NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Macroeconomics and Monetary Economics: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook


2014
w19910 John Graham
Mark T. Leary
Michael R. Roberts
A Century of Capital Structure: The Leveraging of Corporate America

w19934 Anusha Chari
Peter Blair Henry
Learning From the Doers: Developing Country Lessons for Advanced Economy Growth

w19914 Sebnem Kalemli-Ozcan
Emiliano E. Luttini
Bent Sorensen
Debt Crises and Risk Sharing: The Role of Markets versus Sovereigns

w19911 Alan J. Auerbach
Yuriy Gorodnichenko
Fiscal Multipliers in Japan

w19895 Robert J. Gordon
The Demise of U.S. Economic Growth: Restatement, Rebuttal, and Reflections

w19840 Anusha Chari
Peter Blair Henry
Two Tales of Adjustment: East Asian Lessons for European Growth

w19828 Carlos A. Vegh
Guillermo Vuletin
Social Implications of Fiscal Policy Responses During Crises

w19826 Scott R. Baker
Nicholas Bloom
Brandice Canes-Wrone
Steven J. Davis
Jonathan A. Rodden
Why Has U.S. Policy Uncertainty Risen Since 1960?


2013
w19749 Eric Sims
Jonathan Wolff
The Output and Welfare Effects of Fiscal Shocks over the Business Cycle

w19748 Luis Felipe Céspedes
Andrés Velasco
Was This Time Different? Fiscal Policy in Commodity Republics

w19717 Mark Aguiar
Manuel Amador
Take the Short Route: How to Repay and Restructure Sovereign Debt with Multiple Maturities

w19686 Eric M. Leeper
Xuan Zhou
Inflation's Role in Optimal Monetary-Fiscal Policy

w19671 Andrés Fernández
Alessandro Rebucci
Martín Uribe
Are Capital Controls Prudential? An Empirical Investigation

w19668 Eswar S. Prasad
Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies

w19577 Farley Grubb
The Continental Dollar: How the American Revolution was Financed with Paper Money—Initial Design and Ideal Performance

w19559 Gerald Carlino
Robert P. Inman
Macro Fiscal Policy in Economic Unions: States as Agents

w19516 Mark Aguiar
Manuel Amador
Emmanuel Farhi
Gita Gopinath
Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises

w19477 Pablo D'Erasmo
Enrique G. Mendoza
Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default

w19476 John H. Cochrane
The New-Keynesian Liquidity Trap

w19470 Anmol Bhandari
David Evans
Mikhail Golosov
Thomas J. Sargent
Taxes, Debts, and Redistributions with Aggregate Shocks

w19431 Gary Hansen
Selo Imrohoroglu
Fiscal Reform and Government Debt in Japan: A Neoclassical Perspective

w19425 Anton Cheremukhin
Mikhail Golosov
Sergei Guriev
Aleh Tsyvinski
Was Stalin Necessary for Russia's Economic Development?

w19414 Òscar Jordà
Alan M. Taylor
The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy

w19368 Michael Woodford
Macroeconomic Analysis without the Rational Expectations Hypothesis

w19355 Joshua D. Angrist
Òscar Jordà
Guido Kuersteiner
Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited

w19363 Peter Ganong
Jeffrey B. Liebman
The Decline, Rebound, and Further Rise in SNAP Enrollment: Disentangling Business Cycle Fluctuations and Policy Changes

w19343 Harald Uhlig
Sovereign Default Risk and Banks in a Monetary Union

w19297 David Greenlaw
James D. Hamilton
Peter Hooper
Frederic S. Mishkin
Crunch Time: Fiscal Crises and the Role of Monetary Policy

w19296 Marco Bassetto
Marco Cagetti
Mariacristina De Nardi
Credit Crunches and Credit Allocation in a Model of Entrepreneurship

w19292 Gary B. Gorton
Andrew Metrick
The Federal Reserve and Financial Regulation: The First Hundred Years

w19288 Ricardo Reis
The Portuguese Slump and Crash and the Euro Crisis

w19235 Florian Scheuer
Entrepreneurial Taxation with Endogenous Entry

w19228 Guido Lorenzoni
Ivan Werning
Slow Moving Debt Crises

w19205 Yothin Jinjarak
Ilan Noy
Huanhuan Zheng
Capital Controls in Brazil – Stemming a Tide with a Signal?

