New working papers/updates
Public Debt as Private Liquidity: Optimal Policy (with Fabrice Collard and Harris Dellas): Optimal fiscal policy when public debt serves as collateral/outside liquidity. Departure from tax smoothing. New lessons for optimal response to fiscal shocks and financial crises. [slides]
Dampening GE: from Micro to Macro (with C. Lian): Revisiting general-equilibrium effects in macro models. Argue that macro effects are closer to micro-elasticities in the short run. Applications include forward guidence.
Incomplete Information in Macroeconomics (with C. Lian): Reviews and synthesizes recent work on global games, beauty contests, and their applications in macroeconomics. Argues that incomplete information is a vehicle for accommodating frictions in coordination and for enriching expectations.
An Anatomy of the Business Cycle Data (with F. Collard and H. Dellas): Evidence at odds with existing interpretations of the business cycle. Guidance for building new models.