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CFM Discussion Paper Series

The CFM Discussion Paper Series publishes high quality research in macroeconomics. Papers published in the series are publicised through academic and other forums for impact and visibility in research and policy communities.

Papers listed most recent first. Authors listed in alphabetical order.

Is Inflation Default? The Role of Information in Debt Crises
Marco Bassetto and Carlo Gall
Paper No CFM-DP2017-15, April 2017
Non-Technical Summary [PDF] Full Paper [PDF]

The Rise of Services and Balanced Growth in Theory and Data
Miguel Leόn-Ledesma and Alessio Moro
Paper No CFM-DP2017-14, April 2017
Non-Technical Summary [PDF] Full Paper [PDF]

Is something really wrong with macroeconomics?
Ricardo Reis
Paper No CFM-DP2017-13, April 2017
Non-Technical Summary [PDF] Full Paper [PDF]

Fiscal Unions Redux
Patrick J. Kehoe and and Elena Pastorino
Paper No CFM-DP2017-12, March 2017
Non-Technical Summary [PDF] Full Paper [PDF]

The Transmission of Monetary Policy Shocks
Silvia Miranda-Agrippino and Giovanni Ricco
Paper No CFM-DP2017-11, March 2017
Non-Technical Summary [PDF] Full Paper [PDF]

Political Specialization
Bernardo Guimaraes and Kevin Sheedy
Paper No CFM-DP2017-10, February 2017
Non-Technical Summary [PDF] Full Paper [PDF]

Ambiguity, Monetary Policy and Trend Inflation
Riccardo Masolo and Francesca Monti
Paper No CFM-DP2017-09, February 2017
Non-Technical Summary [PDF] Full Paper [PDF]

Foreign Booms, Domestic Busts: The Global Dimension of Banking Crises
Ambrogio Cesa-Bianchi, Fernando Eguren Martin and Gregory Thwaites
Paper No CFM-DP2017-08, February 2017
Non-Technical Summary [PDF] Full Paper [PDF]

The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar US Housing Credit Policy
Andrew Fieldhouse, Karel Mertens and Morten O. Ravn
Paper No CFM-DP2017-07, February 2017
Non-Technical Summary [PDF] Full Paper [PDF]

The Mystery of TFP
Nicholas Oulton
Paper No CFM-DP2017-06, January 2017
Non-Technical Summary [PDF] Full Paper [PDF]

How diabolic is the sovereign-bank loop? The effects of post-default fiscal policies
André Diniz and Bernardo Guimaraes
Paper No CFM-DP2017-05, January 2017
Non-Technical Summary [PDF] Full Paper [PDF]

The Role of Gender in Employment Polarization
Fabio Cerina, Alessio Moro and Michelle Petersen Rendall
Paper No CFM-DP2017-04, January 2017
Non-Technical Summary [PDF] Full Paper [PDF]

The determinants of IMF fiscal conditionalities: economics or politics?
Bernardo Guimaraes and Carlos Eduardo Ladeira
Paper No CFM-DP2017-03, January 2017
Non-Technical Summary [PDF] Full Paper [PDF]

State-controlled companies and political risk: Evidence from the 2014 Brazilian election
Augusto Carvalho and Bernardo Guimaraes
Paper No CFM-DP2017-02, January 2017
Non-Technical Summary [PDF] Full Paper [PDF]

Can the Central Bank Alleviate Fiscal Burdens?
Ricardo Reis
Paper No CFM-DP2017-01, January 2017
Non-Technical Summary [PDF] Full Paper [PDF]

The Effect of Foreign Investors on Local Housing Markets: Evidence from the UK
Filipa Sá
Paper No CFM-DP2016-39, November 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Time-Consistent Fiscal Policy in a Debt Crisis
Neele Balke and Morten Ravn
Paper No CFM-DP2016-38, November 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Aggregate Hiring and the Value of Jobs Along the Business Cycle
Eran Yashiv
Paper No CFM-DP2016-37, November 2016
Non-Technical Summary [PDF] Full Paper [PDF]

History Dependence in the Housing Market
Philippe Bracke and Silvana Tenreyro
Paper No CFM-DP2016-35, November 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves
Robert E. Hall and Ricardo Reis
Paper No CFM-DP2016-34, October 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Macroeconomic Fluctuations with HANK &
SAM: An Analytical Approach
Morten O. Ravn and Vincent Sterk
Paper No CFM-DP2016-33, October 2016
Non-Technical Summary [PDF] Full Paper [PDF]

