Related papers: Sectoral Labor Mobility and Optimal Monetary Polic…
Solid inflation is a cosmological model where inflation is driven by fields which enter the Lagrangian in the same way as body coordinates of a solid matter enter the equation of state, spontaneously breaking spatial translational and…
How labor markets adjust immediately after minimum wage hikes remains an open, policy-relevant question. This paper studies short-run minimum-wage effects in Japan's spot labor market using Timee data and a wage-bin…
Homelessness in American cities is becoming an ever more prominent issue, but its causes remain contested, ranging from mental health and substance abuse to housing affordability and local labor markets. To shed light on this issue, I…
This paper aims to clarify the relationship between monetary policy shocks and wage inequality. We emphasize the relevance of within and between wage group inequalities in explaining total wage inequality in the United States. Relying on…
Inflation exhibits state-dependent, skewed, and fat-tailed dynamics that make risk a central concern for monetary policy. Accordingly, inflation risks are distributional and cannot be fully captured by mean-based models. We propose a…
Industrial refrigeration systems have substantial energy needs, but optimizing their operation remains challenging due to the tension between minimizing energy costs and meeting strict cooling requirements. Load shifting--strategic…
We study the effects of financial shocks on the United States economy by using a Bayesian structural vector autoregressive (SVAR) model that exploits the non-normalities in the data. We use this method to uniquely identify the model and…
We propose a nonlinear difference-in-differences method to estimate multivariate counterfactual distributions in classical treatment and control study designs with observational data. Our approach sheds a new light on existing approaches…
Effective field theory is a powerful organizing principle that allows to describe physics below a certain scale model-independently. Above that energy scale, identified with the cutoff, the EFT description breaks down and new physics is…
We study a monetary version of the Keen model by merging two alternative extensions, namely the addition of a dynamic price level and the introduction of speculation. We recall and study old and new equilibria, together with their local…
There is by now a large consensus in modern monetary policy. This consensus has been built upon a dynamic general equilibrium model of optimal monetary policy as developed by, e.g., Goodfriend and King (1997), Clarida et al. (1999),…
The classical theory of efficient allocations of an aggregate endowment in a pure-exchange economy has hitherto primarily focused on the Pareto-efficiency of allocations, under the implicit assumption that transfers between agents are…
Mobility cross spatial units represents the embodiment of how people manage activities between locations along temporal sequences. Spatiotemporal pattern nevertheless interacts with the socioeconomic characteristics of respected origin…
We revisit optimal execution of an active portfolio in the presence of slippage (aka linear, proportional, or absolute-value) costs. Market efficiency implies a close balance between active alphas and trading costs, so even small changes to…
We compute correlation functions of the primordial density perturbations when they couple to a gapless, strongly coupled sector of spectator fields -- ``unparticles" -- during inflation. We first derive a four-point function of conformally…
Opportunities such as higher education can promote intergenerational mobility, leading individuals to achieve levels of socioeconomic status above that of their parents. We develop a dynamic model for allocating such opportunities in a…
This work revisits optimal response-adaptive designs from a type-I error rate perspective, highlighting when and how much these allocations exacerbate type-I error rate inflation - an issue previously undocumented. We explore a range of…
The financial industry should be involved in mitigating the risk of downturns in the financial wellbeing indices around the world by implementing well-developed financial tools such as insurance instruments on the underlying wellbeing…
While moving down the potential on its classical slow roll trajectory, the inflaton field is subject to quantum jumps, which take it up or down the potential at random. In "stochastic inflation", the impact of these quantum jumps is modeled…
A new mechanism to control Planck-scale corrections to the inflationary eta parameter is proposed. A common approach to the eta problem is to impose a shift symmetry on the inflaton field. However, this symmetry has to remain unbroken by…