for Macro and Macro Matters for Inequality," NBER Macroeconomics Annual, University of Chicago Press, vol. 32(1), pages 1-75.
    See citations under working paper version above.

Chapters

  1. José Luis Montiel Olea & Mikkel Plagborg-Møller & Eric Qian & Christian K. Wolf, 2025. "Local Projections or VARs? A Primer for Macroeconomists," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  2. SeHyoun Ahn & Greg Kaplan & Benjamin Moll & Thomas Winberry & Christian Wolf, 2017. "When Inequality Matters for Macro and Macro Matters for Inequality," NBER Chapters, in: NBER Macroeconomics Annual 2017, volume 32, pages 1-75, National Bureau of Economic Research, Inc.
    See citations under working paper version above.Sorry, no citations of chapters recorded.
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