Papers

Working Papers

"The Optimal Supply of Central Bank Reserves under Uncertainty"

        with Gara Afonso, Gabriele La Spada, and John C. Williams

        [Paper]

"Macroeconomic Drivers and the Pricing of Uncertainty, Inflation, and Bonds"

        with Brandyn Bok and John C. Williams

        [Paper]

"Extrapolative Expectations"

        with James J. Choi

        [Paper]

"Volatile Stock Markets: Equilibrium Computation and Policy Analysis"

      Winner of the Francesco Paris Award

        revision requested by the Review of Financial Studies

        [Paper]

Published and Forthcoming Papers

"A Risk-Based Theory of Exchange Rate Stabilization"

        with Tarek A. Hassan and Tony Zhang

        accepted at the Review of Economic Studies

        [Paper]

"What to Expect from the Lower Bound on Interest Rates: Evidence from Derivatives Prices"

        with John C. Williams

       American Economic Review, 111 (8), pp. 2473-2505.

        [Paper]

"Tying Down the Anchor: Monetary Policy Rules and the Lower Bound on Interest Rates"

        with John C. Williams

       in "Strategies for Monetary Policy", ed. by John H. Cochrane and John B. Taylor, Hoover Institution (2020).

        [Paper]

"Monetary Policy Frameworks and the Effective Lower Bound on Interest Rates"

        with John C. Williams

        AEA Papers and Proceedings (2019), 109 (May), pp. 427-432.

        [Paper]

"Solving an Incomplete Markets Model with a Large Cross-Section of Agents"

        with Kenneth L. Judd

        Journal of Economic Dynamics and Control (2018), 91, pp. 349-368.

        [Paper]

"The Social Cost of Near-Rational Investment"

        with Tarek A. Hassan

        American Economic Review (2017), 107 (4), pp. 1059-1103.

        [Paper] [press coverage] [code]

"Not So Disconnected: Exchange Rates and the Capital Stock"

        with Tarek A. Hassan and Tony Zhang

        Journal of International Economics (2016), 99, pp. S43-S57.

        [Paper]

"Information Aggregation in a DSGE Model"

        with Tarek A. Hassan

        NBER Annual in Macroeconomics (2014).

        [Paper]

"Fraud Deterrence in Dynamic Mirrleesian Economies"

        with Roc Armenter

        Journal of Monetary Economics (2013), 60 (2), pp. 139-151, 2013.

        [Paper]

"Market Sentiment: A Tragedy of the Commons"

        with Tarek A. Hassan

        [Paper]

         American Economic Review, Papers and Proceedings (2011), 101 (2), pp. 402-405, 2011.

Policy Papers

"Consumer Financial Protection"

        with Thomas Cooley, Xavier Gabaix, Samuel Lee, Vicki Morwitz, Shelle Santana, Anjolein Schmeits, Stijn

               van Nieuwerburgh, Robert Whitelaw

        in "Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance”

        eds. Viral V. Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter

“Central Bank Independence and the Role of the Fed”

        with David Backus, Thomas Cooley, Itamar Drechsler, Kermit L. Schoenholtz, George Smith, Richard

              Sylla, Paul Wachtel

        in “Real Time Solutions for Financial Reform” (2010)

        eds. Viral V. Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter

“Consumer Financial Protection Agency: Is there a Need”

        with Thomas Cooley, Xavier Gabaix, Samuel Lee, Vicki Morwitz, Anjolein Schmeits, Stijn van

               Nieuwerburgh, Robert Whitelaw

        in “Real Time Solutions for Financial Reform” (2010)

        eds. Viral V. Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter