We estimate the dynamic effects of a high-frequency identified unionwide quantitative easing (QE) shock on real GDP, inflation and unemployment in all euro area countries. We document that the effects of QE are very heterogenous across countries as regards size, significance and timing,...

The marked turnaround in Russia's foreign trade in 2023 exerted strong downward pressure on the Russian rouble, which lost around 30% of its value. Global oil prices were declining in the first half of the year, the EU import embargo on Russian oil depressed prices even further; and on top of...

Empirical evidence suggests consumers rely on their shopping experiences to form beliefs about inflation. In other words, they "learn by shopping". I introduce this empirical observation as an informational friction in the New Keynesian model and use it to study its consequences for the...

This paper analyzes, using a VAR model, the effects of US central bank monetary policy announcements, and information shocks from this authority regarding its economic outlook on Mexican financial and macroeconomic variables. Shocks are identified by combining a high-frequency strategy with sign...

We estimate the dynamic effects of a high-frequency identified unionwide quantitative easing (QE) shock on real GDP, inflation and unemployment in all euro area countries. We document that the effects of QE are very heterogenous across countries as regards size, significance and timing,...

We provide theory and evidence that relative price shocks can cause aggregate inflation and act as aggregate supply shocks. Empirically, we show that exogenous positive energy price shocks have a positive impact not only on headline but also on U.S. core inflation while depressing U.S. real...

Was the episode of high inflation in the Philippines in 2022 driven primarily by supply or demand factors? How did the relative contributions of supply and demand evolve over time? This study adopts the methodology proposed by Shapiro (2022) and Shapiro (2023) to disaggregate Philippine...

In this paper, I study Ukraine's heterogeneous and time-variant pass-through from the money market interest rate to bank deposit and lending rates. I utilize a new panel dataset containing individual banks' characteristics and prudential indicators over 2019-2023, a period comprising the...

In this paper, I study Ukraine's heterogeneous and time-variant pass-through from the money market interest rate to bank deposit and lending rates. I utilize a new panel dataset containing individual banks' characteristics and prudential indicators over 2019-2023, a period comprising the...

Was the episode of high inflation in the Philippines in 2022 driven primarily by supply or demand factors? How did the relative contributions of supply and demand evolve over time? This study adopts the methodology proposed by Shapiro (2022) and Shapiro (2023) to disaggregate Philippine...