Regional Heterogeneity and Monetary Policy

Martin Beraja, Andreas Fuster, Erik Hurst, Joseph Vavra

NBER Working Paper No. 23270
Issued in March 2017, Revised in March 2018

---- Acknowledgments ----

First draft: May 2015. We thank Caitlin Gorback, Karen Shen and Eilidh Geddes for excellent research assistance. We would also like to thank our discussants John Campbell, Wouter Den Haan, Daniel Greenwald, Amit Seru, Junyi Zhu and Mark Zandi, as well as Adrien Auclert, Arlene Wong, and seminar participants at Chicago Booth, University of Minnesota, NYU, MIT Sloan, Berkeley Haas, IIES Stockholm, University of Zurich, Central Bank of Ireland, NBER Summer Institute, ECB Annual Research Conference, ASSA Chicago, SED-Edinburgh, SITE Stanford, Hutchins Center at Brookings, the Frontiers in Central Banking conference at the Bundesbank, and the CEPR–University of St. Gallen workshop on Household Finance and Economic Stability for helpful comments. The views expressed in this paper are solely those of the authors and not necessarily those of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research.

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