Working Papers
How Does Monetary and Fiscal Policy Affect the Economy in the Face of Large Shocks?
Greg Kaplan and Ken Miyahara
June 2026 Version • Online Appendix
How Small is Small? Non-linearities in Heterogeneous Agent Models
We are working on an updated version to address comments at SED and NBER, check back soon
Javier Bianchi and Greg Kaplan
June 2026 NBER Working Paper Version
Household Liquidity and the Adjustable-Rate Mortgage Cash-Flow Channel of Monetary Policy
Revise and resubmit, Journal of Monetary Economics
Matthew Elias, Christian Gillitzer, Greg Kaplan, Gianni la Cava, and Nalini Prasad
July 2026 Version • BFI Non-technical Summary
February 2026 Version • November 2025 Version
A Note on Equilibrium Uniqueness in New Keynesian Models and Implications for the Fiscal Theory of the Price Level
Revise and resubmit, Journal of Macroeconomics
Greg Kaplan
March 2026 Version • September 2025 Version
Evaluating Recent Crackdowns on Disability Benefits: Effects on Income and Health Care Use in Australia
Revise and resubmit, American Economic Journals: Policy
Manasi Deshpande, Greg Kaplan and Tobias Leigh-Wood
July 2025 Version • April 2025 Version • Non-technical Summary
Price Level and Inflation Dynamics in Heterogeneous Agent Economies
Revise and resubmit, Econometrica
Greg Kaplan, Georgios Nikolakoudis and Gianluca Violante
January 2026 Version • Non-technical Summary
August 2023 Version: Main Text • Online Appendix • Not For Publication Supplementary Appendix
June 2023 Version
Markups, Labor Market Inequality and the Nature of Work
Revise and resubmit, Review of Economic Studies
Greg Kaplan and Piotr Zoch
Non-technical Summary
April 2026 Version • December 2024 Version • May 2022 Version • February 2020 Version
Fiscal-Monetary Interactions in the 2020’s: Some Insights from HANK Models
Greg Kaplan
(Prepared for Reserve Bank of Australia and Treasury Joint Conference on Monetary and Fiscal Interactions)
September 2025 Version
The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S.
Zhiyu Fu, Greg Kaplan, Ben Moll and Gianluca Violante
September 2020 Version • Non-technical Summary
Summary Fact: Occupation Effects
Summary Fact: CARES Act
Summary Fact: Pigouvian Taxes
PROJECTS IN PROGRESS
Lots of interesting stuff going on. I tend to present my work before I write it up and post it online. Send me an email if you are interested to know what I’m working on!