Through a Glass, Darkly: Monetary Policy under Uncertainty (tentative)
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Without relaxing the assumptions of full information and rational expectations, we show that appropriate fiscal targeting rules ensure that New Keynesian models subject to the ZLB possess a unique solution.
We use a New Keynesian DSGE model to explore the financial inclusion tradeoffs of extending a retail-indirect CBDC to the unbanked, as well as optimal monetary considerations.
We study the macroeconomic effects of introducing cryptocurrencies in a workhorse small open economy model. Cryptocurrency adoption attenuates both domestic and foreign monetary policy transmission, and flexible exchange rates provide an effective buffer against cryptocurrency price shocks. Our findings motivate the increasing use of stablecoins in emerging markets as a hedge against macroeconomic uncertainty.
Using a SOE NK model with an international banking sector, I explore the validity of the trilemma-dilemma debate and global financial cycles. I then use data from South Korea to estimate the model with Bayesian methods.
We use an OTANK model to explore the relationship between productivity, demographic shifts, and interest rates in Japan for the post-bubble era.