w19192 V.V. Chari
Patrick J. Kehoe
Bailouts, Time Inconsistency, and Optimal Regulation

w19171 Karel Mertens
Marginal Tax Rates and Income: New Time Series Evidence

w19146 Rajnish Mehra
Asset Pricing Implications of Macroeconomic Interventions An Application to Climate Policy

w19008 George J. Hall
Thomas J. Sargent
Fiscal Discriminations in Three Wars

w19000 Alisdair McKay
Ricardo Reis
The Role of Automatic Stabilizers in the U.S. Business Cycle

w18930 Gerald Carlino
Robert P. Inman
Local Deficits and Local Jobs: Can U.S. States Stabilize Their Own Economies?

w18910 Umit G. Gurun
Gregor Matvos
Amit Seru
Advertising Expensive Mortgages

w18877 Eric M. Leeper
Fiscal Limits and Monetary Policy

w18864 Marco Bassetto
Christopher Phelan
Speculative Runs on Interest Rate Pegs

w18826 Pascal Michaillat
Emmanuel Saez
A Model of Aggregate Demand and Unemployment

w18814 Christopher M. Meissner
Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era

w18800 George-Marios Angeletos
Fabrice Collard
Harris Dellas
Behzad Diba
Optimal Public Debt Management and Liquidity Provision

w18797 Robert E. Hall
Fiscal Stability of High-Debt Nations under Volatile Economic Conditions

w18779 Olivier J. Blanchard
Daniel Leigh
Growth Forecast Errors and Fiscal Multipliers

w18769 Michael T. Owyang
Valerie A. Ramey
Sarah Zubairy
Are Government Spending Multipliers Greater During Periods of Slack? Evidence from 20th Century Historical Data

w18761 Peter A. Diamond
Cyclical Unemployment, Structural Unemployment

w18737 Ricardo J. Caballero
Emmanuel Farhi
A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy

w18670 Itay Goldstein
Assaf Razin
Three Branches of Theories of Financial Crises


2012
w18587 Javier Bianchi
Efficient Bailouts?

w18578 Alan J. Auerbach
Yuriy Gorodnichenko
Output Spillovers from Fiscal Policy

w18572 Harold L. Cole
Soojin Kim
Dirk Krueger
Analyzing the Effects of Insuring Health Risks: On the Trade-off between Short Run Insurance Benefits vs. Long Run Incentive Costs

w18545 Marina Halac
Pierre Yared
Fiscal Rules and Discretion under Persistent Shocks

w18529 Gary D. Hansen
Minchung Hsu
Junsang Lee
Health Insurance Reform: The Impact of a Medicare Buy-In

w18513 Zhiguo He
Asaf Manela
Information Acquisition in Rumor Based Bank Runs

w18497 Daniel Riera-Crichton
Carlos A. Vegh
Guillermo Vuletin
Tax Multipliers: Pitfalls in Measurement and Identification

w18489 Robert Novy-Marx
Joshua D. Rauh
The Revenue Demands of Public Employee Pension Promises

w18421 Roger E.A. Farmer
Qualitative Easing: How it Works and Why it Matters

w18381 Emmanuel Farhi
Iván Werning
Fiscal Multipliers: Liquidity Traps and Currency Unions

w18380 C. Bora Durdu
Enrique G. Mendoza
Marco E. Terrones
On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment

w18377 Russell Cooper
Fragile Debt and the Credible Sharing of Strategic Uncertainty

w18354 Laurence Ales
Pricila Maziero
Pierre Yared
A Theory of Political and Economic Cycles

w18311 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru
Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

w18336 Alberto Alesina
Carlo Favero
Francesco Giavazzi
The Output Effect of Fiscal Consolidations

w18315 Robert J. Gordon
Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds

w18290 Alan M. Taylor
The Great Leveraging

w18287 Takeo Hoshi
Takatoshi Ito
Defying Gravity: How Long Will Japanese Government Bond Prices Remain High?