The Impact of Taxes on Income Mobility
Mario Alloza
Paper No CFM-DP2016-32, October 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Is Fiscal Policy More Effective in Uncertain Times or
During  Recessions?
Mario Alloza
Paper No CFM-DP2016-31, October 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Investment in Productivity and the Long-Run Effect of
Financial Crises on Output
Maarten de Ridder
Paper No CFM-DP2016-30, October 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Returns to on-the-job search and the dispersion of wages
Axel Gottfries and Coen Teulings
Paper No CFM-DP2016-29, October 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Secular Stagnation, Rational Bubbles, and Fiscal Policy
Coen N. Teulings
Paper No CFM-DP2016-28, October 2016
Non-Technical Summary [PDF] Full Paper [PDF]

ESBies: Safety in the tranches
Markus K. Brunnermeier, Sam Langfield, Marco Pagano, Ricardo Reis, Stijn Van Nieuwerburghk, Dimitri Vayanos
Paper No CFM-DP2016-27, September 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Funding Quantitative Easing to Target Inflation
Ricardo Reis
Paper No CFM-DP2016-26, September 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Nominal rigidities in debt and product markets
Carlos Garriga, Finn E. Kydland and Roman Sustek
Paper No CFM-DP2016-25, August 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Financial Market Imperfections and Labour Market Outcomes
Alireza Sepahsalari
Paper No CFM-DP2016-24, August 2016
Non-Technical Summary [PDF] Full Paper [PDF]

The Macroeconmic Shock with the Highest Price of Risk
Gabor Pinter
Paper No CFM-DP2016-23, August 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Finance and Synchronization
Ambrogio Cesa-Bianchi, Jean Imbs and Jumana Saleheen
Paper No CFM-DP2016-22, August 2016
Non-Technical Summary [PDF] Full Paper [PDF]

The Decision to Move House and Aggregate Housing-Market Dynamics
L. Rachel Ngai and Kevin Sheedy
Paper No CFM-DP2016-21, July 2016
Non-Technical Summary [PDF] Full Paper [PDF]

QE in the Future: the central bank’s balance sheet in a financial crisis
Ricardo Reis
Paper No CFM-DP2016-20, July 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Can Agents with Causal Misperceptions be Systemically Fooled?
Ran Spiegler
Paper No CFM -DP2016-19, June 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Optimal Automatic Stabilizers
Alisdair McKay and Ricardo Reis
Paper No CFM-DP2016-18, June 2016
Non-Technical Summary [PDF] Full Paper [PDF]

The Sovereign-Bank Diabolic Loop and ESBies
Markus K. Brunnermeier, Luis Garicano, Philip R. Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh, and Dimitri Vayanosy
Paper No CFM-DP2016-17, June 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Matching Workers
Espen R. Moen and Eran Yashiv
Paper No CFM-DP2016-16, June 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Job Displacement Risk and Severance Pay
Giulio Fella and Marco Cozzi
Paper No CFM-DP2016-15, May 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Parents, Schools and Human Capital Differences across Countries
Marta De Philippis and Federico Rossi
Paper No CFM-DP2016-14, May 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Unsurprising Shocks: Information, Premia, and the Monetary Transmission
Silvia Miranda-Agrippino
Paper No CFM-DP2016-13, May 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Monetary Policy Transmission in an Open Economy: New Data and Evidence from the United Kingdom
Ambrogio Cesa-Bianchi, Gregory Thwaites and Alejandro Vicondoa
Paper No CFM-DP2016-12, April 2016
Non-Technical Summary [PDF] Full Paper [PDF]

The Theory of Unconventional Monetary Policy
Roger Farmer and Pawel Zabczyk
Paper No CFM-DP2016-11, April 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Firms' Precautionary Savings and Employment During a Credit Crisis
Davide Melcangi
Paper No CFM-DP2016-10, March 2016
Non-Technical Summary [PDF] Full Paper [PDF]

VAR Models with Non-Gaussian Shocks
Ching-Wai Chiu, Haroon Mumtaz and Gabor Pinter
Paper No CFM-DP2016-09, March 2016
Non-Technical Summary [PDF] Full Paper [PDF]

