{"id":126,"date":"2017-11-20T10:38:14","date_gmt":"2017-11-20T15:38:14","guid":{"rendered":"https:\/\/carleton.ca\/khan\/?page_id=126"},"modified":"2026-06-25T10:59:49","modified_gmt":"2026-06-25T14:59:49","slug":"research","status":"publish","type":"page","link":"https:\/\/carleton.ca\/khan\/research\/","title":{"rendered":"Research"},"content":{"rendered":"\n
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\n Research\n <\/h1>\n \n \n <\/header>\n\n <\/div>\n\n <\/div>\n\n <\/div>\n<\/section>\n\n\n\n

Completed Working Papers<\/h3>\n\n\n\n

17. Geography and the Technique Effect: Evidence from Canada<\/a>\u00a0<\/strong>(with Kevin Andrew, Jevan Cherniwchan, and Mamoon Kader). December 2025. Revise and Resubmit:\u00a0Canadian Journal of Economics <\/em><\/p>\n\n\n\n

16. The Welfare and Distributional Consequences of Corporate Tax Cuts in Open Economies<\/a><\/strong> (with Mamoon Kader, Minjoon Lee, and Raul Razo-Garcia).  Revised and Resubmitted: Journal of Money, Credit and Banking<\/em>.<\/p>\n\n\n\n

15. Are New Keynesian Models Useful When Trend Inflation is Not Very Low?<\/a><\/strong> (with Sergio Lago Alves). March 2025.<\/p>\n\n\n\n

14. Collateral Shocks: A Dominant Source of U.S. Business Cycles?<\/a><\/strong> (with Mamoon Kader). Revised August 2024.<\/p>\n\n\n\n

13. G-multipliers in Canada: How Large? And Why?<\/a> <\/strong>(with Fabrice Dabir\u00e9, Patrick Richard, and Jean-Fran\u00e7ois Rouillard), November 2023.<\/p>\n\n\n\n

12. The Behavior of the Aggregate U.S. Wage Markdown<\/a><\/strong> (with Miguel Abito and Konstantinos Metaxoglou). May 2023.<\/p>\n\n\n\n

11. Indebted Demand in a Two Period Consumption-Saving Model<\/strong><\/a> (with Joshua Brault). December 2021.<\/p>\n\n\n\n

10. Some International Evidence on Inequality, Demographics, and Long-term Interest Rates<\/a><\/strong> (with Joshua Brault). Updated: November 2021.<\/p>\n\n\n\n

9. Macroeconomic Fluctuations Without Indeterminacy<\/strong><\/a> (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). February 2021.<\/p>\n\n\n\n

8. Is Unconventional Monetary Policy Stabilizing? Evidence From the Great Recession and Recovery <\/strong><\/a>Years (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). July 2020.<\/p>\n\n\n\n

7. A Tale of Two Major Postwar Business Cycle Episodes<\/a><\/strong>  (with Joshua Brault, Louis Phaneuf and Jean-Gardy Victor). April 2020.<\/p>\n\n\n\n

6. Returns to Scale in U.S. Production, Redux<\/strong><\/a> (with Mumtaz Ahmad and John Fernald). June 2021.<\/p>\n\n\n\n

5. Collusion and Antitrust Filings over the Business Cycle<\/strong><\/a> (with Matthew Strathearn). December 2018.<\/p>\n\n\n\n

4. Do Real Estate Shocks Affect Corporate Investment?<\/a><\/strong> (with Timothy Greider). December 2017.<\/p>\n\n\n\n

3. Why Does Household Investment Lead Business Investment Over the Business Cycle?: Comment<\/strong><\/a>. (with Jean-Fran\u00e7ois Rouillard).   December 2016.<\/p>\n\n\n\n

2. Investment-Specific News Dominates TFP News in Driving US Business Cycles<\/a>.<\/strong> (with Nadav Ben Zeev). September 2016.<\/p>\n\n\n\n

1. Entrepreneurship and the Business Cycle: Stylized Facts from U.S. Venture Capital Activity.<\/a> <\/strong><\/span>(with Pythagoras Petratos). September 2016<\/p>\n\n\n\n

Published<\/strong><\/h3>\n\n\n\n

32. Private versus Social Responses to a Pandemic<\/a> <\/strong>(with Paul Gomme and Miguel Casares). June 2024. Forthcoming Journal of Economic Dynamics & Control.<\/em><\/p>\n\n\n\n

31. Consumer Confidence and Household Investment<\/a> <\/strong>(with Jean-Fran\u00e7ois Rouillard and Santosh Upadhayaya). Forthcoming Economic Inquiry<\/em>. ONLINE APPENDIX<\/a>.<\/p>\n\n\n\n

30. Large Firms and the Cyclicality of US Labour Productivity<\/a><\/strong> (with Joshua Brault). Journal of Macroeconomics Volume 82<\/span><\/span><\/a>, December 2024, 103643. <\/em><\/p>\n\n\n\n

