George-Marios Angeletos

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New Papers & Updates

Determinacy without the Taylor Principle. A small friction in memory/intertemporal coordination yields unique equilibrium even with interest rate pegs, and leaves no space for the Fiscal Theory of the Price Level. [slides]

Inattentive Economies. Efficiency (or not) in the presence of rational inattention; or, more succinctly, Hayek meets Sims. [slides]

Managing Expectations: Instruments vs Targets. Optimal way to communicate policy plans when expectations are not fully rational. Forthcoming in QJE. [slides]

Confidence and the Propagation of Demand Shocks. The Keynesian narrative without sticky prices. Forthcoming in REStud [slides]