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Research
![Macroeconomic Effects of UI Extensions at Short and Long Durations](https://images.squarespace-cdn.com/content/v1/6148c2230560822b4f1ed1e9/1692391053712-GGDG0TVRL7VGP0PYJCLC/UIpicture.jpg)
Macroeconomic Effects of UI Extensions at Short and Long Durations
Miguel Acosta, Andreas Mueller, Emi Nakamura, and Jón Steinsson
The effect of UI extensions on unemployment are small when pre-extension durations are already long. These effects are quite a bit larger when pre-extension durations are smaller.
![The Macroeconomic Consequences of Exchange Rate Depreciations](https://images.squarespace-cdn.com/content/v1/6148c2230560822b4f1ed1e9/1681073398388-VSSFA3KX5DJVZQHYUR9U/trilemmaFigure.jpg)
The Macroeconomic Consequences of Exchange Rate Depreciations
Masao Fukui, Emi Nakamura, and Jón Steinsson
Regime-induced exchange rate depreciations are strongly expansionary. Net exports fall (ruling out an export led boom) and nominal interest rates rise (ruling out a monetary expansion). To explain these findings, we build a financially driven exchange rate model (FDX model) with a strong foreign credit channel. Our model is also consistent with exchange rate disconnect and the Mussa facts.