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Conference Paper
What do budget deficits do?
Journal Article
Questions about fiscal policy: Implications from the financial crisis of 2008-2009
This article is a modified version of remarks given at the Federal Reserve Bank of Philadelphia?s policy forum ?Policy Lessons from the Economic and Financial Crisis,? December 4, 2009. The presentation was made during a panel discussion that also included James Bullard and John Taylor.
Conference Paper
Sticky information versus sticky prices: a proposal to replace the New-Keynesian Phillips curve
This paper examines a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population. Compared to the commonly used sticky-price model, this sticky-information model displays three related properties that are more consistent with accepted views about the effects of monetary policy. First, disinflations are always contractionary (although announced disinflations are less contractionary than surprise ones). Second, monetary policy shocks have their maximum impact on inflation with a substantial delay. Third, the change in inflation is ...
Conference Paper
Commentary : the search for growth
Conference Paper
A sticky-price manifesto
Working Paper
Relative-price changes as aggregate supply shocks
Conference Paper
Recent developments in macroeconomics: a very quick refresher course
Working Paper
Government debt
This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next examines the theoretical and empirical debate over the theory of debt neutrality called Ricardian equivalence. Finally, the paper considers the various normative perspectives about how the government ...