We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020-2023 in several countries, including the United States. The model matches observed inflation together with sector-level prices and wages. We further measure the relative...

We build a quantitative model of trade with multistage manufacturing value chains, which features iceberg trade costs and technology differences across both goods and production stages. We estimate technology and trade costs via the simulated method of moments, matching bilateral shipments of...

We describe methods for assessing estimated Dynamic Stochastic General Equilibrium (DSGE) models. One involves the computation of alternative impulse responses from models constrained to have an identical likelihood and the same contemporaneous signs as responses in the DSGE model. Others ask...