While there is a large body of research on the bank lending channel of monetary policy transmission and the distributional dependence of this transmission on bank characteristics, the asymmetric effect of bank capital on monetary policy-bank loan supply nexus has been ignored. To fill this void,...

While there is a large body of research on the bank lending channel of monetary policy transmission and the distributional dependence of this transmission on bank characteristics, the asymmetric effect of bank capital on monetary policy-bank loan supply nexus has been ignored. To fill this void,...

The exact analysis of optimal ordering policies for periodic-review perishable inventory systems is challenging because of their high-dimensional state space arising from multiple interrelated ordering decisions over many periods and age distributions of on-hand products. We develop a new...

The exact analysis of optimal ordering policies for periodic-review perishable inventory systems is challenging because of their high-dimensional state space arising from multiple interrelated ordering decisions over many periods and age distributions of on-hand products. We develop a new...

We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky...