WP 26-40 – Standard macroeconomic data do not cleanly separate the systematic and nonsystematic components of monetary policy. We show that incorporating unstructured text data into the structural estimation of a DSGE model can sharpen this distinction.

WP 26-34 – How monetary policy is implemented can have significant implications for the dynamics of the central bank’s balance sheet.

WP 26-23 – We assess the inflationary effects of fiscal transfers by leveraging advances in the identification of fiscal policy shocks within the recently proposed rotation-invariant time-varying structural vector autoregression.