• Teaching -- Previous 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), Nov. 24, 2016, with minor corrections Aug. 1, 2017. Also available as Discussion Paper 11428, 03 August 2016, Centre for Economic Policy Research. London, UK.

    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.

    VideoVox interview "Pessimism and the ZLB" in connection with presentation at July 2017 Bank of England conference, Applications of Behavioural Economics and Multiple Equilibrium Models to Macroeconomic Policy.

    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

  • Stable Near-Rational Sunspot Equilibria, Feburary 2, 2018 (with Bruce McGough)
  • Interest Rate Pegs in New Keynesian Models, revised March 31, 2017 (with Bruce McGough), forthcoming Journal of Money, Credit and Banking.
  • Equilibrium Selection, Observability and Backward-stable Solutions, revised February 28, 2018 (with Bruce McGough). forthcoming Journal of Monetary Economics.
  • Expectations, Stagnation and Fiscal Policy, Nov. 24, 2016, with minor corrections Aug. 1, 2017. (with Kaushik Mitra and Seppo Honkapohja). Also available as Discussion Paper 11428, 03 August 2016, Centre for Economic Policy Research. London, UK.
  • Eductive Stability in Real Business Cycle Models, revised March 5, 2018 (with Roger Guesnerie and Bruce McGough), forthcoming Economic Journal.
  • Fiscal Policy Multipliers in an RBC Model with Learning revised April 2015 (with Kaushik Mitra and Seppo Honkapohja), forthcoming Macroeconomic Dynamics.
  • Learning to Optimize revised April 18, 2018 (with Bruce McGough)
  • Are Sunspots Learnable? An Experimental Investigation in a Simple Macroeconomic Model revised January 2014 (with Jasmina Arifovic and Olena Kostyshyna)
  • 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

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