Most macroeconomic models view economic outcomes as being generated by a combination of endogenous and exogenous dynamic forces. In particular, the exogenous forces are generally modelled as a set of independent dynamics processes. In this paper we begin by showing that this dual dynamic...

In a rich family of linearized structural macroeconomic models, the counterfactual evolution of the macro-economy under alternative policy rules is pinned down by just two objects: first, reduced-form projections with respect to a large information set; and second, the dynamic causal effects of...

This paper surveys the capacity of simple macroeconomic models - 'three easy pieces' - to account for persistent and positive valuations of privately issued assets based on the blockchain. Each of these three models - transactions demand for a means of payment, consumption-based capital asset...