Understanding the transmission channels of shocks is critical for successful policy response. This paper develops a dynamic general equilibrium model to assess the relative importance of the interest rate, the exchange rate and the credit channels in transmitting shocks in an open economy. The...

This paper quantifies the impact of monetary policy shocks on asset markets in the United States and gauges the usefulness of a shadow short rate as a measure of conventional and unconventional monetary policy shocks. Monetary policy surprises are found to have had a larger impact on asset...

This paper investigates the effects of taxation on migration. It develops a stylized, two-country model to examine the impact of taxes on labor mobility.The theoretical predictions that taxes affect migration decisions and that educated workers are more responsive to taxation are supported by...

"Savings and wealth accumulation are important dimensions of research and policy debates. In the collection of critical surveys presented in this edited volume, the reader is provided with a range of up-to-date work from some of the leading scholars in the area, writing on private and public...