Research Statement PDF [July 2023]

Research Interests: Macroeconomics, International Finance, Productivity Growth

Conferences I am helping organize this year

1. 2025 Asia Economic Policy Conference at SF Fed

2. Behavioral Macro Conference at SF Fed. 

3. 10th Annual West Coast Workshop in International Finance.  Agenda, April 4 2025 

Recent Media

Jordà, Singh, & Taylor “The Long-Run Effects of Monetary Policy” frbsf working paper

• Covered by Bloomberg, Financial Times [1], Financial Times [2],  Financial Times [3]

• Summary at FRBSF Economic Letters 

Jordà, Singh, & Taylor “Longer-run Economic Consequences of Pandemics” w26934.pdf

• Covered by Barron's, Bloomberg,  The Economist[1], The Economist [2],  Reuters, The Telegraph

• Summary at VoxEU and IMF Finance and Development

Eggertsson, Mehrotra, Singh, & Summers "A Contagious Malady? Open Economy Dimensions of Secular Stagnation"  published draft

• Covered by Washington Post, Paul Krugman's Blog at NY Times, Economist's View

​​Working Papers​

1. Incomplete Markets and Exchange Rates

  (with Emile A. Marin)

June 2025

Old version titled "Low Risk Sharing with Many Assets" 

2. The Financial Origins of Non-Fundamental Risk

(with Sushant Acharya and Keshav Dogra)

May 2023

3. Distribution of Market Power, Endogenous Growth, and Monetary Policy

  (with Yumeng Gu)

  February 2024 

4. Asset Prices and Credit with Diagnostic Expectations

  (with James Cloyne, Òscar Jordà, and Alan M. Taylor)

  February 2024 (draft available upon request, coming soon)

Publications / Articles Accepted for Publication

1. The Long-run Effects of Monetary Policy

      The Review of Economics and Statistics, forthcoming.

(with Òscar Jordà and Alan M. Taylor)

Won the Dr. Subir V Gokarn Best Paper Award at 19th Macroeconomics and Finance Conference

Replication Code

2. Incorporating Diagnostic Expectations into the New Keynesian Framework 

Review of Economic Studies, Volume 91, Issue 5, October 2024.

(with Jean-Paul L'Huillier and Donghoon Yoo)

Replication Code

3. Understanding Persistent ZLB: Theory and Assessment

American Economic Journal: Macroeconomics, forthcoming

(with Pablo Cuba-Borda) 

Online Appendix with additional results

Replication Code

4. Bond Premium Cyclicality and Liquidity Traps

The Review of Economic Studies, Volume 90, Issue 6, November 2023, Pages 2822–2879.

(with Nicolas Caramp)

Won the Best Paper Award at the Delhi Winter School 2020

Replication Code

5. Currency Areas, Labor Markets, and Regional Cyclical Sensitivity 

IMF Economic Review, Vol. 72(1), pages 152-195, March 2024.

(with Katheryn N Russ and Jay C Shambaugh)

6. Supply or Demand? Policymakers' Confusion in the Presence of Hysteresis

European Economic Review, January 2024, 161, 104617.

(with Antonio Fatás)

Replication Code

7. Longer-run economic consequences of pandemics

Review of Economics and Statistics, Vol. 104 (1), pp 166–175, January 2022

(with Òscar Jordà and Alan M. Taylor)

Replication Code

8. Output Hysteresis and Optimal Monetary Policy

Journal of Monetary Economics, Vol 117, pp. 871–886, January 2021​

(with Vaishali Garga)

Online Appendix with proofs, additional results on fiscal policy, empirics, and quantitative

Replication Code

9. Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model

Journal of Economic Dynamics and Control, Vol 105, pp. 21–43, August 2019

(with Gauti Eggertsson)

Replication Code

10. The Effect of Foreign Shocks on the Indian Economy

India Policy Forum 2019, Vol 16: 1–47

(with Aeimit Lakdawala)

11. A Contagious Malady? Open Economy Dimensions of Secular Stagnation

IMF Economic Review, Vol. 64(4), pp. 581–634, December 2016

(with Gauti Eggertsson, Neil Mehrotra and Larry Summers)

12. Tariffs and the Macroeconomy (publisher's link)

Oxford Research Encyclopedia in Economics and Finance, July 2023.

(with Xiangtao Meng and Katheryn N Russ)

Discussions​

1. Golden Fetters and the Causal Effects of Countercyclical Monetary Policy, KJ Mitchener and G Pina, West Coast Workshop in International Finance, 2018 [discussion slides]

2. Multinational Firms, Trade and the Trade-Comovement Puzzle, G Udupa, CAFRAL conference on Financial system and Macroeconomy in Emerging Economies, 2018 [discussion slides]

3. Taking away the Punch Bowl: Monetary Policy and Financial Instability, KD Sheedy, XXI Annual Inflation Targeting Conference, 2019 [discussion slides]

4. Zombie Firm Dynamics and China's Monetary Policy, W Guo, D Jia and TW Li, 11th Tsinghua Workshop in Macroeconomics, 2019 [discussion slides]

5. Zombie Credit and (Dis-)inflation: Evidence from Europe. V Acharya, M Crosignani, T Eisert and C Eufinger, Bank of Finland and CEPR Joint Conference on Monetary Economics and Reality, 2019 [discussion slides]

6. Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy? G Georgiadis and F Zhu, CEBRA-IFM Annual Conference, 2019 [discussion slides]

7. Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment. A Krishnamurthy and W Li, CESifo Macro, Money and International Finance, 2021 [discussion slides]

8. Diagnostic Business Cycles. F Bianchi, C Ilut and H Saijo, NBER Monetary Economics Spring 2022 [discussion slides]

9. Assessing Central Bank Commitment to Inflation Targeting: Evidence From Financial Market Expectations in India. V. Garga, A. Lakdawala and R. Sengupta, CAFRAL conference on Financial system and Macroeconomy in Emerging Economies, 2022 [discussion slides]

10. Market Power and Monetary Policy Transmission. R. Duval, D. Furceri, R. Lee and M. Tavares, ASSA 2023 [discussion slides]

11. Can Today’s and Tomorrow’s World Uniformly Gain from Carbon Taxation? L. Kotlikoff, F. Kubler, A. Polbin, and S. Scheidegger, SF Fed "Climate and the Business Cycle Conference" 2023 [discussion slides]