w18280 Ivan Werning
Emmanuel Farhi
Fiscal Unions

w18228 Casey Rothschild
Florian Scheuer
Redistributive Taxation in the Roy Model

w18217 Zhiguo He
Péter Kondor
Inefficient Investment Waves

w18149 Mark Bils
Peter J. Klenow
Benjamin A. Malin
Testing for Keynesian Labor Demand

w18142 Miles S. Kimball
"Getting the Biggest Bang for the Buck in Fiscal Policy"

w18117 Paola Giuliano
Prachi Mishra
Antonio Spilimbergo
Democracy and Reforms: Evidence from a New Dataset

w18114 Jess Benhabib
George W. Evans
Seppo Honkapohja
Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?

w18058 Jesús Fernández-Villaverde
Grey Gordon
Pablo A. Guerrón-Quintana
Juan Rubio-Ramírez
Nonlinear Adventures at the Zero Lower Bound

w18042 Sylvain Leduc
Daniel Wilson
Roads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure Investment

w18034 Eric W. Bond
Mario J. Crucini
Tristan Potter
Joel Rodrigue
Misallocation and Productivity Effects of the Smoot-Hawley Tariff

w18031 Stephanie Schmitt-Grohe
Martin Uribe
Prudential Policy for Peggers

w18015 Carmen M. Reinhart
Vincent R. Reinhart
Kenneth S. Rogoff
Debt Overhangs: Past and Present

w17966 Jesse Rothstein
The Labor Market Four Years Into the Crisis: Assessing Structural Explanations

w17923 Fernando E. Alvarez
Francesco Lippi
Price Setting with menu cost for Multi-product firms

w17917 Richard W. Evans
Laurence J. Kotlikoff
Kerk L. Phillips
Game Over: Simulating Unsustainable Fiscal Policy

w17908 Russell Cooper
Exit from a Monetary Union through Euroization: Discipline without Chaos

w17903 Eric M. Leeper
Todd B. Walker
Perceptions and Misperceptions of Fiscal Inflation

w17884 Charles Wyplosz
Fiscal Rules: Theoretical Issues and Historical Experiences

w17881 Pïerre Cahuc
Stephane Carcillo
Can Public Sector Wage Bills Be Reduced?

w17862 Mathias Trabandt
Harald Uhlig
How Do Laffer Curves Differ Across Countries?

w17860 Christina D. Romer
David H. Romer
The Incentive Effects of Marginal Tax Rates: Evidence from the Interwar Era

w17844 Huixin Bi
Eric M. Leeper
Campbell B. Leith
Uncertain Fiscal Consolidations

w17837 Francesco Giavazzi
Michael McMahon
The Households Effects of Government Consumption

w17836 Laurence M. Ball
Ben Bernanke and the Zero Bound

w17817 Florian Scheuer
Optimal Asset Taxes in Financial Markets with Aggregate Uncertainty

w17787 Valerie A. Ramey
Government Spending and Private Activity

w17753 Carlos A. Vegh
Guillermo Vuletin
How is Tax Policy Conducted over the Business Cycle?


