Published Journal Articles
NB: All Links Updated April 21st 2012

  1. Animal Spirits, Financial Crises and Persistent Unemployment. Economic Journal, 2013, forthcoming. This paper is published as NBER working paper 17137 HERE and as CEPR Discussion Paper 8439 HERE and is  available from my website HERE. Technical Appendix HERE.

  2. 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.

  3. The Effect of Conventional and Unconventional Monetary Policy Rules on Inflation Expectations: Theory and Evidence.  Oxford Review of Economic Policy, 2012, forthcoming. This paper is also published as NBER working paper 18007 and as CEPR discussion paper 8956. CEPR link HERE.  NBER link HERE. My website link  HERE.

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

  5. 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, forthcoming)

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

  7. Does Fiscal Policy Matter? Blinder and Solow Revisited. Joint with Dmitry Plotnikov Macroeconomic Dynamics, 16 (Supplement 1), 2012, pp 149-166

  8. 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, 2011, pp 2150-2166

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

  10. How to Reduce Unemployment: A New Policy Proposal. Journal of Monetary Economics: Carnegie Rochester Conference Issue, 57(5) 2010. Matlab Code HERE

  11. Macroeconomics for the 21st Century: Full Employment as a Policy Goal. National Institute Economic Review, no. 211 January 2010, pp R45-2R50

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

  13. 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), 2009, pp 357-369

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

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

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

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

  18. On the Indeterminacy of Determinacy and Indeterminacy, Comments on ‘Testing for Indeterminacy’ by Thomas Lubik and Frank Schorfheide. Joint with Andreas Beyer, American Economic Review, 97(1), 2007, p 524-529

  19. 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

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

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

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

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

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

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

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

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

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

  29. Two New Keynesian Theories of Sticky Prices Macroeconomic Dynamics, pp. 41-34, (Colin Clarke invited Lecture for the Australasian meetings of the Econometric Society) , 2000

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

  31. Money in a Real Business Cycle Model, Journal of Money Credit and Banking, 1997

  32. Indeterminacy and Sunspots in Macroeconomics. Joint with Jess Benhabib, in The Handbook of Macroeconomics, John Taylor and Michael Woodford, eds., North Holland, 1999

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

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

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

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

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

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

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

  40. Sticky Prices. Economic Journal, 101(409), pp 1369-1379, 1991

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

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

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

  44. Money and Contracts, Review of Economic Studies, 55, pp. 431-446, 1988

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

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

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

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

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