Political monetary cycles are less likely to occur in countries with independent central banks. Independent central banks can withstand political pressure to stimulate the economy before elections or finance election-related increases in government spending. Based on this logic and supporting...

The Japanese economy experienced a substantial increase and a subsequent crash in land and stock prices in the 1980s and 90s. I use a neoclassical growth model to determine how much of these asset price movements can be accounted for by the observed changes in fundamentals of the Japanese...

We analyze the business cycle implications of firms having oligopsony power in labor markets, as well as oligopoly power in product markets, within the context of an estimated New Keynesian dynamic stochastic general equilibrium model with firm entry and exit. The strategic interaction between...

We analyze the business cycle implications of firms having oligopsony power in labor markets, as well as oligopoly power in product markets, within the context of an estimated New Keynesian dynamic stochastic general equilibrium model with firm entry and exit. The strategic interaction between...

We investigate how the business, credit and interest rate cycles affect the monetary transmission mechanism, using state-dependent local projection methods and data from 18 advanced economies. We exploit the time-series variation within countries, as well as cross-sectional variation across...

We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...