On the Mechanics of New Keynesian Models
Peter Rupert and Roman Sustek
Paper No CFM-DP2016-08, February 2016
Non-Technical Summary [PDF] Full Paper [PDF]

The Residential Collateral Channel
Saleem Bahaj, Angus Foulis and Gabor Pinter
Paper No CFM-DP2016-07, February 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Stagnation Traps
Gianluca Benigno and Luca Fornaro
Paper No CFM-DP2016-06, February 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Secular Drivers of the Global Real Interest Rate
Lukasz Rachel and Thomas D Smith
Paper No CFM-DP2016-05, February 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Tracking the Slowdown in Long-Run GDP Growth
Juan Antolin-Diaz, Thomas Drechsel and Ivan Petrella
Paper No CFM-DP2016-04, January 2016
Non-Technical Summary [PDF] Full Paper [PDF]

The Dark Corners of the Labor Market
Vincent Sterk
Paper No CFM-DP2016-03, January 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Models, Inattention and Expectation Updates
Raffaella Giacomini, Vasiliki Skreta and Javier Turen
Paper No CFM-DP2016-02, January 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Asymmetric Inflation Expectations, Downward Rigidity of Wages and Asymmetric Business Cycles
David Rezza Baqaee
Paper No CFM-DP2016-01, January 2016
Non-Technical Summary [PDF] Full Paper [PDF]

Shocking Language: Understanding the macroeconomic effects of central bank communication
Stephen Hansen and Michael McMahon
Paper No CFM-DP2015-37, December 2015
Non-Technical Summary [PDF] Full Paper [PDF]

Exact Present Solution with Consistent Future Approximation: A gridless algorithm to stochastic dynamic models
Wouter den Haan, Michal Kobielarz, and Pontus Rendahl
Paper No CFM-DP2015-36, December 2015
Non-Technical Summary [PDF] Full Paper [PDF]

Looking for a success in the euro crisis adjustment programs: the case of Portugal
Ricardo Reis
Paper No CFM-DP2015-35, November 2015
Non-technical Summary [PDF] Full Paper [PDF] 

Endogenous Market Making and Network Formation
Briana Chang and Shengxing Zhang
Paper No CFM-DP2015-34, November 2015
Non-technical Summary [PDF] Full Paper [PDF]

An Economic Analysis of Pension Tax Proposals
Angus Armstrong, Philip Davis and Monique Ebell
Paper No CFM-DP2015-33, November 2015
Non-technical Summary [PDF] Full Paper [PDF]

The Persistence of a Banking Crisis
Kilian Huber
Paper No CFM-DP2015-32, November 2015
Non-technical Summary [PDF] Full Paper [PDF]

Unions in a Frictional Labor Market
Leena Rudanko and Per Krusell
Paper No CFM-DP2015-31, November 2015
Non-technical Summary [PDF] Full Paper [PDF]

Gross Worker Flows over the Business Cycle
Per Krusell, Toshihiko Mukoyama, Richard Rogerson and Ayşegűl Şahin
Paper No CFM-DP2015-30, November 2015
Non-technical Summary [PDF] Full Paper [PDF]

Energy-Saving Technical Change
John Hassler, Per Krusell and Conny Olovsson
Paper No CFM-DP2015-29, November 2015
Non-technical Summary [PDF] Full Paper [PDF]

The Impact of Contract Enforcement Costs on Outsourcing and Aggregate Productivity
Johannes Boehm
Paper No CFM-DP2015-28, November 2015
Non-technical Summary [PDF] Full Paper [PDF]

Globalization and Synchronization of Innovation Cycles
Kiminori Matsuyama, Iryna Sushko and Laura Gardini
Paper No CFM-DP2015-27, October 2015
Non-technical Summary [PDF] Full Paper [PDF]

A Positive Theory of Tax Reform
Ethan Ilzetzki
Paper No CFM-DP2015-26, October 2015
Non-technical Summary [PDF] Full Paper [PDF]

The Banks that Said No: Banking relationships, credit supply and productivity in the UK
Jeremy Franklin, May Rostom and Gregory Thwaites
Paper No CFM-DP2015-25, October 2015
Non-technical Summary [PDF] Full Paper [PDF]  

