Working Papers

"Markups and Inflation in Oligopolistic Markets: Evidence from Wholesale Price Data" with Patrick Alexander, Lu Han and Ben Tomlin. August 2024. (Bank of Canada Staff Working Paper 2024-20, CEBRA inflation webinar). Revise and Resubmit, American Economic Journal: Macroeconomics.

"House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data" with Denis Gorea and Marianna Kudlyak. March 2023. (Bank of Canada Staff Working Paper 2022-39, FRBSF Working Paper 2022-16, IZA Discussion Paper No. 15481, Hoover Institution Economics Working Paper 22117, VoxEU, FRBSF Economic Letter, Yahoo Finance). 

Publications

"Price Discounts and Cheapflation During the Post-Pandemic Inflation Surge,"  with Alberto Cavallo. Journal of Monetary Economics, Volume 148, Supplement, November 2024, 103644. Online Appendix. (Replication package, Bank of Canada Staff Working Paper 2024-31, NBER Working Paper 32626, Financial Times -- July 10, 2024, Financial Times, -- July 2, 2024,  NPR, Macro Roundup --July 8, 2024, Le Devoir, HBS Working Knowledge). 

"More Than Words: Fed Chairs’ Communication During Congressional Testimonies" with Michelle Alexopoulos, Xinfen Han, Xu Zhang. Journal of Monetary Economics, Volume 142, 2024, 103515.  Online Appendix, Supplementary Material. (PDF, Bank of Canada Staff Working Paper 2022-20, The Globe and Mail). 

"What Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data" with Alberto Cavallo. Journal of International Economics, Volume 146, 2023, 103769.  (PDF, Replication package, Bank of Canada Staff Working Paper 2021-52, NBER Working Paper 29209, NBER Reporter article by Cavallo, EconoFact, PBS Newshour).

"Multiproduct Pricing: Theory and Evidence From Large Retailers" with Marco Bonomo, Carlos Carvalho, Sigal Ribon, Rodolfo Rigato. The Economic Journal, Volume 133, Issue 651, April 2023, Pages 905–927. Online Appendix. (PDF, Replication package).

"Price Selection," with Carlos Carvalho. Journal of Monetary Economics, Volume 122, 2021, Pages 56–71. (PDF, Supplementary Material, Replication Materials).

"Central Bank Communication That Works: Lessons from Lab Experiments," with Luba Petersen, Journal of Monetary Economics, Volume 117, 2021, Pages 760–780. (PDF, Supplementary Material).

"The Cyclicality of Sales and Aggregate Price Flexibility," with Nicolas Vincent, Review of Economic Studies, Volume 88, Issue 1, January 2021, Pages 334–377. (PDF, Data Appendix, Model Appendix).

"On the Evolution of the United Kingdom Price Distributions," with Ba M. Chu, David T. Jacho-Chavez, and Kim P. Huynh, Annals of Applied Statistics, vol. 1(4), 2018, pages 2618–2646. (Supplementary Material).

"Is There a Quality Bias in the Canadian CPI? Evidence from Micro Data," Canadian Journal of Economics, vol. 49(4), November 2016, pages 1401–1424.

"The evolution of firm-level distributions for Ukrainian manufacturing firms," with Kim P. Huynh, David T. Jacho-Chávez, Oleksandr Shepotylo, Volodymyr Vakhitov, Journal of Comparative Economics, Elsevier, vol. 44(1), February 2016, pages 148–162.  (Supplementary Material).

"Inventories, Markups and Real Rigidities in Menu Cost Models," with Virgiliu Midrigan, Review of Economic Studies, Oxford University Press, vol. 80(1), 2013, pages 249–276. (Appendix).

"Optimal Monetary Policy under Incomplete Markets and Aggregate Uncertainty: A Long-Run Perspective," with Malik Shukayev and Alexander Ueberfeldt, Journal of Economic Dynamics and Control, Elsevier, vol. 35(7), July 2011, pages 1045–1060.

"Inventories and Real Rigidities in New Keynesian Business Cycle Models," with Virgiliu Midrigan, Journal of Japanese and International Economies 24(2), June 2010, 259–281. Appendix.

"State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation?," with Pete Klenow, Quarterly Journal of Economics 123, August 2008, 863–904.  (Frequencies, Parameters). 

"Sticky Prices and Monetary Policy Shocks," with Mark Bils and Pete Klenow, Federal Reserve Bank of  Minneapolis Quarterly Review, 27(1), Winter 2003, 2–9. 

Policy Papers         

"The 2021--22 Surge in Inflation," with James (Jim) C. MacGee and Luis Uzeda, Bank of Canada Staff Discussion Paper 2023-3, January 2023.  

"Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics," with James (Jim) C. MacGee, Bank of Canada Staff Discussion Paper 2020-11, November 2020.  

"Central Bank Models: The Next Generation," with José Dorich, Virginie Traclet, Jonathan Witmer, Workshop Summary, 30 January 2017.

"Leaning Within a Flexible Inflation-Targeting Framework: Review of Costs and Benefits," with Denis Gorea and Tamon Takamura, Bank of Canada Discussion Paper 2016-17, August 2016.

"The Optimal Level of the Inflation Target: A Selective Review of the Literature and Outstanding Issues," with Rhys Mendes, Bank of Canada Discussion Paper No. 2015-8, September 2015.

"On the Nexus of Monetary Policy and Financial Stability: Recent Developments and Research," with Miguel Molico and Ben Tomlin, Bank of Canada Discussion Paper 2015-7, September 2015.

"Recent Developments in Experimental Macroeconomics," with Robert Amano and Luba Petersen, Bank of Canada Review, Autumn 2014.

"Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy," with Virgiliu Midrigan, Bank of Canada Discussion Paper 2011-9, March 2011.

"Inventories in ToTEM," with Yang Zhang, Bank of Canada Discussion Paper 2010-9, August 2010.

"Inventories, Stockouts, and ToTEM," with Yang Zhang, Bank of Canada Discussion Paper 2010-8, July 2010.

"Adopting Price-Level Targeting under Imperfect Credibility in ToTEM," with Gino Cateau, Malik Shukayev and Alexander Ueberfeldt, May 2009.

"Adopting Price-Level Targeting Under Imperfect Credibility," with Malik Shukayev and Alexander Ueberfeldt, September 2008.

Old Papers

"Expectations and Monetary Policy: Experimental Evidence," with Luba Petersen, April 2015. Appendix.