Yinxi Xie

We thank Guido Ascari, Francesco Bianchi, Gabriele Galati, Dmitriy Sergeyev, as well as seminar and conference participants at the 28th Annual Research Conference of the Dutch Central Bank, 15th ifo Conference on Macroeconomics and Survey Data, Midwest Econometrics Group meeting, and PHBS-HKBU Macro Workshop for helpful comments.

We are grateful to Alex Houtz, Ruoqing Jiang, and Yaqi Liu for excellent research assistance. Zhang acknowledges support from the National Natural Science Foundation of China (No.72422014). The views in this paper are those of the authors and do not necessarily reflect those of the Bank of Canada or the National Bureau of Economic Research. Related

Skip to main content The manuscript is prepared for “The Future of Macroeconomic Policy” conference and the IMF Economic Review. We thank the Guest Editor, Stephanie Schmitt-Grohé, and the discussant, Linda Tesar for important feedback on the manuscript. We are also grateful to Drew Creal, Pierre-Olivier Gourinchas, Dmitry Mukhin, as well as conference organizers and participants for helpful comments, and to Dario Cardamone for excellent research assistance.