Space-Time (In)Consistency in the National Accounts: Causes and cures
Nicholas Oulton
Paper No CFM-DP2015-24, October 2015
Non-technical Summary [PDF] Full Paper [PDF] 

QE and the Bank Lending Channel in the United Kingdom
Nick Butt, Rohan Churm, Michael McMahon, Arpad Morotz and Jochen Schanz
Paper No CFM-DP2015-23, October 2015
Non-technical Summary [PDF] Full Paper [PDF]

The Fundamental Nature of HARA Utility
Gadi S. Perets and Eran Yashiv
Paper No CFM-DP2015-22, September 2015
Non-technical Summary [PDF] Full Paper [PDF]

Unemployment (Fears) and Deflationary Spirals
Wouter Den Haan, Pontus Rendahl, and Markus Riegler
Paper No CFM-DP2015-21, September 2015
Non-techincal Summary [PDF] Full Paper [PDF]

Predictable Recoveries
Xiaoming Cai, Wouter Den Haan, and Jonathan Pinder
Paper No CFM-DP2015-20, September 2015
Non-technical Summary [PDF] Full Paper [PDF]

The Home Market Effect and Patterns of Trade Between Rich and Poor Countries
Kiminori Matsuyama
Paper No CFM-DP2015-19, August 2015
Non-technical Summary [PDF] Full Paper [PDF]

Diversification through Trade
Francesco Caselli, Miklos Koren, Milan Lisicky and Silvana Tenreyro
Paper No CFM-DP2015-18, August 2015.
Non-technical Summary [PDF] Full Paper [PDF]

Experience-biased Technical Change
Francesco Caselli
Paper No CFM-DP2015-17, July 2015.
Non-technical Summary [PDF] Full Paper [PDF]

Beyond Competitive Devaluations: The monetary dimensions of comparative advantage
Paul Bergin and Giancarlo Corsetti
Paper No CFM-DP2015-16, July 2015
Non-technical Summary [PDF] Full Paper [PDF]

The Optimal Use of Government Purchases for Macroeconomic Stabilization
Pascal Michaillat and Emmanuel Saez
Paper No CFM-DP2015-15, June 2015
Non-technical Summary [PDF] Full Paper [PDF]

What Moves International Stock and Bond Markets?
Gino Cenedese and Enrico Mallucci
Paper No CFM-DP2015-14, June 2015
Non-technical Summary [PDF] Full Paper [PDF]

Communal Land and Agricultural Productivity
Charles Gottlieb and Jan Grobovšek
Paper No CFM-DP2015-13, June 2015
Non-technical Summary [PDF] Full Paper [PDF]

Optimal Capital Controls and Real Exchange Rate Policies: A pecuniary externality perspective
Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Reducci and Eric R. Young
Paper No. CFM-DP2015-12, May 2015
Non-technical Summary [PDF] Full Paper [PDF]

Large Capital Inflows, Sectoral Allocation, and Economic Performance
Gianluca Benigno, Nathan Converse and Luca Fornaro
Paper No. CFM-DP2015-11, May 2015
Non-Technical Summary [PDF] Full Paper [PDF]

Identifying Noise Shocks: a VAR with data revisions
Riccardo M. Masolo and Alessia Paccagnini
Paper No. CFM-DP2015-10, May 2015
Non-Technical Summary [PDF] Full Paper [PDF]

Towards a New Keynesian Theory of the Price Level
John Barrdear
Paper No. CFM-DP2015-9, May 2015
Non-Technical Summary [PDF] Full Paper [PDF]

Time-Consistent Consumption Taxation
Sarolta Laczó and Raffaele Rossi
Paper No. CFM-DP2015-8, April 2015
Non-Technical Summary [PDF] Full Paper [PDF]

House Price and Job Losses
Gabor Pinter
Paper No. CFM-DP2015-7, March 2015
Non-Technical Summary [PDF] Full Paper [PDF]

Monetary Policy with Ambiguity Averse Agents
Riccardo M. Masolo  and Francesca Monti
Paper No. CFM-DP2015-6, March 2015
Non-technical Summary [PDF] Full Paper [PDF]

Can a Data-rich Environment Help Identify the Sources of Model Misspecification?
Francesca Monti
Paper No. CFM-DP2015-5, February 2015
Non-technical Summary [PDF] Full Paper [PDF]

