Sushant Acharya

Senior Research Advisor, Bank of Canada

Research Fellow, CEPR

Working Papers


  1. Costly Information, Planning Complementarities and the Phillips Curve
    Journal of Money, Credit and Banking 49(4) 2017 [Link]

  2. Liquidity Traps, Capital Flows (with Bengui)
    Journal of International Economics 114 2018 [Link]

  3. Rational Inattention in Hiring Decisions (with Wee)
    American Economic Journal: Macroeconomics 12(1) 2020 [Link]

  4. Understanding HANK: Insights from a PRANK (with Dogra)
    Econometrica 88(3) 2020 [Link]

  5. The Anatomy of Sentiment-Driven Fluctuations (with Benhabib & Huo)
    Journal of Economic Theory 195 2021 [Link]

  6. The Side Effects of Safe Asset Creation (with Dogra)
    Journal of the European Economic Association 20(2) 2022 [Link]

  7. Slow Recoveries and Unemployment Traps: Monetary Policy in a Time of Hysteresis (with Bengui, Dogra & Wee)
    The Economic Journal 132(646) 2022 [Link]

  8. Optimal Monetary Policy According to HANK (with Challe & Dogra)
    American Economic Review 113(7) 2023 [Link]

  9. Estimating HANK for Central Banks (with Chen, Del Negro, Dogra, Gleich, Goyal, Matlin, Lee, Sarfati & Sengupta)
    Proceedings of the XXV Annual Conference of the Central Bank of Chile (forthcoming) [Link]

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

Working Papers

  1. Global Indeterminacy in HANK economies (with Benhabib)
    [Latest Version (May 2024)]

  2. Spillovers and Spillbacks (with Pesenti)
    [Latest Version (February 2024)]

  3. On-the-job Search and the Productivity-Wage Gap (with Wee)
    [Latest Version (September 2023)]

  4. The Financial Origins of Non-Fundamental Risk (with Dogra & Singh)
    [Latest Version (November 2021)]

  5. Inequality and Optimal Monetary Policy in the Open Economy (with Challe)
    [Latest Version (May2024)]

Inactive Papers

  1. Dispersed Beliefs and Aggregate Demand Management (2013)

  2. Asset Price Effects of Peer Benchmarking: Evidence from a Natural Experiment (2015) (with Pedraza) [Link]


  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]

  9. The Behavioral Financial Accelerator by Falato and Xiao [Slides]

  10. Unemployment Insurance in Macroeconomic Stabilization by Kekre [Slides]

  11. Optimal Policy Rules in HANK by McKay and Wolf [Slides]

  12. Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel by Auclert, Rognlie, Souchier and Straub [Slides]


Bank of Canda
234 Wellington Street West
Ottawa, ON K1A 0G9   
Email: sushant.acharya.econ 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 Bank of Canada.