2011
w17708 Giancarlo Corsetti
Gernot J. Müller
Multilateral Economic Cooperation and the International Transmission of Fiscal Policy

w17662 Emmanuel Farhi
Gita Gopinath
Oleg Itskhoki
Fiscal Devaluations

w17642 Mikhail Golosov
Maxim Troshkin
Aleh Tsyvinski
Optimal Dynamic Taxes

w17626 Hans-Werner Sinn
Timo Wollmershaeuser
Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility

w17622 Fatih Guvenen
Macroeconomics With Heterogeneity: A Practical Guide

w17619 Jeffrey A. Frankel
Carlos A. Végh
Guillermo Vuletin
On Graduation from Fiscal Procyclicality

w17571 Roberto Perotti
The "Austerity Myth": Gain Without Pain?

w17562 Marco Battaglini
Stephen Coate
Fiscal Policy and Unemployment

w17542 Viral V. Acharya
Raghuram G. Rajan
Sovereign Debt, Government Myopia, and the Financial Sector

w17493 Andrew Atkeson
Ariel T. Burstein
Aggregate Implications of Innovation Policy

w17457 Mark A. Aguiar
Manuel Amador
Fiscal Policy in Debt Constrained Economies

w17447 Alan J. Auerbach
Yuriy Gorodnichenko
Fiscal Multipliers in Recession and Expansion

w17444 Eric M. Leeper
Nora Traum
Todd B. Walker
Clearing Up the Fiscal Multiplier Morass

w17431 Gilles St. Paul
Toward a Political Economy of Macroeconomic Thinking

w17427 Joshua Aizenman
Yothin Jinjarak
The Fiscal Stimulus of 2009-10: Trade Openness, Fiscal Space and Exchange Rate Adjustment

w17391 Emi Nakamura
Jón Steinsson
Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions

w17348 Mikhail Golosov
John Hassler
Per Krusell
Aleh Tsyvinski
Optimal Taxes on Fossil Fuel in General Equilibrium

w17319 Sanjay K. Chugh
Fabio Ghironi
Optimal Fiscal Policy with Endogenous Product Variety

w17315 Gene Amromin
Jennifer Huang
Clemens Sialm
Edward Zhong
Complex Mortgages

w17309 Rafael Di Tella
Juan Dubra
Free to Punish? The American Dream and the Harsh Treatment of Criminals

w17305 Takero Doi
Takeo Hoshi
Tatsuyoshi Okimoto
Japanese Government Debt and Sustainability of Fiscal Policy

w17272 Carlo Favero
Francesco Giavazzi
Jacopo Perego
Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy

w17240 Jonathan A. Parker
On Measuring the Effects of Fiscal Policy in Recessions

w17239 Jeffrey A. Frankel
Over-optimism in Forecasts by Official Budget Agencies and Its Implications

w17230 Ruediger Bachmann
Jinhui Bai
Public Consumption Over the Business Cycle

w17142 Lawrence Christiano
Daisuke Ikeda
Government Policy, Credit Markets and Economic Activity

w17111 Thorsten Drautzburg
Harald Uhlig
Fiscal Stimulus and Distortionary Taxation

w17063 Rüdiger Bachmann
Eric R. Sims
Confidence and the Transmission of Government Spending Shocks

w17029 N. Gregory Mankiw
Matthew C. Weinzierl
An Exploration of Optimal Stabilization Policy

w17035 Casey Rothschild
Florian Scheuer
Optimal Taxation with Rent-Seeking

w16970 Marco Bassetto
Leslie McGranahan
On the Relationship Between Mobility, Population Growth, and Capital Spending in the United States

w16951 Eric M. Leeper
Todd B. Walker
Shu-Chun Susan Yang
Foresight and Information Flows

w16945 Jeffrey A. Frankel
A Solution to Fiscal Procyclicality: The Structural Budget Institutions Pioneered by Chile

w16899 Patrick Bolton
Olivier Jeanne
Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

w16893 Carmen M. Reinhart
M. Belen Sbrancia
The Liquidation of Government Debt

w16891 Betsey Stevenson
Justin Wolfers
Trust in Public Institutions over the Business Cycle

w16819 Eric M. Leeper
Todd B. Walker
Fiscal Limits in Advanced Economies

w16799 Troy Davig
Eric M. Leeper
Temporarily Unstable Government Debt and Inflation