29. Did US Business Dynamism Recover in the 2010s?<\/a><\/strong> (with Asier Aguilera-Bravo and Miguel Casares).  Economics Letters, Volume 211<\/a>, February 2022, 110247.<\/em><\/p>\n\n\n\n

28. COVID-19 Pandemic and Economic Scenarios for Ontario<\/strong><\/a> (with Miguel Casares and Paul Gomme).  Canadian Journal of Economics – Special Issue on COVID Economics, <\/em>February 2022.<\/p>\n\n\n\n

27. The Real Interest Rate Channel is<\/em> Structural in Contemporary New-Keynesian Models<\/strong><\/a> (with Joshua Brault). Journal of Money, Credit and Banking, <\/em>Volume 54, Issue 5, August 2022, Pages 1551-1563.
\n<\/em><\/p>\n\n\n\n

26. The Timing and Intensity of Social Distancing to Flatten the COVID-19 Curve: The Case of Spain<\/a><\/strong> (with Miguel Casares).  International Journal of Environmental Research and Public Health, <\/i>2020, 17(19), 7283.<\/p>\n\n\n\n

25. The Extensive Margin and US Aggregate Fluctuations: A Quantitative Assessment<\/a><\/strong>  (with Miguel Casares and Jean-Christophe Poutineau).  Journal of Economic Dynamics and Control<\/em> [Lead Article], 120, November 2020, Pages 1-20.<\/p>\n\n\n\n

24. Rules-Based Monetary Policy and the Threat of Indeterminacy When Trend Inflation Is Low<\/strong><\/a> (with Louis Phaneuf and Jean-Gardy Victor).  Journal of Monetary Economics, <\/em>Volume 114; October 2020, Pages 317-333.<\/p>\n\n\n\n

23.  Monetary News Shocks<\/a><\/strong> (with Nadav Ben Zeev and Christopher Gunn).  Journal of Money, Credit and Banking, <\/em>Volume 52, Issue7, October 2020. Pages 1793-1820.<\/p>\n\n\n\n

22. The Shifts in Lead-Lag Properties of the US Business Cycle<\/a><\/strong> (with Joshua Brault).   Economic Inquiry, <\/em>Volume 58, Issue 1, January 2020, Pages 319-334.<\/p>\n\n\n\n

21.   Does Business Confidence Matter for Investment?<\/a> <\/strong>  (with Santosh Upadhayaya).   Empirical Economics, <\/em>59(4), 1633-1665, 2020.<\/p>\n\n\n\n

20. Carbon Emissions and Business Cycles.<\/a><\/strong>  (with Christopher R. Knittel, Konstantinos Metaxoglou, and Maya Papineau).  NBER Working Paper 22294<\/a>.
\nWith financial support from an SSHRC IDG Grant.  Journal of Macroeconomics <\/em>[Lead Article], Volume 60, June 2019, Pages 1-19.  Corrigendum<\/a> (November 2024).<\/p>\n\n\n\n

19. Sources of Canadian Economic Growth<\/a><\/strong><\/span> (with Samira Hasanzadeh).  Canadian Journal of Economics, <\/em>52, Issue 1, February 2019, Pages 279 – 302.<\/p>\n\n\n\n

18. Household Borrowing Constraints and Residential Investment Dynamics<\/strong><\/a> (with Jean-Fran\u00e7ois Rouillard).  Journal of Economic Dynamics &<\/em> Control [Lead Article], Vol 95, <\/em>October 2018, Pages 1-18.<\/p>\n\n\n\n

17. House Prices and Government Spending Shocks<\/a><\/strong><\/span> (with Abeer Reza). Journal of Money, Credit and Banking, <\/em>Vol 49, Number 6, September 2017, Pages 1247-1271.<\/p>\n\n\n\n

16. Business Dynamism and Economic Growth: US Regional Evidence<\/a><\/strong><\/span> (with Miguel Casares). International Review of Entrepreneurship<\/em> 14(4), December 2016, Pages 423-446.<\/p>\n\n\n\n

15. Investment-Specific News Shocks and U.S. Business Cycles<\/a><\/strong><\/span> (with Nadav Ben Zeev). Journal of Money, Credit and Banking<\/em>, Volume 47, Issue 7, September 2015, Pages 1443-1464.<\/p>\n\n\n\n

14. The Stock Market and the Consumer Confidence Channel: Evidence from Canada<\/a><\/strong><\/span> (co-author Lilia Karnizova). Empirical Economics<\/em>, Vol. 49, Issue 2, 2015, Pages 551-573.<\/p>\n\n\n\n

13. Effects of Productivity Shocks on Hours-Worked: U.K. Evidence <\/a><\/strong><\/span>(with John Tsoukalas). B.E. Journal of Macroeconomics (Contributions) <\/em>Vol. 13, Issue 1, September 2013, Pages 549-579.<\/p>\n\n\n\n

12. Markups and Oil Prices in Canada <\/a><\/strong><\/span>(with Bae-Geun Kim). Economic Modelling <\/em>30, January 2013, Pages 799-813.<\/p>\n\n\n\n