Time-dependent or State-dependent pricing? Evidence from a large devaluation episode
Celio Feltrin and Bernardo Guimaraes
Paper No. CFM-DP2015-4, February 2015
Non-technical Summary [PDF] Full Paper [PDF]

Demand Expectations and the Timing of Stimulus Policies
Bernardo Guimaraes and Caio Machado
Paper No. CFM-DP2015-3, January 2015
Non-technical Summary [PDF] Full Paper [PDF]

Capital Values and Job Values
Eran Yashiv
Paper No. CFM-DP2015-2, January 2015
Non-technical Summary [PDF] Full Paper [PDF]

Job Uncertainty and Deep Recessions
Morten O. Ravn and Vincent Sterk 
Paper No. CFM-DP2015-1, January 2015
Non-technical Summary [PDF] Full Paper [PDF]

The Curse of Inflation
Erik Eyster, Kristof Madarasz and Pascal Michaillat
Paper No. CFM-DP2014-30, December 2014
Non-technical Summary [PDF] Full Paper [PDF]

Estimating the Effects of Forward Guidance in Rational Expectations Models
Richard Harrison
Paper No. CFM-DP2014-29, November 2014
Non-technical Summary [PDF] Full Paper [PDF]

Why are Real Interest Rates so Low? Secular Stagnation and the Relative Price of Investment Goods
Gregory Thwaites
Paper No. CFM-DP2014-28, October 2014
Non-technical Summary [PDF] Full Paper [PDF]

Financial Disruption as a Cost of Sovereign Default: a quantitative assessment
Andre Diniz and Bernardo Guimaraes
Paper No. CFM-DP2014-27, September 2014
Non-technical Summary [PDF] Full Paper [PDF]

A Model of the Confidence Channel of Fiscal Policy
Bernardo Guimaraes, Caio Machado and Marcel Ribeiro
Paper No. CFM-DP2014-26, September 2014
Non-technical Summary [PDF] Full Paper [PDF]

An Economical Business-Cycle Model 
Pascal Michaillat and Emmanuel Saez 
Paper No. CFM-DP2014-25, September 2014
Non-technical Summary [PDF] Full Paper [PDF]

The "Mystery of the Printing Press" Monetary Policy and Self-fulfilling
Debt Crises

Giancarlo Corsetti and Luca Dedola 
Paper No. CFM-DP2014-24, August 2014
Non-technical Summary [PDF] Full Paper [PDF]

Housing Dynamics over the Business Cycle
Finn E. Kydland, Peter Rupert and Roman Sustek
Paper No. CFM-DP2014-23, August 2014
Non-technical Summary [PDF] Full Paper [PDF]

Transitory Interest-rate Pegs under Imperfect Credibility
Alex Haberis, Richard Harrison and Matt Waldron
Paper No. CFM-DP2014-22, August 2014
Non-technical Summary [PDF] Full Paper [PDF]

The Latin American Efficiency Gap
Francesco Caselli
Paper No. CFM-DP2014-21, July 2014
Non-technical Summary [PDF] Full Paper [PDF]

The Cost of Human Capital Depreciation during Unemployment
Lien Laureys
Paper No. CFM-DP2014-20, July 2014
Non-technical Summary [PDF] Full Paper [PDF]

Aggregate Demand, Idle Time, and Unemployment 
Pascal Michaillat and Emmanuel Saez 
Paper No. CFM-DP2014-19, July 2014
Non-technical Summary [PDF] Full Paper [PDF]

Shake Me the Money!
Francesco Porcelli and Riccardo Trezzi
Paper No. CFM-DP2014-18, July 2014
Non-technical Summary [PDF] Full Paper [PDF]

Bayesian Networks and Boundedly Rational Expectations
Ran Spiegler
Paper No. CFM-DP2014-17, July 2014
Non-technical Summary [PDF] Full Paper [PDF]

Exploiting the Monthly Data-flow in Structural Forecasting
Domenico Giannone, Francesca Monti and Lucrezia Reichlin
Paper No. CFM-DP2014-16, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

Optimal Monetary Policy in the Presence of Human Capital Depreciation during Unemployment
Lien Laureys
Paper No. CFM-DP2014-15, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

