Working Papers

Countercyclical Dispersion of Price Changes: Causes and ImplicationsJuly 2022 

Countercyclical dispersion of price changes is caused by diverging price adjustment between goods of different quality.


The Markup Elasticity of Monetary Non-neutralityNov 2022

with Christian Höynck and Donghai Zhang 

It is equal to 1 in the past three decades.


Optimal Monetary Policy with Asymmetric Shocks and Rational InattentionNew Draft Coming Soon 

With Ho-Mou Wu

We propose a revised price index for the central bank to stabilize.