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Optimal fiscal and monetary policy with sticky wages and sticky prices

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SK Chugh - Review of Economic Dynamics, 2006 - Elsevier
Cited by 32 - Related articles - Library Search - All 16 versions

Optimal fiscal and monetary policy with costly wage bargaining

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DM Arseneau… - Journal of Monetary Economics, 2008 - Elsevier
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Optimal Fiscal and Monetary Policy When Money is Essential

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SB Aruoba… - FRB International Finance Discussion …, 2006 - papers.ssrn.com
Abstract: We study optimal fiscal and monetary policy in an environment where explicit
frictions give rise to valued money, making money essential in the sense that it expands the
set of feasible trades. Our main results are in stark contrast to the prescriptions of earlier ...
Cited by 24 - Related articles - BL Direct - All 38 versions

Optimal inflation persistence: Ramsey taxation with capital and habits

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SK Chugh - Journal of Monetary Economics, 2007 - Elsevier
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Optimal fiscal and monetary policy when money is essential

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SB Aruoba… - Journal of Economic Theory, 2010 - Elsevier
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[PDF] Firm Risk and Leverage-Based Business Cycles

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SK Chugh - Unpublished manuscript, University of Maryland, 2009 - clevelandfed.org
Page 1. Firm Risk and Leverage-Based Business Cycles ∗ Sanjay K. Chugh †
University of Maryland October 25, 2009 Abstract I exploit evidence on cyclical
fluctuations in the cross-sectional dispersion of firm-level pro- ductivity ...
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Ramsey meets Hosios: the optimal capital tax and labor market efficiency

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D Arseneau… - 2006 - papers.ssrn.com
Abstract: Heterogeneity between unemployed and employed individuals matters for optimal
fiscal policy. This paper considers the consequences of welfare heterogeneity between
these two groups for the determination of optimal capital and labor income taxes in a ...
Cited by 14 - Related articles - BL Direct - All 14 versions

Tax Smoothing in Frictional Labor Markets

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D Arseneau… - FRB International Finance Discussion …, 2009 - papers.ssrn.com
Abstract: We re-examine the optimality of tax smoothing from the point of view of frictional
labor markets. Our central result is that whether or not this cornerstone optimal fiscal policy
prescription carries over to an environment with labor market frictions depends crucially ...
Cited by 13 - Related articles - Library Search - All 15 versions

[PDF] Money and Optimal Capital Taxation

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SB Aruoba… - Manuscript, University of Maryland, 2008 - econweb.umd.edu
Page 1. Money and Optimal Capital Taxation S. Bora˘gan Aruoba ∗ University of
Maryland Sanjay K. Chugh† University of Maryland First Version: April 2008 This Draft:
August 5, 2008 Abstract In existing models of jointly-optimal ...
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[PDF] Costly External Finance and Labor Market Dynamics

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SK Chugh - University of Maryland, 2009 - skchugh.com
Page 1. Costly External Finance and Labor Market Dynamics ∗ Sanjay K. Chugh †
University of Maryland June 29, 2009 Abstract We study the role of costly external
finance in cyclical labor market dynamics, with a focus on ...
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Optimal Fiscal Policy with Endogenous Product Variety

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SK Chugh… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES OPTIMAL FISCAL POLICY WITH
ENDOGENOUS PRODUCT VARIETY Sanjay K. Chugh Fabio Ghironi Working Paper
17319 http://www.nber.org/papers/w17319 NATIONAL BUREAU ...
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“Bargaining, Fairness, and Price Rigidity in a DSGE Environment

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DM Arseneau… - International Finance Discussion …, 2007 - papers.ssrn.com
Page 1. K.7 Number 900 July 2007 Bargaining, Fairness, and Price Rigidity in a DSGE
Environment David M. Arseneau and Sanjay K. Chugh International Finance Discussion
Papers Board of Governors of the Federal Reserve System Page 2. ...
Cited by 10 - Related articles - All 13 versions