Managing Intrinsic Motivation in a Long-Run Relationship
Kfir Eliaz and Ran Spiegler
Paper No. CFM-DP2014-14, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

Government Spending Shocks, Wealth Effects and Distortionary Taxes
James Cloyne
Paper No. CFM-DP2014-13, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

Issues in the Design of Fiscal Policy Rules 
Jonathan Portes and Simon Wren-Lewis 
Paper No. CFM-DP2014-12, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

Transparency and Deliberation within the FOMC: a computational linguistics approach
Stephen Hansen, Michael McMahon and Andrea Prat
Paper No. CFM-DP2014-11, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

A Procedure for Combining Zero and Sign Restrictions in a VAR-Identification Scheme
Alex Haberis and Andrej Sokol
Paper No. CFM-DP2014-10, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

Peering into the Mist: Social learning over an opaque observation network
John Barrdear
Paper No. CFM-DP2014-9, June 2014
Non-technical Summary [PDF] Full Paper [PDF]

Optimal Monetary Responses to Oil Discoveries
Samuel Wills
Paper No. CFM-DP2014-8, June 2014 
Non-technical Summary [PDF] Full Paper [PDF]

Productivity Dynamics in the Great Stagnation: Evidence from British businesses
Rebecca Riley, Chiara Rosazza Bondibene and Garry Young
Paper No. CFM-DP2014-7, June 2014
Non-technical Summary [PDF] Full Paper [PDF] 

Systemic Sovereign Risk: Macroeconomic implications in the Euro Area
Saleem Bahaj
Paper No. CFM-DP2014-6, May 2014
Non-technical Summary [PDF] Full Paper [PDF]

Fiscal Policy in an Unemployment Crisis
Pontus Rendahl
Paper No. CFM-DP2014-5, May 2014
Non-technical Summary [PDF] Full Paper [PDF]

Gender Gaps and the Rise of the Service Economy
L. Rachel Ngai and Barbara Petrongolo
Paper No. CFM-DP2014-4, May 2014
Non-technical Summary [PDF] Full Paper [PDF]

The Growth Potential of Startups over the Business Cycle
Petr Sedlacek and Vincent Sterk
Paper No. CFM-DP2014-3, February 2014
Non-technical Summary [PDF] Full Paper [PDF]

Inventories and the Role of Goods-Market Frictions for Business Cycles
Wouter Den Haan
Paper No. CFM-DP2014-2, January 2014
Non-technical Summary [PDF] Full Paper [PDF]

Modelling the Service Sector
Philip King and Stephen Millard
Paper No. CFM-DP2014-1, January 2014
Non-technical Summary [PDF] Full Paper [PDF]

Medium and Long Run Prospects for UK Growth in the Aftermath of the Financial Crisis
Nicholas Oulton
Paper No. CFM-DP2013-7, December 2013
Non-technical Summary [PDF] Full Paper [PDF]

Mortgages and Monetary Policy
Carlos Garriga, Finn E. Kydland and Roman Šustek
Paper No. CFM-DP2013-6, December 2013
Non-technical Summary [PDF] Full Paper [PDF]

The Transmission of Monetary Policy Operations through Redistributions and Durable Purchases
Vincent Sterk and Silvana Tenreyro
Paper No. CFM-DP2013-5, December 2013
Non-technical Summary [PDF] Full Paper [PDF]

Did the Job Ladder Fail After the Great Recession?
Giuseppe Moscarini and Fabien Postel-Vinay
Paper No. CFM-DP2013-4, November 2013
Non-technical Summary [PDF] Full Paper [PDF]

Optimal Unemployment Insurance over the Business Cycle
Camille Landais, Pascal Michaillat, Emmanuel Saez
Paper No. CFM-DP2013-3, October 2013
Non-technical Summary [PDF] Full Paper [PDF]

Scotland’s Currency Options
Angus Armstrong, Monique Ebell
Paper No. CFM-DP2013-2, October 2013
Non-technical Summary [PDF] Full Paper [PDF]

Pushing on a String: US monetary policy is less powerful in recessions
Silvana Tenreyro, Gregory Thwaites
Paper No. CFM-DP2013-1, October 2013
Non-technical Summary [PDF] Full Paper [PDF] Press Release [PDF]

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