New papers & updates
Myopia and Anchoring. Incomplete information, or rational inattention, and higher-order uncertainty equal myopia and anchoring, with application to inflation dynamics (and more).
On the Propagation of Demand Shocks. A model with a Keynesian business-cycle mechanism but without sticky prices.
Forward Guidance without Common Knowledge (forthcoming in AER). Lack of CK rationalizes myopia vis-a-vis long horizons and attenuates GE effects; application to forward guidance and fiscal stimuli. [slides]
Quantifying Confidence (forthcoming in Econometrica). Accommodates and quantifies waves of optimism and pessimism about the short run, which can be thought of as non-inflationary demand shocks. [slides]
Frictional Coordination (forthcoming in JEEA). Synthesizes my research on expectations and business cycles.
Optimal Monetary Policy with Informational Frictions (R&R in JPE). Minimizing price distortions requires leaning against the wind. [slides]