Alisdair McKay

Working papers

• Housing Wealth Effects: The Long View
With Adam Guren, Emi Nakamura, and Jon Steinsson.

• What do we Learn from Cross-Sectional Empirical Estimates in Macroeconomics?
With Adam Guren, Emi Nakamura, and Jon Steinsson.

• Optimal Automatic Stabilizers
With Ricardo Reis.
Revise and resubmit Review of Economic Studies.

• Accounting for Idiosyncratic Wage Risk Over the Business Cycle
With Tamas Papp

Published papers

• The Discounted Euler Equation: A Note
With Emi Nakamura and Jon Steinsson.
Economica, Volume 84, Issue 336, October 2017.
Published version.

• Time-Varying Idiosyncratic Risk and Aggregate Consumption Dynamics
Journal of Monetary Economics, Volume 88, June/July 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, Volume 106, Issue 10, October 2016.
Published version. | Matlab replication codes.

• The Role of Automatic Stabilizers in the U.S. Business Cycle
With Ricardo Reis.
Econometrica, Vol. 84, No. 1, January 2016.
Published version. | 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, Volume 105, Issue 1, January 2015.
Published version. | Additional appendices.

• Search for Financial Returns and Social Security Privatization
Review of Economic Dynamics, Volume 16, Issue 2, April 2013.
Published version | Appendix | Programs and data

• Simple Market Equilibria with Rationally Inattentive Consumers
With Filip Matejka.
American Economic Review (Papers and Proceedings), Volume 102, Number 3, May 2012.
Published version

• News Shocks and Business Cycles
With Per Krusell.
Federal Reserve Bank of Richmond Economic Quarterly, Volume 96, Number 4, Fourth Quarter 2010.

• The Brevity and Violence of Contractions and Expansions
With Ricardo Reis.
Journal of Monetary Economics, Volume 55, Issue 4, May 2008.
Published version | Appendix | Programs and data

Notes on computation

• Short course on numerical methods.


• Short course on computation for heterogeneous-agent macro.
Endogenous grid method, solving the Aiyagari model using non-stochastic simulation, adding aggregate shocks with the Reiter method, a simple HANK model.