Housing markets vary across growing cities and declining cities, which creates heterogeneous responses of housing prices to monetary policy. We classify urban growth and urban decline based on the population growth rates at the MSA level. Using the local projections method, we find that housing...

This paper investigates the implication of intermediate goods on optimal monetary policy in open economies, and in particular, focusing on the welfare gains from monetary cooperation. In a relatively standard two-country dynamic stochastic general equilibrium model with input-output relations, I...

This paper examines jointly optimal monetary and macroprudential policies through the lens of targeting rules that are both implementable and optimal. Based on a DSGE framework that features nominal rigidity, housing, and an incomplete financial market, our targeting rules outperform an optimal...