Working Papers:

• Exchange Rate Insulation Revisited 

with Giancarlo Corsetti, Keith Kuester and Gernot Müller, R&R at Review of Economic Studies 

[CEPR DP, ECB WP]

• Deflationary equilibrium with uncertainty 

with Philip Coyle, Naoki Maezono and Taisuke Nakata

• Speed limit policy and liquidity traps 

with Taisuke Nakata and Paul Yoo, June 2018

• Time-consistent monetary policy, terms of trade manipulation and welfare in open economies

Publications:

• Monetary-fiscal policy interactions when price stability occasionally takes a back seat

Journal of Money, Credit and Banking, forthcoming 

[CEPR DP, ECB WP, SUERF Policy Brief] 

• Fiscal Backing for Price Stability in a Monetary Union

with Bartosz Maćkowiak, American Economic Journal: Macroeconomics, Vol. 17, No. 3, July 2025

[Local copy, Appendix, CEPR DP, ECB WP]

• Average Inflation Targeting and the Interest Rate Lower Bound

with Flora Budianto and Taisuke Nakata, European Economic Review, Vol. 152, February 2023 

[Local copy, Appendix, Video of presentation, CEPR DP, BIS WP, ECB WP] 

• Expectations-Driven Liquidity Traps: Implications for Monetary and Fiscal Policy 

with Taisuke Nakata, American Economic Journal: Macroeconomics, Vol. 14, No. 4, October 2022 

[Local copy (pdf), Appendix, Code]  

• Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment 

with Günter Coenen and Carlos Montes-Galdón, Journal of Economic Dynamics and Control, November 2021. 

• Effective Lower Bound Risk 

with Timothy Hills and Taisuke Nakata, European Economic Review, November 2019.  

This paper supersedes: "The Risky Steady State and the Interest Rate Lower Bound" and "The Risk-Adjusted Monetary Policy Rule". 

[ECB Research Bulletin; press coverage: Bloomberg News, Financial Times, Reuters]  

• Attenuating the Forward Guidance Puzzle: Implications for Optimal Monetary Policy

with T. Nakata, R. Ogaki and P. Yoo, Journal of Economic Dynamics and Control, Aug. 2019.

• Conservatism and Liquidity Traps 

with Taisuke Nakata, Journal of Monetary Economics, June 2019. 

[Appendix, 2014 FEDS WP, 2015 ECB WP]

• Gradualism and Liquidity Traps 

with Taisuke Nakata, Review of Economic Dynamics, January 2019. 

[Appendix]

• Macroeconomic stabilization, monetary-fiscal interactions, and Europe's monetary union 

with G. Corsetti, L. Dedola, M. Jarociński and B. Maćkowiak, European Journal of Political Economy, March 2019.

• Comparing fiscal consolidation multipliers across models in Europe 

with J. Kilponen, M. Pisani, V. Corbo, T. Hledik, J. Hollmayr, S. Hurtado, P. Júlio, D. Kulikov, M. Lemoine, M. Lozej, H. Lundvall, J. Maria, B. Micallef, D. Papageorgiou, J. Rysanek, D. Sideris, C. Thomas and G. De Walque, International Journal of Central Banking, September 2019.

• Fiscal Activism and the Zero Nominal Interest Rate Bound 

Journal of Money, Credit and Banking, June 2017. 

[Online Appendix]

• Lack of confidence, the zero lower bound, and the virtue of fiscal rules 

Journal of Economic Dynamics and Control, September 2016.

• Dealing with a Liquidity Trap when Government Debt Matters: Optimal Time-Consistent Monetary and Fiscal Policy 

with Matthias Burgert, Journal of Economic Dynamics and Control, October 2014.

• Optimal Monetary and Fiscal Policy with a Zero Bound on Nominal Interest Rates 

Journal of Money, Credit and Banking, October 2013. 

[Appendix, 2012 IMFS WP]

• The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods, and Macroeconomic Policy Evaluation 

with Volker Wieland, in: P.B. Dixon and D.W. Jorgenson (eds.), Handbook of Computable General Equilibrium Modeling, Vol. 1, Elsevier, North-Holland, 2013.

• A New Comparative Approach to Macroeconomic Modeling and Policy Analysis 

with Volker Wieland, Tobias Cwik, Gernot Mueller and Maik Wolters, Journal of Economic Behavior and Organization, August 2012.

• The Cost Channel, Indeterminacy, and Price-Level versus Inflation Stabilization 

The B.E. Journal of Macroeconomics, January 2011.