w16786 Roberto Perotti
The Effects of Tax Shocks on Output: Not So Large, But Not Small Either

w16782 Atish R. Ghosh
Jun I. Kim
Enrique G. Mendoza
Jonathan D. Ostry
Mahvash S. Qureshi
Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies

w16779 Joshua Aizenman
Gurnain Kaur Pasricha
Net Fiscal Stimulus During the Great Recession

w16775 Hyunseung Oh
Ricardo Reis
Targeted Transfers and the Fiscal Response to the Great Recession

w16759 James Feyrer
Bruce Sacerdote
Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Recovery and Reinvestment Act

w16758 Isabel Correia
Emmanuel Farhi
Juan Pablo Nicolini
Pedro Teles
Unconventional Fiscal Policy at the Zero Bound

w16707 Olivier Coibion
Yuriy Gorodnichenko
Why Are Target Interest Rate Changes So Persistent?

w16684 Jonathan A. Parker
Nicholas S. Souleles
David S. Johnson
Robert McClelland
Consumer Spending and the Economic Stimulus Payments of 2008

w16667 Allan Drazen
Ethan Ilzetzki
Kosher Pork


2010
w16645 Rafael Di Tella
Ricardo Pérez-Truglia
Conveniently Upset: Avoiding Altruism by Distorting Beliefs About Others

w16644 Roger E.A. Farmer
Dmitry Plotnikov
Does Fiscal Policy Matter? Blinder and Solow Revisited

w16619 Mikhail Golosov
Maxim Troshkin
Aleh Tsyvinski
Matthew Weinzierl
Preference Heterogeneity and Optimal Capital Income Taxation

w16563 Luis Catão
Roberto Chang
World Food Prices and Monetary Policy

w16561 Price V. Fishback
Valentina Kachanovskaya
In Search of the Multiplier for Federal Spending in the States During the Great Depression

w16539 Joshua Aizenman
Yothin Jinjarak
De facto Fiscal Space and Fiscal Stimulus: Definition and Assessment

w16510 Eric M. Leeper
Monetary Science, Fiscal Alchemy

w16505 John F. Cogan
John B. Taylor
What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package

w16495 Troy Davig
Eric M. Leeper
Todd B. Walker
Inflation and the Fiscal Limit

w16479 Ethan Ilzetzki
Enrique G. Mendoza
Carlos A. Végh
How Big (Small?) are Fiscal Multipliers?

w16478 Joshua Aizenman
Gurnain Kaur Pasricha
Fiscal fragility: what the past may say about the future

w16477 Price V. Fishback
U.S. Monetary and Fiscal Policy in the 1930s

w16458 Antje Berndt
Hanno Lustig
Sevin Yeltekin
How Does the U.S. Government Finance Fiscal Shocks?

w16451 Martin S. Feldstein
Preventing a National Debt Explosion

w16416 Harald Uhlig
Economics and Reality

w16401 Yongsung Chang
Sun-Bin Kim
Frank Schorfheide
Labor-Market Heterogeneity, Aggregation, and the Lucas Critique

w16380 Robert J. Gordon
Robert Krenn
The End of the Great Depression 1939-41: Policy Contributions and Fiscal Multipliers

w16363 Eric M. Leeper
Alexander W. Richter
Todd B. Walker
Quantitative Effects of Fiscal Foresight

w16358 Matthias Fleckenstein
Francis A. Longstaff
Hanno Lustig
Why Does the Treasury Issue Tips? The Tips–Treasury Bond Puzzle

w16351 Atif Mian
Amir Sufi
The Effects of Fiscal Stimulus: Evidence from the 2009 ‘Cash for Clunkers’ Program

w16346 Agustín S. Bénétrix
Philip R. Lane
International Differences in Fiscal Policy During the Global Crisis

w16311 Alan J. Auerbach
Yuriy Gorodnichenko
Measuring the Output Responses to Fiscal Policy

w16290 Rahul Anand
Eswar S. Prasad
Optimal Price Indices for Targeting Inflation Under Incomplete Markets

w16289 Karel Mertens
Morten Ravn
Empirical Evidence on the Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks

w16264 S. Boragan Aruoba
Francis X. Diebold
M. Ayhan Kose
Marco E. Terrones
Globalization, the Business Cycle, and Macroeconomic Monitoring

w16247 Ruediger Bachmann
Jinhui Bai
Government Purchases Over the Business Cycle: the Role of Economic and Political Inequality

w16246 Claudia R. Sahm
Matthew D. Shapiro
Joel Slemrod
Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?

