Using a dynamic stochastic general equilibrium model with banking, this paper first provides evidence that, during the Great Moderation, monetary policy leaned against the wind blowing from the loan market in the US. It then shows that the extent to which this occurred delivers a small welfare...

We document systematic and significant time variation in the profiles of lifecycle consumption expenditures in the US. Lifecycle consumption profiles have consistently become flatter through time. Pooling data across different periods to identify consumption profiles masks relevant time...

We investigate regime-dependent Granger causality between real output, in ation and monetary indicators and map with U.S. Fed Chairperson's tenure since 1965. While all monetary indicators have causal predictive content in certain time periods, we report that the Federal Funds rate (FFR) and...

We study OECD countries that differ in immigration policies but share a high level of human capital. We find significant negative statistical relationship between 16 years lagged fertility and the rate of immigration in a panel of 23 countries, which indicates that immigration compensates for...