Research

Gone with the Wind: Monetary Policy and the Global Financial Cycle

I estimate a two-country New Keynesian model of Korea and the United States with occasionally binding bank leverage constraints. A floating exchange rate mitigates the balance sheet channel of a US tightening but cannot eliminate it: the Trilemma survives, but as a statement about domestic stress rather than global crises.

Fiscal Inflation in a Currency Union

We study the propagation of unfunded fiscal shocks in a currency union.

Global Determinacy According to HANK

We show that the tractable HANK model does not satisfy global determinacy, which we define as a model which is both locally determinate and with a unique MSV solution.

Through a Glass, Darkly: Monetary Policy under Uncertainty

(forthcoming)

International Bewley Banks

(forthcoming)

Memory Decay and Determinacy

(forthcoming)

US Inflation and Unconventional Fiscal and Monetary Policy

(forthcoming)

Restoring Existence and Uniqueness at the Effective Lower Bound with Simple Fiscal Policy

With 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.

CBDCs, Financial Inclusion, and Optimal Monetary Policy

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.

Cryptocurrencies in Emerging Markets: A Stablecoin Solution?

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.