w16243 Andrew K. Rose
Mark M. Spiegel
Cross-Country Causes and Consequences of the Crisis: An Update

w16169 Ryan Chahrour
Stephanie Schmitt-Grohé
Martín Uribe
A Model-Based Evaluation of the Debate on the Size of the Tax Multiplier

w16168 Rong Qian
Carmen M. Reinhart
Kenneth S. Rogoff
On Graduation from Default, Inflation and Banking Crisis: Elusive or Illusion?

w16157 François Gourio
Jianjun Miao
Transitional Dynamics of Dividend and Capital Gains Tax Cuts

w16095 Michael Woodford
Optimal Monetary Stabilization Policy

w16087 John H. Cochrane
Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic

w16031 Lucian A. Bebchuk
Itay Goldstein
Self-Fulfilling Credit Market Freezes

w15998 Raj Chetty
Adam Szeidl
The Effect of Housing on Portfolio Choice

w15956 Ross Levine
An Autopsy of the U.S. Financial System

w15934 Willem H. Buiter
Urjit R. Patel
Fiscal Rules in India: Are They Effective?

w15931 Tommaso Monacelli
Roberto Perotti
Antonella Trigari
Unemployment Fiscal Multipliers

w15847 Marco Del Negro
Fabrizio Perri
Fabiano Schivardi
Tax buyouts

w15839 Lauren Cohen
Joshua D. Coval
Christopher Malloy
Do Powerful Politicians Cause Corporate Downsizing?

w15810 Huixin Bi
Eric M. Leeper
Sovereign Debt Risk Premia and Fiscal Policy in Sweden

w15809 Yacine Aït-Sahalia
Jochen Andritzky
Andreas Jobst
Sylwia Nowak
Natalia Tamirisa
Market Response to Policy Initiatives during the Global Financial Crisis

w15800 Casey B. Mulligan
Simple Analytics and Empirics of the Government Spending Multiplier and Other “Keynesian” Paradoxes

w15784 Joshua Aizenman
Gurnain Kaur Pasricha
On the ease of overstating the fiscal stimulus in the US, 2008-9

w15782 Troy Davig
Eric M. Leeper
Todd B. Walker
"Unfunded Liabilities" and Uncertain Fiscal Financing

w15780 Graciela L. Kaminsky
Terms of Trade Shocks and Fiscal Cycles

w15757 Marc P. Giannoni
Michael Woodford
Optimal Target Criteria for Stabilization Policy

w15754 Christopher J. Nekarda
Valerie A. Ramey
Industry Evidence on the Effects of Government Spending

w15714 Michael Woodford
Simple Analytics of the Government Expenditure Multiplier

w15662 Ricardo Reis
Interpreting the Unconventional U.S. Monetary Policy of 2007-09

w15645 Peter Temin
The Great Recession and the Great Depression

w15639 Carmen M. Reinhart
Kenneth S. Rogoff
Growth in a Time of Debt


2009
w15617 Raj Chetty
John N. Friedman
Tore Olsen
Luigi Pistaferri
Adjustment Costs, Firm Responses, and Micro vs. Macro Labor Supply Elasticities: Evidence from Danish Tax Records

w15616 Raj Chetty
Bounds on Elasticities with Optimization Frictions: A Synthesis of Micro and Macro Evidence on Labor Supply

