Research

Selected Recent and Hard to Find Research Papers:

Publications:

In Academic Journals:

• The Forward Fiscal Guidance Puzzle and a Resolution, Journal of Economic Dynamics and Control, April 2018, (with D. Cao, R. Cumby, B. Diba, and W. Luo)
• Should the Federal Reserve Pay Competitive Interest on Reserves?, Journal of Money Credit and Banking, June 2017, (with R. Cumby and B. Diba). Appendix
• Optimal Money and Debt Management: Liquidity Provision v. Tax Smoothing, Journal of Monetary Economics, October 2016, (with R. Cumby and B. Diba). Appendix
• Fiscal Multipliers in Recessions , (with F. Collard, H. Dellas and B. Diba), forthcoming in Economic Journal.
• Monetary Policy and the Natural Rate of Interest, Journal of Money Credit and Banking, March-April 2015 (with R. Cumby and B. Diba).
• Optimal Exchange Intervention in an Inflation Targeting Regime: some cautionary Tales, (with R. Cumby), in Open Economies Review, Volume 25, Issue 3 (2014), 429-450
• Key Currency Status: An Exorbitant Privilege and an Extraordinary Risk, Journal of International Money and Finance, October 2013, pp. 371-393. (with R. Cumby, B. Diba, and D. Lopez-Salido).
• The Role of Liquid Government Bonds in the Great Transformation of American Monetary Policy, Journal of Economic Dynamics and Control, March 2011. (with R. Cumby, B. Diba, 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 R. Cumby and B. Diba).
• Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework, Journal of Money Credit and Banking, December 2008. (with R. Cumby and B. Diba).
• Euler Equations and Money Market Interest Rates: A Challenge for Monetary Policy Models, Journal of Monetary Economics, October 2007. (with R. Cumby and B. Diba).
• The Costs of Nominal Inertia in NNS Models,Journal of Money Credit and Banking, October 2007. (with R. Cumby and B. Diba).
• New Keynesian Explanations of Cyclical Movements in Aggregate Inflation and Regional Inflation Differentials, Open Economies Review, January 2006. (with R. Cumby, B. Diba, 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 R. Cumby and B. Diba).
• 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 R. Cumby and B. Diba).
• 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 R. Cumby and B. Diba).
• Fiscal Discipline and Exchange Rate Regimes, (with R. Cumby and B. Diba), Economic Journal, October 2001.
• Is the Price Level Determined by the Needs of Fiscal Solvency?, American Economic Review, December 2001, (with R. Cumby and B. Diba).

Pedagogical Papers on NNS Models:

Recent Developments in the Macroeconomic Stabilization Literature: Is Price Stability a Good Stabilization Strategy? (with R. Cumby and B. Diba) in Altug, S., J. Chadha, C. Nolan (eds.), Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium, (Cambridge University Press, Cambridge, 2003).

Derivations to Accompany: Recent Developments in the Macro- economic Stabilization Literature, July 31, 2002.

Notes on: Monopolistic Competition and Nominal Inertia, (with R. Cumby and B. Diba), July 31, 2002.

Notes on Models with Calvo Price and Wage Setting, (with R. Cumby and B. Diba), May 2004.