Journal Publications

  1. “Self-Fulfilling Prophecies, Quasi Non-Ergodicity & Wealth Inequality”, Joint with Jean-Philippe Bouchaud, Journal of Political Economy, 131(4) 2022, April 2023, pages 997—943.

  2.  A Sunspot Based Theory of Unconventional Monetary Policy, Joint with Pawel Zabczyk, formerly of the Bank of England and now at the IMF. Macroeconomic Dynamics, 16(1), January 2022, pages 186—217.

  3. The Importance of Beliefs in Shaping Macroeconomic Outcomes. Oxford Review of Economic Policy, 36)3), January 2021, pages 675—711. 

  4. The Indeterminacy School in Macroeconomics. Oxford Research Encyclopedia of Economics and Finance, April 2020.

  5. Some International Evidence for Keynesian Economics without the Phillips Curve, joint with Giovanni Nicolò, The Manchester School, 89(51), September 2021 pages 1—22.

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

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

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

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

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

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

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

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

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

  15. The Evolution of Endogenous Business Cycles. Macroeconomic Dynamics, 20, 2016, pages 554-557, 2016

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

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

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

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

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

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

  22. 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. 

  23. 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

  24. 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.

  25. 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. 

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

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

  28. 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

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

  30. 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)

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

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

  33. 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

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

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

  36.  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

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

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

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

  40. 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)

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

  42. 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

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

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

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

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

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

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

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

  50. 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

  51. 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

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

  53. 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

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

  55. A Theory of Business Cycles, Finnish Economic Papers 9(2), pp. 91-109, 1996 

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

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

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

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

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

  61. Sticky Prices. Economic Journal, 101(409), pages 1369-1379, 1991

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

  63. RINCE Preferences. Quarterly Journal of Economics, 105(1), pages 43-60, 1990

  64. What is a Liquidity Crisis, Journal of Economic Theory, 46(1), pages 1-15, 1988

  65. Money and Contracts, Review of Economic Studies, 55, pages 431-446, 1988

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

  67. Deficits and Cycles, Journal of Economic Theory, 40(1) pages 77-88, 1986

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

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

  70. A New Theory of Aggregate Supply, American Economic Review, 74(5), pages 920-929

Last Updated 11-03-2023