This paper examines how monetary policy affects the asymmetric effects of globalization. We build an open-economy heterogeneous-agent New Keynesian model (HANK) in which households differ in their income, wealth, and real and financial integration with international markets. We use the model to...

The heterogeneity of businesses and households impacts aggregate economic fluctuations and, in turn, is shaped by aggregate fluctuations. This view has emerged over the last decade with strong implications for the transmission and conduct of monetary policy. Our thematic review focuses on key...

We study how monetary policy affects the asymmetric effects of globalization. To this end, we build an open-economy heterogeneous-agent New Keynesian model (HANK), in which households differ in their income, wealth, and real and financial integration with international markets. We use the model...

This paper studies how the distribution of information supply by the news media affects the macroeconomy. We document three connected facts about the media's reporting of firm news. First, media coverage is highly concentrated, focusing particularly on the largest firms in the economy. Second,...

We study how the effects of U.S. restrictions on skilled immigration affect the Canadian economy and American workers' welfare. In 2017, the United States implemented a policy that tightened the eligibility criteria for U.S. visas. This was followed immediately by a trend break in the number of...