Journal Publications

  1. Some International Evidence for Keynesian Economics without the Phillips Curve, joint with Giovanni Nicolò, the Manchester School, August 2019, forthcoming.

  2. Animal Spirits in a Monetary Economy, Joint with Konstantin Platonov. European Economic Review, 115, 2019, pages 60-77.

  3. The Future of Macroeconomics, A Discussion of a paper by John Muellbauer, in The Future of Central Bankinga Festschrift in honour of Vítor Constâncio, December 2018, European Central Bank, pages 46-53.

  4. Pricing Assets in a Perpetual Youth Model. Review of Economic Dynamics 30, 2018, pages 106-124.

  5.  The Household Fallacy. Economics Letters 169, 2018, pages 83-86.

  6. The Role of Financial Policy. Review of Keynesian Economics 6(4) 2018, pages 446-460. 

  7.  Keynesian Economics without the Phillips Curve. Joint with Giovanni Nicolò. Journal of Economic Dynamics and Control, 89, 2018 137-150.

  8. The End of Alchemy; by Mervyn King, a Review EssayJournal of Economic Literature 56(3), 2018 pages 1102-1118.

  9. Unwinding, a Tale of Corridors and Floors, National Institute Economic Review, 241(1),  pages R70-R73, 2017 Prepublication Version

  10. Post Keynesian Dynamic Stochastic General Equilibrium Theory.  European Journal of Economics and Economic Policies, 14(2) pages 173-185, 2017

  11. The Evolution of Endogenous Business CyclesMacroeconomic Dynamics, 20, 2016, pages 554-557, 2016

  12.  The Stock Market Crash Really Did Cause the Great Recession. Oxford Bulletin of Economics and Statistics, 77(5) pages 617-633, 2015 

  13. Solving and Estimating Indeterminate DSGE Models. Journal of Economic Dynamics and Control, with Vadim Khramov and Giovanni Nicoló, 54, pages 17-36, 2015

  14. Financial Stability and the Role of the Financial Policy Committee.  The Manchester School, 82 S1, pages 35-43, 2014

  15. Qualitative easing: a new tool for the stabilisation of financial markets: The John Flemming Memorial LectureBank of England Quarterly Bulletin, December Q4, pages 405-413, 2013

  16. The Natural Rate Hypothesis: An idea past its sell-by-dateBank of England Quarterly Bulletin, September Q3, pages 244-256, 2013

  17. Animal Spirits, Financial Crises and Persistent Unemployment. Economic Journal, 123(568), pages 317-340, 2013.  Technical Appendix HERE.

  18. Teaching Macroeconomics, Chapter 15 in What's the Use of Economics? Teaching the Dismal Science after the Crisis, Diane Coyle, ed. London Publishing Partnership 2012. This essay was prepared as part of a pre-conference set of papers that were invited as background reading for a conference to held at the Bank of England on February 7th 2012.    The conference, organized by  Enlightenment Economics, focused on the impact of the 2008 financial crisis on the teaching of economics. 

  19. The Effect of Conventional and Unconventional Monetary Policy Rules on Inflation Expectations: Theory and Evidence.  Oxford Review of Economic Policy, 28(4) pages 622-639, 2012

  20. The Stock Market Crash of 2008 Caused the Great Recession: Theory and Evidence. Journal of Economic Dynamics and Control , 36, pages 696-707, 2012. (Plenary Address to the Society for Computational Economics: Federal Reserve Bank of San Francisco, summer 2011) Data used in this paper.

  21. Animal Spirits, Persistent Unemployment and the Belief Function. Rethinking Expectations: The Way Forward for Macroeconomics, Princeton University Press, Roman Frydman and Edmund Phelps, eds., Princeton New Jersey 2013. 

  22. Confidence Crashes and Animal Spirits. Economic Journal, 122,  pp 155-172, 2012

  23. Does Fiscal Policy Matter? Blinder and Solow Revisited. Joint with Dmitry Plotnikov Macroeconomic Dynamics, 16(S1), pages 149-166, 2012

  24. Minimal State Variable Solutions to Markov-Switching Rational Expectations Models. Joint with  Daniel F. Waggoner and Tao Zha Journal of Economic Dynamics and Control, 35, pages 2150-2166, 2011

  25. Debt, Deficits and Finite Horizons, the Stochastic Case. Joint with Alain Venditti and Carine Nourry Economics Letters, 111, pages 47-49 2011

  26. How to Reduce Unemployment: A New Policy Proposal. Journal of Monetary Economics: Carnegie Rochester Conference Issue, 57(5) 2010. Download Matlab Code HERE (File will download as a separate .m file)

  27. Macroeconomics for the 21st Century: Full Employment as a Policy GoalNational Institute Economic Review, 211(January), pages R45-2R50, 2010

  28. Generalizing the Taylor Principle: A Comment. Joint with Daniel F. Waggoner and Tao Zha, American Economic Review, 100 (1) pages 608-617, 2010

  29. Animal Spirits: How Human Psychology Drives the Economy and Why it Matters for Global Capitalism. By George A. Akerlof and Robert J. Shiller. A Review The Economic Record, 85(270), pages 357-369, 2009

  30. Understanding Markov Switching Rational Expectations Models. Joint with Daniel F. Waggoner and Tao Zha, Journal of Economic Theory 144(5), pp. 1849-1867, 2009

  31. Indeterminacy in a Forward Looking Regime Switching Model. Joint with  Daniel F. Waggoner and Tao Zha International Journal of Economic Theory, 5, 2009

