Working Papers & Work in Progress
Monetary Policy and Firm Heterogeneity: The Role of Leverage Since the Financial Crisis [SSRN Link] [Appendix]
with Timothy Moreland and Min Fang
R&R at Management Science
Assessing Central Bank Commitment to Inflation Targeting: Evidence from Financial Market Expectations in India [SSRN Link]
with Vaishali Garga and Rajeswari Sengupta
Non-technical summary: [Ideas for India]
R&R at Journal of International Economics
Monetary Policy and Distributional Inflation: New Evidence on Age and Racial Heterogeneity
with Timothy Moreland
Partisan Bias in Professional Macroeconomic Forecasts
with Michael Futch, Benjamin Kay and Jane Ryngaert
Publications
Firm-Level Uncertainty and the Transmission of Monetary Policy [SSRN Link] [Replication Code]
with Timothy Moreland, forthcoming at Review of Economics and Statistics
Measuring Monetary Policy Shocks in Emerging Economies: Evidence from India [Working Paper Version] [SSRN Link] [Monetary Shocks Data] [Replication Code]
with Rajeswari Sengupta, Journal of Money, Credit and Banking, Vol 57, Issue 2-3, pages 407-437, March-April 2025
Non-technical summary: [Ideas for India]
The Effect of Monetary Policy on Firm-Level Uncertainty [SSRN Link]
with Timothy Moreland, Economics Letters, Vol 232, 2023, 111319
Impact of RBI's monetary policy announcements on government bond yields: Evidence from the pandemic
with Bhanu Pratap and Rajeswari Sengupta, Indian Economic Review, Volume 58, pages 261-291, May 2023
Market-Based Monetary Policy Uncertainty [Working Paper Version] [Monetary Policy Uncertainty Data] [Replication Code]
with Michael Bauer and Philippe Mueller, The Economic Journal, Volume 132, Issue 644, May 2022, Pages 1290–1308
The International Spillover Effects of US Monetary Policy Uncertainty [Working Paper Version] [Replication Code] [Online Appendix]
with Timothy Moreland and Matthew Schaffer, Journal of International Economics Volume 133, November 2021, 103525
The Growing Impact of US Monetary Policy on Emerging Financial Markets: Evidence from India [Working Paper] [Replication Code]
Journal of International Money and Finance Volume 119, December 2021, 102478
Bank Regulation and Monetary Policy Transmission: Evidence from the U.S. States Liberalization [Working Paper ] [Replication Code]
with Raoul Minetti and Matthew Schaffer, European Economic Review Volume 138, September 2021, 103859
The Effect of Foreign Shocks on the Indian Economy
with Sanjay Singh, India Policy Forum 2019
Decomposing the Effects of Monetary Policy using an External Instruments SVAR [Working Paper Version] [Replication Code]
Journal of Applied Econometrics, Vol 34, pp 934-950, September/October 2019
Federal Reserve Private Information and the Stock Market [Working Paper] [Replication Code]
with Matthew Schaffer, Journal of Banking and Finance, Vol 106, pp 34-49, September 2019
Interbank Markets and Bank Bailout Policies Amid a Sovereign Debt Crisis [Working Paper]
with Raoul Minetti and Maria Olivero, Journal of Economic Dynamics and Control, 93, pp 131-153, August 2018
Federal Reserve Credibility and the Term Structure of Interest Rates [Working Paper]
with Shu Wu, European Economic Review, Vol 100, pp 364-389, November 2017
Changes in Federal Reserve Preferences [Working Paper Version]
Journal of Economic Dynamics and Control, 70, pp.124-143, September 2016
How Credible is the Federal Reserve? A Structural Estimation of Policy Re-optimizations. [Working Paper] [Replication Code]
with Davide Debortoli, American Economic Journal: Macroeconomics, 8(3), pp.42-76, July 2016
What are the Odds? Options-Based Forecasts of FOMC Target Changes
with Christopher Neely and William Emmons, Federal Reserve Bank of St. Louis Review, November/December 2006, 88(6), pp. 543-61
Older Work
Assessing the Role of Systematic Monetary Policy (PDF (Preliminary Version))
Modeling Monetary Policy Dynamics: A Comparison of Regime Switching and Time Varying Parameter Approaches
Globalization and the Effects of Foreign Competition: Implications for Inflation and Monetary Policy
The Precision of Central Bank Communication
with Myungkyu Shim
The Distributional Effects of Monetary Policy in a Life Cycle Model
with William Peterman and Tobias Cwik
Discussions:
Ferreira, Ostry & Rogers (2023) Firm Financial Conditions and the Transmission of Monetary Policy: Wake Forest Empirical Macro Conference
Bundick, Herriford & Smith (2022): The Term Structure of Monetary Policy Uncertainty, Southern Economic Conference
Jarocinski & Karadi: Deconstructing monetary policy surprises: the role of information shocks for Bank of Canada Conference on Central Bank Communications:
