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S.C. Tsiang Macroeconomics Workshop: Adrien Auclert

Thursday, May 6, 2021 at 11:15am to 12:45pm

Virtual Event

Adrien Auclert, Stanford University

“Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel” (w/Matthew Rognlie, Martin Souchier, and Ludwig Straub).

Updated version of the paper here:

Abstract: Introducing heterogeneous households to a New-Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households’ real incomes, and leads them to cut back on spending. This channel counteracts the standard expenditure-switching channel of exchange rates, and can result in a contractionary effect of a depreciation on domestic output. We study the monetary policy implications of a large and dominant real income channel.

Dial-In Information

If you are interested participating in this seminar, please email Ulrike Kroeller at for Zoom information.

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Event Type

Seminar, Class/ Workshop




economics, EconSeminar, EconMacro

Contact E-Mail

Contact Name

Ulrike Kroeller


Adrien Auclert

Speaker Affiliation

Stanford University

Open To

Cornell Economics Community - List Serve Members