We examine the state dependence of monetary policy transmission and the parameters of the Phillips curve, dynamic IS equation, and Taylor rule across four regimes defined by joint deviations of inflation from the Federal Reserve's target and output from potential. The analysis uncovers important...

This paper applies the concepts and theories of "policy norms" to the disruptive effects of the second Trump administration on global development cooperation. We argue that recent US actions represent more than a domestic political shift. They signal a tipping point to longstanding norms of the...

This paper applies the concepts and theories of “policy norms” to the disruptive effects of the second Trump administration on global development cooperation. We argue that recent US actions represent more than a domestic political shift. They signal a tipping point to longstanding norms of...

This paper studies the spending response to news about a dividend tax reform to estimate the elasticity of intertemporal substitution (EIS). The Norwegian dividend tax reform was proposed in 2003, announced in 2004, and implemented in 2006, raising the dividend tax rate by 28 percentage points....