Research

• “The Forward Fiscal Guidance Puzzle and a Proposed Resolution,” Journal of Economic Dynamics and Control, Special Issue on Fiscal and Monetary Policies, 2018, vol 89 (with M. Canzoneri, D. Cao, R. Cumby, and W. Luo)

• “Optimal Monetary and Prudential Policies," American Economic Journal: Macroeconomics,

2017, pp. 40-87. (with F. Collard, H. Dellas and O. Loisel)

• Optimal Money and Debt Management: Liquidity Provision v. Tax Smoothing, Journal of Monetary Economics, October 2016, (M. Canzoneri and with R. Cumby). Appendix

• “Fiscal Multipliers in Recessions,” Economic Journal, 2016, vol. 126 (590), pp. 75-108.

(with M. Canzoneri, F. Collard, and H. Dellas)

• Should the Federal Reserve Pay Competitive Interest on Reserves?, Journal of Money Credit and Banking, forthcoming, (with M. Canzoneri and R. Cumby). Appendix

• “Liquidity Shocks, Equity-Market Frictions, and Optimal Policy,” Macroeconomic Dynamics,

2015, vol. 19 (06), pp. 1195-1219. (with H. Dellas and O. Loisel)

• Monetary Policy and the Natural Rate of Interest, Journal of Money Credit and Banking,March-April 2015 (with M. Canzoneri and R. Cumby).

• Key Currency Status: An Exorbitant Privelege and an Extraordinary Risk, Journal of International Money and Finance, October 2013, pp. 371-393. (with M. Canzoneri, R. Cumby, and D. Lopez-Salido).

• “Withering Government Spending Multipliers,” Journal of Money, Credit and Banking, 2012, pp. 185-210. (with M. Canzoneri, F. Collard, and H. Dellas)

• The Role of Liquid Government Bonds in the Great Transformation of American Monetary Policy, Journal of Economic Dynamics and Control, March 2011. (with M. Canzoneri, R. Cumby, and D. Lopez-Salido).

• The Interaction Between Monetary and Fiscal Policy, in Benjamin M. Friedman and Michael Woodford, editors: Handbook of Monetary Economics, Vol 3B, 2011. (with M. Canzoneri and R. Cumby).

• Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework, Journal of Money Credit and Banking, December 2008. (with M. Canzoneri and R. Cumby).

• Euler Equations and Money Market Interest Rates:A Challenge for Monetary Policy Models, Journal of Monetary Economics, October 2007. (with M. Canzoneri and R. Cumby).

• The Costs of Nominal Inertia in NNS Models,Journal of Money Credit and Banking, October 2007. (with M. Canzoneri and R. Cumby).

• New Keynesian Explanations of Cyclical Movements in Aggregate Inflation and Regional Inflation Differentials, Open Economies Review, January 2006. (with M. Canzoneri, R. Cumby, and O. Mykhaylova)

• The Need for International Policy Coordination: What's Old, What's New, and What's Yet to Come?, Journal of International Economics, July 2005. (with M. Canzoneri and R. Cumby).

• “Interest Rate Rules and Price Determinacy: the Role of Transactions Services of Bonds,”

Journal of Monetary Economics, 2005, pp. 329-343. (with M. Canzoneri)

• Should the European Central Bank and the Federal Reserve Be Concerned About Fiscal Policy?, in Reassessing Stabilization Policy, Federal Reserve Bank of Kansas City , 2003. (with M. Canzoneri and R. Cumby).

• Fiscal Discipline and Exchange Rate Regimes, (with M. Canzoneri and R. Cumby), Economic Journal, October 2001.

• Is the Price Level Determined by the Needs of Fiscal Solvency?, American Economic Review, December 2001, (with M. Canzoneri and R. Cumby).

• Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries, Journal of International Economics, 1998. (with M. Canzoneri and R. Cumby).