Search Results
Speech
The U.S. economic outlook and the implications for monetary policy: remarks at the ABNY breakfast with William C. Dudley, the Roosevelt Hotel, New York City
Remarks at the ABNY breakfast with William C. Dudley, the Roosevelt Hotel, New York City.
Journal Article
The Distributional Effects of Bailouts
This article examines the distributional effects of government bailouts using a heterogeneous agent New Keynesian model with financial intermediation frictions. We analyze government equity injections to financial institutions financed by debt issuance, capturing essential features of bailout policies during financial crises. When calibrated to match key features of the U.S. economy, bailout policies are expansionary and reduce inequality through general equilibrium effects operating primarily via aggregate demand stimulation and increased labor income rather than direct wealth effects. ...