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. A toolbox for understanding and quantifying the effects of incomplete information, a bridge to evidence on expectations. [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. [slides]
Public Debt as Private Liquidity: Optimal Policy [slides]