Alisdair McKay

Working papers

• Evaluating Monetary Policy Counterfactuals: (When) Do We Need Structural Models?
With Tomas Caravello and Christian Wolf
Replication files (GitHub).

• How Should Monetary Policy Respond to Housing Inflation?
With Javier Bianchi and Neil Mehrotra. R&R QJE

Published papers

• Optimal Policy Rules in HANK
With Christian Wolf.
Accepted Review of Economic Studies
Replication package

• A Tractable Income Process for Business Cycle Analysis
With Fatih Guvenen and Conor Ryan.
Accepted Review of Economic Dynamics
Replication files

• What Can Time-Series Regressions Tell Us About Policy Counterfactuals?
With Christian Wolf.
Econometrica 2023
Replication material. | Online appendix.

• Monetary Policy and Inequality
With Christian Wolf.
Journal of Economic Perspectives 2023
Replication files.

• Forward Guidance and Durable Goods Demand
With Johannes Wieland.
American Economic Review: Insights 2022

• Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy
With Johannes Wieland.
Econometrica 2021
Replication codes. | Online appendix.

• Optimal Automatic Stabilizers
With Ricardo Reis.
Review of Economic Studies 2021
Replication material at GitHub.

• Housing Wealth Effects: The Long View
With Adam Guren, Emi Nakamura, and Jon Steinsson.
Review of Economic Studies 2021
House price sensitivities. | Replication files.

• What do we Learn from Cross-Regional Empirical Estimates in Macroeconomics?
With Adam Guren, Emi Nakamura, and Jon Steinsson.
NBER Macroeconomics Annual 2020
Python replication codes.

• The Discounted Euler Equation: A Note
With Emi Nakamura and Jon Steinsson.
Economica 2017
Published version.

• Time-Varying Idiosyncratic Risk and Aggregate Consumption Dynamics
Journal of Monetary Economics 2017
Published version | Time series for idiosyncratic risk factor | Matlab replication codes

• The Power of Forward Guidance Revisited
With Emi Nakamura and Jon Steinsson.
American Economic Review 2016
Matlab replication codes. | Note about Table 2.

• The Role of Automatic Stabilizers in the U.S. Business Cycle
With Ricardo Reis.
Econometrica 2016
Matlab codes for simplified version of the model. | Matlab replication codes.

• Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model
With Filip Matejka.
American Economic Review 2015
Published version. | Additional appendices.

• Search for Financial Returns and Social Security Privatization
Review of Economic Dynamics 2013
Published version | Appendix | Programs and data

• Simple Market Equilibria with Rationally Inattentive Consumers
With Filip Matejka.
American Economic Review (Papers and Proceedings) 2012
Published version

• News Shocks and Business Cycles
With Per Krusell.
Federal Reserve Bank of Richmond Economic Quarterly 2010

• The Brevity and Violence of Contractions and Expansions
With Ricardo Reis.
Journal of Monetary Economics 2008
Published version | Appendix | Programs and data

Computation

• GitHub profile


• Short course on computation for heterogeneous-agent macro. Endogenous grid method, solving the Aiyagari model using non-stochastic simulation, perfect foresight transitions, sequence space Jacobians, a simple HANK model.


• Short course on basic numerical methods.