[PDF] Consumption Externalities and Optimal Monetary Policy

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S Chugh - University of Pennsylvania, 2002 - econ.upenn.edu
Abstract Consideration of optimal monetary policy traditionally focuses on eliminating the
intertemporal inefficiency caused by money. This focus ignores the possibility that monetary
policy may also be used to eliminate intratemporal inefficiencies. This paper begins a ...
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[CITATION] Optimal Capital Taxation in an Economy with Capital Allocation Frictions

DM Arseneau, SK Chugh… - University of Maryland, 2008
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[PDF] Consumption externalities and optimal interest rate policy in production economies

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S Chugh - 2003 - economics.sas.upenn.edu
Abstract That the Federal Reserve smooths changes in interest rates is conventional
wisdom. But lacking is an accepted theory for why it does so, and no proposed explanations
have as their foundation a standard RBC model. This paper shows, in the context of an ...
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[PDF] “Comment On: Jealousy and Equilibrium Overconsumption

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S Chugh - 2002 - econ.upenn.edu
Consumption benchmarks, of both the internal and external types, have recently moved
beyond the realm of asset pricing models and been applied in other macroeconomic
settings. Ljungqvist and Uhlig (2000) discuss the role of consumption externalities in ...
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Relative consumption benchmarks

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SK Chugh - Economics Letters, 2008 - Elsevier
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Optimal fiscal and monetary policy in customer markets

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D Arseneau… - FRB International Finance Discussion …, 2008 - papers.ssrn.com
Abstract: A growing body of evidence suggests that ongoing relationships between
consumers and firms may be important for understanding price dynamics. We investigate
whether the existence of such customer relationships has important consequences for the ...
Cited by 3 - Related articles - All 22 versions

[PDF] Labor force participation and general equilibrium efficiency in search and matching models

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DM Arseneau… - Journal of Monetary Economics, 2009 - skchugh.com
Page 1. Labor Force Participation and General Equilibrium Efficiency in Search and
Matching Models David M. Arseneau ∗ Federal Reserve Board Sanjay K. Chugh†
University of Maryland March 1, 2009 Abstract We provide ...
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[BOOK] Competitive Search Equilibrium in DSGE Model

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DM Arseneau… - 2008 - papers.ssrn.com
Page 1. K.7 Number 929 April 2008 Competitive Search Equilibrium in a DSGE Model
David M. Arseneau and Sanjay K. Chugh International Finance Discussion Papers
Board of Governors of the Federal Reserve System Page 2. ...
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[CITATION] oOptimal Fiscal and Monetary Policy when Money is Essential, pJournal of Economic Theory, forthcoming

SB Aruoba… - 2010
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Optimal fiscal policy with endogenous product variety

F Ghironi… - Boston College Working Papers in …, 2011 - ideas.repec.org
Downloadable! We study Ramsey-optimal fiscal policy in an economy in which product varieties
are the result of forward-looking investment decisions by firms. There are two main results. First,
depending on the particular form of variety aggregation in preferences, firms' dividend ...
Cited by 2 - Related articles - Cached - All 3 versions

Does the Timing of the Cash-in-Advance Constraint Matter for Optimal Fiscal and Monetary Policy?

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SK Chugh - Macroeconomic Dynamics, 2009 - Cambridge Univ Press
Page 1. Macroeconomic Dynamics, 13 (Supplement 1), 2009, 133–150. Printed in the United
States of America. doi:10.1017/S1365100509080158 DOES THE TIMING OF THE
CASH-IN-ADVANCE CONSTRAINT MATTER FOR OPTIMAL FISCAL AND MONETARY POLICY? ...
Cited by 2 - Related articles - All 8 versions

Does monetary policy keep up with the Joneses? Optimal interest-rate smoothing with consumption externalities

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S Chugh - FRB International Finance Discussion Paper No. 812, 2004 - papers.ssrn.com
Abstract: Changes in monetary policy are typically implemented gradually, an empirical
observation known as interest-rate smoothing. We propose the explanation that time-non-
separable preferences may render interest-rate smoothing optimal. We find that when ...
Cited by 2 - Related articles - Library Search - BL Direct - All 10 versions

