New Papers & Updates
Managing Expectations: Instruments vs Targets. Optimal forward guidance when agents make mistakes in predicting, or reasoning about, the behavior of others and the GE effects of policy. [slides]
Myopia and Anchoring. Incomplete information, or RI, and higher-order uncertainty equal myopia and anchoring. Reduce a gap between micro and macro. Applications to NKPC, C, and I. [slides]
Business Cycle Anatomy. A new characterization of the data aimed at guiding theory [slides]
Confidence and the Propagation of Demand Shocks. A Keynesian narrative without sticky prices.
Welfare Theorems for Inattentive Economies. [draft coming soon] [slides]
Public Debt as Private Liquidity: Optimal Policy [R&R in JPE] [slides]