Monetary Policy and Firm Heterogeneity: The Role of Leverage Since the Financial Crisis [SSRN Link] [Appendix]
with Timothy Moreland and Min Fang
R&R at Management Science
Assessing Central Bank Commitment to Inflation Targeting: Evidence from Financial Market Expectations in India [SSRN Link]
with Vaishali Garga and Rajeswari Sengupta
Non-technical summary: [Ideas for India]
R&R at Journal of International Economics
Monetary Policy and Distributional Inflation: New Evidence on Age and Racial Heterogeneity
with Timothy Moreland
Partisan Bias in Professional Macroeconomic Forecasts
with Michael Futch, Benjamin Kay and Jane Ryngaert
Publications
Firm-Level Uncertainty and the Transmission of Monetary Policy [SSRN Link] [Replication Code]
with Timothy Moreland, forthcoming at Review of Economics and Statistics
Measuring Monetary Policy Shocks in Emerging Economies: Evidence from India [Working Paper Version] [SSRN Link] [Monetary Shocks Data] [Replication Code]
with Rajeswari Sengupta, Journal of Money, Credit and Banking, Vol 57, Issue 2-3, pages 407-437, March-April 2025
Non-technical summary: [Ideas for India]
The Effect of Monetary Policy on Firm-Level Uncertainty [SSRN Link]
with Timothy Moreland, Economics Letters, Vol 232, 2023, 111319
Impact of RBI's monetary policy announcements on government bond yields: Evidence from the pandemic
with Bhanu Pratap and Rajeswari Sengupta, Indian Economic Review, Volume 58, pages 261-291, May 2023
Market-Based Monetary Policy Uncertainty [Working Paper Version] [Monetary Policy Uncertainty Data] [Replication Code]
with Michael Bauer and Philippe Mueller, The Economic Journal, Volume 132, Issue 644, May 2022, Pages 1290–1308
The International Spillover Effects of US Monetary Policy Uncertainty [Working Paper Version] [Replication Code] [Online Appendix]
with Timothy Moreland and Matthew Schaffer, Journal of International Economics Volume 133, November 2021, 103525
The Growing Impact of US Monetary Policy on Emerging Financial Markets: Evidence from India [Working Paper] [Replication Code]
Journal of International Money and Finance Volume 119, December 2021, 102478
Bank Regulation and Monetary Policy Transmission: Evidence from the U.S. States Liberalization [Working Paper ] [Replication Code]
with Raoul Minetti and Matthew Schaffer, European Economic Review Volume 138, September 2021, 103859
The Effect of Foreign Shocks on the Indian Economy
with Sanjay Singh, India Policy Forum 2019
Decomposing the Effects of Monetary Policy using an External Instruments SVAR [Working Paper Version] [Replication Code]
Journal of Applied Econometrics, Vol 34, pp 934-950, September/October 2019
Federal Reserve Private Information and the Stock Market [Working Paper] [Replication Code]
with Matthew Schaffer, Journal of Banking and Finance, Vol 106, pp 34-49, September 2019
Interbank Markets and Bank Bailout Policies Amid a Sovereign Debt Crisis [Working Paper]
with Raoul Minetti and Maria Olivero, Journal of Economic Dynamics and Control, 93, pp 131-153, August 2018
Federal Reserve Credibility and the Term Structure of Interest Rates [Working Paper]
with Shu Wu, European Economic Review, Vol 100, pp 364-389, November 2017
Changes in Federal Reserve Preferences [Working Paper Version]
Journal of Economic Dynamics and Control, 70, pp.124-143, September 2016
How Credible is the Federal Reserve? A Structural Estimation of Policy Re-optimizations. [Working Paper] [Replication Code]
with Davide Debortoli, American Economic Journal: Macroeconomics, 8(3), pp.42-76, July 2016
What are the Odds? Options-Based Forecasts of FOMC Target Changes
with Christopher Neely and William Emmons, Federal Reserve Bank of St. Louis Review, November/December 2006, 88(6), pp. 543-61
Older Work
Assessing the Role of Systematic Monetary Policy (PDF (Preliminary Version))
Modeling Monetary Policy Dynamics: A Comparison of Regime Switching and Time Varying Parameter Approaches
Globalization and the Effects of Foreign Competition: Implications for Inflation and Monetary Policy
The Precision of Central Bank Communication
with Myungkyu Shim
The Distributional Effects of Monetary Policy in a Life Cycle Model
with William Peterman and Tobias Cwik
Discussions:
Ferreira, Ostry & Rogers (2023) Firm Financial Conditions and the Transmission of Monetary Policy: Wake Forest Empirical Macro Conference
Bundick, Herriford & Smith (2022): The Term Structure of Monetary Policy Uncertainty, Southern Economic Conference
Jarocinski & Karadi: Deconstructing monetary policy surprises: the role of information shocks for Bank of Canada Conference on Central Bank Communications:
