This is a preview. Log in through your library . Abstract This paper reexamines Blanchard and Quah's (1989) aggregate supply/demand model interpretation of output shocks using data from ten countries.

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Ma, Le, Anywhere Sikochi, and Yajun Xiao. "Transitory and Permanent Cash Flow Shocks in Debt Contract Design." Harvard Business School Working Paper, No. 22-026, October 2021. (Revised February 2024.

We study empirically the reaction of fiscal policy to changes in the permanent and transitory components of GDP in a panel of countries. We find evidence that government spending tends to be ...

How much persistent versus transitory forces contribute to inflation influences the Federal Reserve’s ability to achieve its goal of 2% average inflation over time. If elevated inflation is driven ...

Generations of economists — myself included — were taught to think about changes in economic activity primarily in terms of demand. But supply can prove every bit as consequential for output and ...

The recent passage of a tax cut package in the U.S. raises an interesting and important question for monetary policy: Will the tax cuts create inflation that the Fed cannot contain? According to ...

Ma, Le, Anywhere Sikochi, and Yajun Xiao. "Transitory and Permanent Cash Flow Shocks in Debt Contract Design." Journal of Financial and Quantitative Analysis 60, no. 4 (June 2025): 1925–1964.