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Emi Nakamura
Researcher at Niigata University of Health and Welfare
Publications - 98
Citations - 7216
Emi Nakamura is an academic researcher from Niigata University of Health and Welfare. The author has contributed to research in topics: Monetary policy & Inflation. The author has an hindex of 30, co-authored 93 publications receiving 5933 citations. Previous affiliations of Emi Nakamura include Center for Economic and Policy Research & Harvard University.
Papers
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Five Facts about Prices: A Reevaluation of Menu Cost Models
Emi Nakamura,Jon Steinsson +1 more
TL;DR: In this article, the authors show that the frequency of price change is highly seasonal: it is highest in the first quarter and then declines, and that price increases covaries strongly with inflation, whereas price decreases and the size of price increases and decreases do not.
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Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions
Emi Nakamura,Jon Steinsson +1 more
TL;DR: This paper used historical data on military procurement to estimate the effects of government spending and developed a framework for interpreting this estimate and relating it to estimates of the standard closed economy aggregate multiplier, which is highly sensitive to how strongly aggregate monetary and tax policy “leans against the wind.
Posted Content
High Frequency Identification of Monetary Non-Neutrality: The Information Effect
Emi Nakamura,Jon Steinsson +1 more
TL;DR: In this paper, the authors present estimates of monetary non-neutrality based on evidence from high-frequency responses of real interest rates, expected inflation, and expected output growth, and build a model in which Fed announcements affect beliefs not only about monetary policy but also about other economic fundamentals.
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The Power of Forward Guidance Revisited
TL;DR: This article showed that the power of forward guidance is highly sensitive to the assumption of complete markets and that if agents face uninsurable income risk and borrowing constraints, a precautionary savings effect tempers their responses to changes in future interest rates, as a consequence, forward guidance has substantially less power to stimulate the economy.
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Monetary Non-neutrality in a Multisector Menu Cost Model
Emi Nakamura,Jon Steinsson +1 more
TL;DR: In this paper, the authors calibrate a multisector menu cost model using new evidence on the cross-sectional distribution of the frequency and size of price changes in the U.S. economy and show that the introduction of heterogeneity in the frequency of price change triples the degree of monetary non-neutrality generated by the model.