[CITATION] oFirm risk and leverage% based business cycles. pU of Maryland

S Chugh - 2010 - Mimeo
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[BOOK] Efficiency and Labor Market Dynamics in a Model of Labor Selection

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SK Chugh, CP Merkl… - 2011 - makro.phil.uni-erlangen.de
Page 1. Efficiency and Labor-Market Dynamics in a Model of Labor Selection ∗ Sanjay K. Chugh †
University of Maryland Federal Reserve Bank of Boston Christian Merkl‡ Friedrich-Alexander-
University Erlangen-Nuremberg Kiel Institute IZA Institute September 15, 2010 ...
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Asset Value Contsraints in Models of Incomplete Factor Taxation

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D Arseneau, S Chugh… - 2009 - papers.ssrn.com
Abstract: This paper clarifies the role of initial asset value constraints in Ramsey models of
incomplete factor taxation. We show that the optimal long-run capital tax is zero in the long
run if and only if there is no binding constraint on the initial capital tax rate. This finding ...
Cited by 1 - Related articles - All 9 versions

[PDF] Catching Up With the Joneses and Procyclicality of Nominal Interest Rates

[PDF] from upenn.edu
S Chugh - 2002 - economics.sas.upenn.edu
Abstract The theoretical literature on monetary policy rules invariably employs environments
featuring monopoly power and costs of price adjustment. Such environments allow scope for
beneficial monetary policy intervention. In contrast here, we give a very different ...
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The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Bargaining, Fairness, and Price Rigidity in a DSGE …

DM Arseneau… - c.federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International
Finance Discussion Papers. The International Finance Discussion Papers logo links
to the International Finance Discussion Papers home page, ...
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The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Tax Smoothing in Frictional Labor Markets

DM Arseneau… - federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International
Finance Discussion Papers. The International Finance Discussion Papers logo links
to the International Finance Discussion Papers home page, ...
Cached - All 3 versions

The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Optimal Fiscal and Monetary Policy When Money …

SB Aruoba… - federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International
Finance Discussion Papers. The International Finance Discussion Papers logo links
to the International Finance Discussion Papers home page, ...
Cached - All 3 versions

[PDF] Fiscal Shocks, Job Creation, and Countercyclical Labor Markups

[PDF] from atl-res.com
DM Arseneau… - 2005 - imap.atl-res.com
Page 1. Fiscal Shocks, Job Creation, and Countercyclical Labor Markups David M.
Arseneau∗ Sanjay K. Chugh† Federal Reserve Board Preliminary and Incomplete
October 27, 2005 Abstract Changes in government spending ...
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[PDF] Full Consumption Insurance: Evidence from 1995-1998

[PDF] from upenn.edu
S Chugh - 2001 - economics.sas.upenn.edu
Abstract The full consumption insurance implication of complete-markets models is tested
using CEX data from 1995 through 1998. Cross-sectional tests are performed, rather than
pooled time-series, cross-sectional regressions. Four different measures of consumption ...
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[PDF] Consumption Externalities As a Reduced-Form Device

[PDF] from upenn.edu
S Chugh - 2003 - econ.upenn.edu
Consumption externalities have been used to address some issues in macroeconomics
recently, especially issues in asset pricing and optimal taxation. 1 These “keeping up with
the Joneses” effects have typically been introduced in models with fully rational economic ...
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The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Optimal Fiscal and Monetary Policy with Sticky …

SK Chugh - c.federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International
Finance Discussion Papers. The International Finance Discussion Papers logo links
to the International Finance Discussion Papers home page, ...
Cached - All 4 versions

[PDF] Frictional Labor Markets, Bargaining Wedges, and Optimal Tax-Rate Volatility

[PDF] from ifk-cfs.de
DM Arseneau… - University of Maryland, 2008 - ifk-cfs.de
Page 1. Frictional Labor Markets, Bargaining Wedges, and Optimal Tax-Rate Volatility ∗
David M. Arseneau † Federal Reserve Board Sanjay K. Chugh‡ University of Maryland
First Draft: January 2008 This Draft: April 18, 2008 Abstract ...
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Habit persistence and optimal interest-rate smoothing

