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

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

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!