  32.  Old Keynesian Economics. Paper prepared for a conference in honor of Axel Leijonhufvud, held at UCLA on August 30th and 31st 2006. In Macroeconomics in the Small and the Large , Roger E. A Farmer ed., Edward Elgar, London, 2009

  33. Factor Analysis in a New Keynesian Model. Joint with Andreas Beyer, Jerome Henry and Massimiliano Marcellino, Econometrics Journal, 11, pp. 271—286, 2008

  34. Aggregate Demand and Supply. International Journal of Economic Theory, 4, pp 77-93, 2008

  35. Testing for Indeterminacy: An Application to U.S. Monetary Policy: Comment.  Joint with Andreas Beyer, American Economic Review, 97(1), pages 524-529, 2007 

  36. What we Don't Know about the Monetary Transmission Mechanism and why we Don't Know it, joint with Andreas Beyer. Macroeconomic Dynamics, 12 S1 pp 60-74, 2008. The MATLAB code for this paper can be found HERE: (this will be downloaded as a .zip archive)

  37. Animal Spirits, entry in The New Palgrave Dictionary of Economics, 2nd ed., ed. L. Blume and S. Durlauf, Palgrave Macmillan, 2008

  38. Old World Econometrics and New World Theory, in Post Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model, David Colander, ed., Cambridge University Press, pages 258-276, 2006

  39. Economic Growth in an Interdependent World Economy. Joint with Amartya Lahiri, Economic Journal, 116, pages 969-990, 2006

  40. Natural Rate Doubts. Joint with Andreas Beyer, Journal of Economic Dynamics and Control, 31, pages 797—825, 2007

  41. Recursive Preferences and Balanced Growth, Joint with Amartya Lahiri, Journal of Economic Theory, 125(1) pages 61-77, 2006

  42. A Two-Country Model of Endogenous Growth. Joint with Amartya Lahiri, Review of Economic Dynamics, 8(1), pages 68-88, 2005

  43. Why Does Data Reject the Lucas Critique?” Annales d’économie et de statistique, 67/68 pages 111-129, 2002

  44. The Monetary Transmission Mechanism. Joint with Jess Benhabib, Review of Economic Dynamics 3, pages 523–550, 2000

  45. Indeterminacy with Non-Separable Utility. Joint with Rosalind Bennett, Journal of Economic Theory 93, pages 118–143, 2000

  46. Two New Keynesian Theories of Sticky Prices Macroeconomic Dynamics, (Colin Clarke invited Lecture for the Australasian meetings of the Econometric Society), pages 74-107, 2000

  47. Reply to: Analyzing Indeterminacies in a Real Business Cycle Model with Money: by Kiril A. Sossounov,  Journal of Money Credit and Banking, 32(2), pages 292-293, 2000

  48. Money in a Real Business Cycle Model, Journal of Money Credit and Banking, 29(4), pages 568-611, 1997

  49. Indeterminacy and Sunspots in Macroeconomics. Joint with Jess Benhabib, in The Handbook of Macroeconomics, John Taylor and Michael Woodford, eds., North Holland, pages 387-448, 1999

  50. Self–Fulfilling Prophecies and the Business Cycle. Joint with Michael Woodford, Macroeconomic Dynamics, 1(4), pages 740–769, 1997

  51. A Theory of Business CyclesFinnish Economic Papers 9(2), pp. 91-109, 1996 

  52. Indeterminacies and Sector Specific Externalities. Joint with Jess Benhabib, Journal of Monetary Economics, 37(3), pages 421– 444, 1996

  53. The Econometrics of Indeterminacy. Joint with Jang Ting Guo, The Carnegie Rochester Conference Series on Public Policy, 43, pages 225–272, 1995

  54. Real Business Cycles and the Animal Spirits Hypothesis. Joint with Jang Ting Guo Journal of Economic Theory 63(1) pages 42–72, 1994 

  55. Indeterminacy and Increasing Returns. Joint with Jess Benhabib, Journal of Economic Theory, 63(1), pages 19–41, 1994

  56. Nominal Price Stickiness as a Rational Expectations EquilibriumJournal of Economic Dynamics and Control, 16, pages 317-337, 1992

  57. Sticky PricesEconomic Journal, 101(409), pages 1369-1379, 1991

  58. The Lucas Critique, Policy Invariance and Multiple EquilibriaReview of Economic Studies, 105(1), pages 43-60, 1990

  59. RINCE PreferencesQuarterly Journal of Economics, 105(1), pages 43-60, 1990

  60. What is a Liquidity CrisisJournal of Economic Theory, 46(1), pages 1-15, 1988

  61. Money and ContractsReview of Economic Studies, 55, pages 431-446, 1988

  62. The Role of Options in the Resolution of Agency Problems, co-authored with Ralph Winter Journal of Finance, 41(5) pages 1157-1170, 1986

  63. Deficits and CyclesJournal of Economic Theory, 40(1) pages 77-88, 1986

  64. Implicit Contracts with Asymmetric Information and Bankruptcy; the Effect of Interest Rates on LayoffsReview of Economic Studies, 52, pages 427-442, 1985

  65. Bursting Bubbles: A Note on the Rationality of Hyperinflations in Optimizing ModelsJournal of Monetary Economics, 14, pages 29-35, 1984

  66. A New Theory of Aggregate SupplyAmerican Economic Review, 74(5), pages 920-929

Last Updated 12-01-2018