Inflation has heterogeneous impacts on households, which then affects optimal monetary policy design. I study optimal monetary policy rules in a quantitative heterogeneous agent New Keynesian (HANK) model where inflation has redistributive effects on households through their different (1)...

This paper uses the Brazilian central bank’s loss of credibility episode under President Dilma Rousseff’s administration (2011-2014) to provide novel evidence that professional forecasters interpret monetary policy surprises differently depending on the level of central bank’s credibility....

The current monetary policy framework of the Fed intends to be more 'inclusive' by running the economy hot for longer during expansions. The logic of this strategy rests on Okun's (1973) hypothesis that sustaining a 'high-pressure economy' persistently improves labor market outcomes of low-wage...

Part I. Monetary Macroeconomics -- Chapter 1. Macro’s Missing Links. Exploring the Space between Monetarism and the Wicksell Connection (David Laidler) -- Chapter 2. The problems of inflation targeting originate in the monetary theory of Knut Wicksell (Lars Jonung) -- Chapter 3. Price...