Focal Interest
Focal Interest

Supply shock

  1. Unfunded fiscal shocks were not the main driver of Japan's inflation
    Analysis of how fiscal shocks influenced inflation in Japan over four decades, revealing demand and monetary factors rather than fiscal imbalances as primary drivers.
  2. Supply chain shocks raise macro-financial downside risk
    Study examines how global supply chain shocks increase macro-financial downside risk and whether monetary policy can buffer these transmission channels using quantile models and vector autoregression.
  3. Liquidity-trap spillovers differ sharply across asset-supply shocks
    Examine how asset market shocks transmit across borders differently in liquidity traps versus normal times, using a heterogeneous-agent framework with financial frictions.