Sushant Acharya

Economist, FRB New York


Working Papers

5th Oxford - Federal Reserve Bank of New York Monetary Economics Conference, Oxford, Sept 26-27 2019 Call for papers


  1. Costly Information, Planning Complementarities and the Phillips Curve
    Journal of Money, Credit and Banking 49(4) 2017 [Link]
    Also available as NY Fed Working Paper 698

  2. Liquidity Traps, Capital Flows (with Julien Bengui )
    Journal of International Economics 114 2018 [Link]
    Also available as NY Fed Working Paper 765 and CIREQ Working Paper 14-2015

  3. Rational Inattention in Hiring Decisions (with Shu Lin Wee)
    Forthcoming at American Economic Journal: Macroeconomics
    [Latest Version]

  4. Global Spillovers in a Low Interest Rate Environment (with Paolo Pesenti )
    Prepared for the Oxford Research Encyclopedia of Economics and Finance

Working Papers

  1. Understanding HANK: Insights from a PRANK (with Keshav Dogra)
    R&R Econometrica
    Available as NY Fed Working Paper 835
    [Latest Version]

  2. Replacement Hiring and the Productivity-Wage Gap (with Shu Lin Wee)
    Available as NY Fed Working Paper 860
    [Latest Version]

  3. The Side Effects of Safe Asset Creation (with Keshav Dogra)
    Available as NY Fed Working Paper 842
    [Latest Version]

  4. The Anatomy of Sentiment-Driven Fluctuations (with Jess Benhabib and Zhen Huo )
    Available as NBER Working Paper 23136
    [Latest Version]

  5. Slow Recoveries and Unemployment Traps: Monetary Policy in a Time of Hysteresis (with Julien Bengui, Keshav Dogra, Shu Lin Wee )
    Older version avaliable as NY Fed Working Paper 831
    [Latest Version]

  6. Dispersed Beliefs and Aggregate Demand Management (under Revision)

Work in Progress

  1. Optimal Monetary Policy in HANK Economies (with Edouard Challe and Keshav Dogra)

  2. Macroprudential Arrangements for Currency Unions (with Julien Bengui and Louphou Coulibaly)

  3. Changing Sentiments and Exchange Rate Predictability


  1. Why Are Exchange Rates So Smooth? A Segmented Asset Markets Explanation by Chien, Lustig and Naknoi Slides

  2. The Demise of the Treaty of Detroit and (Dis)inflation Dynamics by CairĂ³ and Sim Slides

  3. A Model of Safe Asset Determination by He, Krishnamurthy and Milbradt Slides

  4. Limited Records and Credit Cycles by Kovbasyuk, Larinsky and Spagnolo Slides

  5. Market Structure and Monetary Non-Neutrality by Mongey Slides

  6. The Intertemporal Keynesian Cross by Auclert, Rognlie and Straub Slides

  7. Monetary Independence and Rollover Risk by Bianchi and Mondragon Slides

  8. Fiscal Rules, Bailouts, and Reputation in Federal Governments by Dovis and Kirpalani Slides


33 Liberty Street 
New York, NY 10045    
Email: sushant.acharya 'at'
ALT: firstname 'dot' lastname 'at' gmail

Disclaimer: The views expressed on this website are entirely those of the author(s). They do not necessarily represent the views of the Federal Reserve Bank of New York or the Federal Reserve System.