11. The Quantitative Importance of News Shocks in Estimated DSGE Models<\/a><\/strong><\/span> (with John Tsoukalas). Journal of Money, Credit and Banking<\/em> Vol.44, No.8, 2012, Pages 1535-1561.<\/p>\n\n\n\n

10. Investment Shocks and the Comovement Problem<\/a><\/strong> <\/span>(with John Tsoukalas), Journal of Economic Dynamics and Control<\/em>.35, 2011, Pages 115-130<\/p>\n\n\n\n

9. Investment Adjustment Costs: An Empirical Assessment<\/a><\/strong><\/span> (with Charlotta Groth), Journal of Money, Credit and Banking<\/em> [Lead Article] 42(8), 2010, Pages 1469-1494<\/p>\n\n\n\n

8.Inventory Investment and the Real Interest Rate<\/a><\/strong><\/span> (with Sadaquat Junayed). Economics: The Open-Access, Open-Assessment E-Journal<\/a><\/em>, Vol. 3, 2009-34<\/p>\n\n\n\n

7.The Phillips Curve Under State-Dependent Pricing<\/a><\/strong> (with Barbara Rudolf and H. Bakhshi). Journal of Monetary Economics, <\/i>Vol 54, Issue 8, November 2008, Pages 2321-2345.
\n<\/i><\/span><\/p>\n\n\n\n

6. The New Keynesian Phillips Curve under Trend Inflation and Strategic Complementarity<\/span><\/a><\/strong> <\/a><\/span>(with Barbara Rudolf, Pablo Burriel, and H. Bakhshi). Journal of Macroeconomics, <\/i>Vol 29, Number 1, March 2007, Pages 37-59.<\/p>\n\n\n\n

5. Estimates of Sticky Information Phillips Curve for the United States<\/b><\/a> (with Zhenhua Zhu). Journal of Money, Credit, and Banking, <\/i>Vol 38, Number 1, 2006, Pages 197-207.<\/p>\n\n\n\n

4. New Phillips Curve under Alternative Technologies for Canada, the United States, and the Euro Area<\/b><\/a> (with Edith Gagnon). European Economic Review<\/i>, 19(6), August 2005, Pages 1571-1602.<\/p>\n\n\n\n

3. Price-Setting Behaviour, Competition, and Markup Shocks in the New Keynesian Model. <\/span><\/a><\/b>Economics Letters<\/i>, Vol 87, 3, June 2005, Pages 329-335.<\/p>\n\n\n\n

2. Price Stickiness, Trend Inflation, and Output Dynamics: A Cross-Country Analysis.<\/a><\/b> Canadian Journal of Economics<\/i>, 37 (4), 2004, Pages 999-1020.<\/p>\n\n\n\n

1. Price Stickiness, Inflation, and Real Exchange Rate Dynamics: A Cross-Country Analysis<\/a><\/b>. Economics Letters<\/i>, 71(2), 2001, Pages 247-253.<\/p>\n\n\n\n


\nOlder papers and notes<\/strong><\/h3>\n\n\n\n

1. Notes on the Derivation of New Keynesian Phillips Curve Under Positive Steady State Inflation<\/a><\/strong><\/span> (with B. Rudolf).<\/p>\n\n\n\n

2. Competitiveness, Inflation, and Monetary Policy<\/b><\/a> (with R. Moessner). Bank of England Working Paper no. 246.<\/i><\/p>\n\n\n\n

3. The contribution of Information Technology Sector to Output and Labour Productivity Growth in Canada <\/b><\/a>(with M. Santos). Bank of Canada Working Paper 2002-07.<\/i><\/p>\n\n\n\n

4. Product Diffusion, Increasing Returns to Specialization, and the Propagation of Shocks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Completed Working Papers 17. Geography and the Technique Effect: Evidence from Canada\u00a0(with Kevin Andrew, Jevan Cherniwchan, and Mamoon Kader). December 2025. Revise and Resubmit:\u00a0Canadian Journal of Economics 16. The Welfare and Distributional Consequences of Corporate Tax Cuts in Open Economies (with Mamoon Kader, Minjoon Lee, and Raul Razo-Garcia).  Revised and Resubmitted: Journal of Money, Credit […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_cu_dining_location_slug":"","footnotes":"","_links_to":"","_links_to_target":""},"cu_page_type":[],"class_list":["post-126","page","type-page","status-publish","hentry"],"acf":{"cu_post_thumbnail":""},"_links":{"self":[{"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/pages\/126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/comments?post=126"}],"version-history":[{"count":5,"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/pages\/126\/revisions"}],"predecessor-version":[{"id":635,"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/pages\/126\/revisions\/635"}],"wp:attachment":[{"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/media?parent=126"}],"wp:term":[{"taxonomy":"cu_page_type","embeddable":true,"href":"https:\/\/carleton.ca\/khan\/wp-json\/wp\/v2\/cu_page_type?post=126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}