We use an identified factor-augmented vector autoregression (FAVAR) to estimate the impact of monetary policy shocks on the cross-section of stock returns. Our FAVAR combines unobserved factors extracted from a large set of financial and macroeconomic indicators with the Federal Funds rate. We...

The twenty-seventh edition of the NBER Macroeconomics Annual continues a tradition of featuring theoretical and empirical contributions that shed light on central issues in contemporary macroeconomics, pushing the frontiers of macroeconomic research on topics related to both the business cycle...

<DIV>The twenty-eighth edition of the <I>NBER Macroeconomics Annual </I>continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. As in previous years, this volume not only addresses recent developments in macroeconomics, but also takes up...</i></div>

<DIV>The twenty-ninth edition of the <I>NBER Macroeconomics Annual </I>continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. Two papers in this year’s issue deal with recent economic performance: one analyzes the evolution of aggregate...</i></div>