S Chugh - 2004 - repository.upenn.edu
Abstract Changes in monetary policy are typically implemented gradually, an empirical
observation known as interest-rate smoothing. We propose an explanation of optimal
interest-rate smoothing by applying the recent lesson from the related literature on the ...
Cached - All 3 versions

[PDF] Consumption Externalities and Imperfect Competition: An Analysis of Optimal Monetary Policy

[PDF] from upenn.edu
S Chugh - 2003 - econ.upenn.edu
Abstract We construct an economy with imperfect competition, perfectly flexible prices, and
external habit persistence to consider optimal monetary policy. We find that for a broad
range of parameterizations of the model the Pareto optimum is supportable as a ...
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[PDF] Does the Fed Care About the Joneses? Optimal Interest-Rate Smoothing with Consumption Externalities

[PDF] from psu.edu
S Chugh - 2003 - Citeseer
Abstract Changes in monetary policy are typically implemented gradually, an empirical
observation known as interest-rate smoothing. This finding is a puzzle for most monetary
models because they predict an immediate response of monetary policy to ...
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The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Optimal Fiscal and Monetary Policy in Customer …

DM Arseneau… - c.federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International
Finance Discussion Papers. The International Finance Discussion Papers logo links
to the International Finance Discussion Papers home page, ...
Cached - All 4 versions

The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Does Monetary Policy Keep Up with the Joneses? …

SK Chugh - federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International Finance
Discussion Papers. The International Finance Discussion Papers logo links to the International
Finance Discussion Papers home page, Does Monetary Policy Keep Up with the Joneses? ...
Cached - All 3 versions

The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Ramsey Meets Hosios: The Optimal Capital Tax …

DM Arseneau… - federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International
Finance Discussion Papers. The International Finance Discussion Papers logo links
to the International Finance Discussion Papers home page, ...
Cached - All 3 versions

[PDF] Advanced Macroeconomics I (aka Monetary Theory I) Project 1 Suggested Solutions

[PDF] from skchugh.com
S Chugh - 2012 - skchugh.com
Results Parameter Set A corresponds to the “standard” zero-growth RBC model; as such, we
should see similar relative volatilities, autocorrelations, and cross-correlations as in, say,
King and Rebelo (1999). Broadly, we do (keep in mind that we are using different, though ...
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Efficiency in a Model of Labor Selection

S Chugh… - Kiel Working Papers, 2011 - ideas.repec.org
We characterize efficient allocations and business cycle fluctuations in a labor selection
model. Due to forward-looking hiring and labor supply decisions, efficiency entails both
static and intertemporal margins. We develop welfare-relevant measures of marginal rates ...
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[PDF] Advanced Macroeconomics I Project 2

[PDF] from skchugh.com
S Chugh - 2010 - skchugh.com
Objectives The basic methodological objective of this project is to learn how to work
computationally with matching-theoretic models, which are now fairly widely-used (but not
universal) classes of models. One particular “legacy” aspect of these models that you will ...
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[CITATION] The Editors and members of the Editorial Board wish to thank the following who acted as referees for Oxford Economic Papers in 2008

S Bandyopadhyay, E Birol, S Chugh… - JSTOR

[HTML] Competitive Search Equilibrium in a DSGE Model

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SK Chugh - federalreserve.gov
Competitive Search Equilibrium in a DSGE Model.
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[PDF] Advanced Macroeconomics I Project 0 Suggested Solutions

[PDF] from skchugh.com
S Chugh - 2010 - skchugh.com
Results Parameter Set A corresponds to the “standard” zero-growth RBC model; as such, we
should see similar relative volatilities, autocorrelations, and cross-correlations as in, say,
King and Rebelo (1999). Broadly, we do (keep in mind that we are using different, though ...
Related articles - View as HTML - All 4 versions

The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page Competitive Search Equilibrium in a DSGE Model

DM Arseneau… - federalreserve.gov
The Federal Reserve Board eagle logo links to Board's home page International
Finance Discussion Papers. The International Finance Discussion Papers logo links
to the International Finance Discussion Papers home page, ...
Cached - All 3 versions

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