Identification and Estimation of Dynamic Causal Effects in Macroeconomics Using External Instruments
External sources of as-if randomness — that is, external instruments — can be used to identify the dynamic causal effects of macroeconomic…
This paper studies a model of intermediated exchange with liquidity-constrained traders. Intermediaries are embedded in a trading network…
After years of high commodity prices, a new era of lower ones, especially for oil, seems likely to persist. This will be challenging for…