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George-Marios Angeletos

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New working papers/updates  

Dampening General Equilibrium: from Micro to Macro (with Chen Lian): Re-evaluate GE effects in the presence of informational or behavioral frictions. Argue that macro effects are closer to micro elasticities in the short run. [slides] *UPDATED DRAFT*

Forward Guidance without Common Knowledge (with Chen Lian): Achnor expectations of inflation and income; attenuate general-equilibrium effects; and reduce the forward-guidance puzzle and the paradox of flexibility.  [slides]

Public Debt as Private Liquidity: Optimal Policy  (with Fabrice Collard and Harris. Dellas): Study policy when public debt serves as collateral/outside liquidity. New lessons for optimal response to fiscal shocks and financial crises.  [slides] 

A (Real) Theory of the Keynesian Multiplier (with Chen Lian): A formalization of the aggregate-demand channel without nominal rigiidity. Rationalizes co-movemnent and large fiscal mutlipliers. [updated draft coming soon]

Incomplete Information in Macroeconomics (with Chen Lian): Review and synthesize recent work on global games, beauty contests, and their applications in macroeconomics. Argue that incomplete information is a vehicle for accommodating frictions in coordination and for enriching expectations.