Steven W. Sumner

The comovement between real activity and prices in the G7

Abstract In this paper, we study the short-run and long-run comovement between prices and real activity in the G7 countries during the postwar period using vector autoregressive systems and frequency-domain filters. We find several patterns that are robust across countries and time periods. Typically, the correlation coefficients at long-run horizons are significantly negative and the correlation coefficients at short-run horizons are substantially higher. Additionally, there is evidence of positive correlation at short-run forecast horizons for some countries.

Bank Loan Components and the Time‐varying Effects of Monetary Policy Shocks

The impulse response function (IRF) of an aggregate variable is time-varying if the IRFs of its components are different from each other and the relative magnitudes of the components are not constant—two conditions likely to be true in practice. We model the behaviour of loan components and document that the induced time variation for total loans is substantial, which helps to explain why studies describing total loans have had such a hard time finding a robust response of total bank loans to a monetary tightening.

Girls Get Free Drinks: Undergraduates' Misunderstandings of Heterosexual Privilege.

ABSTRACT Heterosexual privilege is a challenging concept to teach in undergraduate courses. Using data from self-reflection essays on the first and last days of the semester, we present students’ learning and growth in their understanding of heterosexual privilege and their ability to distinguish it from cisgender privilege. The majority of students accurately identified an instance of heterosexual privilege in their lives and discussed the counterpart to privilege: the marginalization and/or disenfranchisement experienced by individuals who hold other sexual identities. This article highlights the two most common misunderstandings of heterosexual privilege that emerged in students’ writing. On the first day of class, 18.2% outright denied that heterosexual privilege exists, and 17.6% conflated gender with sexuality. It reduced to 11.9% and 11.3%, respectively, on the last day of class. We saw growth in students’ sophistication of perspective even for some students who demonstrated these misunderstandings at the end of the term.