This paper studies the causal effect of providing information about climate changeon individuals’ willingness to pay to offset carbon emissions in a randomizedcontrol trial. Receiving truthful information about ways to reduce CO2 emis-sions increases individuals’ willingness to pay for CO2...

This paper studies the causal effect of providing information about climate change on individuals' willingness to pay to offset carbon emissions in a randomized control trial. Receiving truthful information about ways to reduce CO2 emissions increases individuals' willingness to pay for CO2...

Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...

We study the importance of production networks for the transmission of macroeconomic shocks using the stock market reaction to monetary policy shocks as a laboratory. We decompose the overall effect of monetary policy shocks into a direct effect and a network effect and attribute 50 to 85...

We study the importance of production networks for the transmission of macroeconomic shocks using the stock market reaction to monetary policy shocks as a laboratory. We decompose the overall effect of monetary policy shocks into a direct effect and a network effect and attribute 60 to 85...

We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities generate large real effects. Empirically,...

We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities generate large real effects. Empirically,...

How do households form their inflation expectations? We show the price changes individual consumers observe while shopping are a key determinant of their expectation for overall inflation. We use individual non-durable consumption choices in the Nielsen Homescan Panel to construct...

This paper examines the asset pricing implications of nominal rigidities. Firms that adjust their product prices infrequently earn a return premium of 4% per year. Merging unique product-price data at the firm level with stock returns, I document that the premium for sticky-price firms is a...