• Teaching -- Current & Recent Course Syllabi:

    Research and Comment on Deep Recessions, the Zero Lower Bound and Macroeconomic Policy

    Expectations, Stagnation and Fiscal Policy (with Kaushik Mitra and Seppo Honkapohja) July 27, 2016

    Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity? (with Jess Benhabib and Seppo Honkapohja), 2014, Journal of Economic Dynamics and Control 2014, Vol. 45, 220-238.

    The Stagnation Regime of the New Keynesian Model and Recent US Policy, Chapter 3 in Macroeconomics at the Service of Public Policy, edited by T.J. Sargent and J. Vilmunen, Oxford University Press, 2013.

    Expectations, Deflation Traps and Macroeconomic Policy (with Seppo Honkapohja), in Twenty Years of Inflation Targeting: Lessons Learned and Future Prospects, edited by David Cobham, Řyvind Eitrheim, Stefan Gerlach and Jan F Qvigstad, Cambridge University Press, 2010, chapter 11, 232-260.

    Liquidity Traps, Learning and Stagnation (with Eran Guse and Seppo Honkapohja),  European Economic Review, Vol. 52, 2008, 1438 – 1463. Typo in equation (23): sigma1 should be 1/sigma1.

    Monetary and Fiscal Policy under Learning in the Presence of a Liquidity Trap, Monetary and Economic Studies, December 2008, 59 – 86.

    Video & Economist's View link: The Dynamic Properties of New Keynesian Models, Sept. 1, 2010.

    Section 3.3.2 Liquidity Traps and Deflationary Spirals of "Learning and Macroeconomics" (with Seppo Honkapohja), Annual Review of Economics, Vol. 1, 2009.

    Commentary article in Register Guard, August 2, 2009, on Fiscal policy in deep recessions

    Earlier Register Guard guest column, Dec. 20, 2001, written during the 2001 recession: State badly needs a rainy day fund

    Lectures and invited talks on expectations, learning and policy

    Research Working Papers

  • Interest Rate Pegs in New Keynesian Models April 2016 (with Bruce McGough)
  • Observability and Equilibrium Selection August 2015 (with Bruce McGough)
  • Expectations, Stagnation and Fiscal Policy July 27, 2016 (with Kaushik Mitra and Seppo Honkapohja)
  • Are Sunspots Learnable? An Experimental Investigation in a Simple Macroeconomic Model revised January 2014 (with Jasmina Arifovic and Olena Kostyshyna)
  • Eductive Stability in Real Business Cycle Models, revised August 2015 (with Roger Guesnerie and Bruce McGough)
  • Fiscal Policy Multipliers in an RBC Model with Learning revised April 2015 (with Kaushik Mitra and Seppo Honkapohja)
  • Unstable Inflation Targets December 2015 (with William Branch), revised version forthcoming Journal of Money, Credit and Banking.
  • Learning to Optimize revised August 2015 (with Bruce McGough)
  • Stable Finite-State Markov Sunspots (with Bruce McGough)
  • Adaptive Learning, Endogenous Inattention and Changes in Monetary Policy (with William Branch, John Carlson and Bruce McGough)

                                                Recent Published Papers --electronic reprints available on request

  •                                             Earlier Published Papers --electronic reprints available on request

  • Contact me via

  • This page created by