w15582 Dirk Krueger
Fabrizio Perri
Public versus Private Risk Sharing

w15565 Volker Wieland
Quantitative Easing: A Rationale and Some Evidence from Japan

w15562 Joshua Aizenman
Nancy Marion
Using Inflation to Erode the U.S. Public Debt

w15550 Francesco Caselli
Guy Michaels
Do Oil Windfalls Improve Living Standards? Evidence from Brazil

w15526 Fatih Guvenen
Burhanettin Kuruscu
Serdar Ozkan
Taxation of Human Capital and Wage Inequality: A Cross-Country Analysis

w15524 Miguel Almunia
Agustín S. Bénétrix
Barry Eichengreen
Kevin H. O'Rourke
Gisela Rua
From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons

w15514 Eric M. Leeper
Anchors Away: How Fiscal Policy Can Undermine the Taylor Principle

w15505 Stephanie Schmitt-Grohe
Martin Uribe
On Quality Bias and Inflation Targets

w15496 Robert E. Hall
By How Much Does GDP Rise if the Government Buys More Output?

w15464 Valerie A. Ramey
Identifying Government Spending Shocks: It's All in the Timing

w15421 Claudia R. Sahm
Matthew D. Shapiro
Joel B. Slemrod
Household Response to the 2008 Tax Rebate: Survey Evidence and Aggregate Implications

w15407 Alan J. Auerbach
William G. Gale
Activist Fiscal Policy to Stabilize Economic Activity

w15405 Stavros Panageas
Optimal taxation in the presence of bailouts

w15400 Daron Acemoglu
Mikhail Golosov
Aleh Tsyvinski
Power Fluctuations and Political Economy

w15394 Lawrence Christiano
Martin Eichenbaum
Sergio Rebelo
When is the government spending multiplier large?

w15369 Robert J. Barro
Charles J. Redlick
Macroeconomic Effects from Government Purchases and Taxes

w15362 Amir E. Khandani
Andrew W. Lo
Robert C. Merton
Systemic Risk and the Refinancing Ratchet Effect

w15358 Andrew K. Rose
Mark M. Spiegel
Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure

w15357 Andrew K. Rose
Mark M. Spiegel
Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning

w15343 Mathias Trabandt
Harald Uhlig
How Far Are We From The Slippery Slope? The Laffer Curve Revisited

w15321 Paola Giuliano
Antonio Spilimbergo
Growing Up in a Recession: Beliefs and the Macroeconomy

w15303 Carlo Favero
Francesco Giavazzi
How large are the effects of tax changes?

w15302 Daron Acemoglu
Mikhail Golosov
Aleh Tsyvinski
Political Economy of Ramsey Taxation

w15290 Martin S. Feldstein
Economic Conditions and U.S. National Security in the 1930s and Today

w15283 Atif R. Mian
Amir Sufi
House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

w15269 Eric M. Leeper
Anchoring Fiscal Expectations

w15176 Russell Cooper
Hubert Kempf
Dan Peled
Insulation Impossible: Fiscal Spillovers in a Monetary Union

w15170 John Geanakoplos
Stephen P. Zeldes
Market Valuation of Accrued Social Security Benefits

w15160 Eric M. Leeper
Michael Plante
Nora Traum
Dynamics of Fiscal Financing in the United States

w15153 Eric M. Leeper
Todd B. Walker
Shu-Chun Susan Yang
Government Investment and Fiscal Stimulus in the Short and Long Runs

w15133 Troy Davig
Eric M. Leeper
Monetary-Fiscal Policy Interactions and Fiscal Stimulus

w15119 Philippe Aghion
David Hemous
Enisse Kharroubi
Credit Constraints, Cyclical Fiscal Policy and Industry Growth

w15044 Francois Gourio
Jianjun Miao
Firm Heterogeneity and the Long-run Effects of Dividend Tax Reform

w15028 Farley Grubb
Land Policy: Founding Choices and Outcomes, 1781-1802

w15025 Roger Farmer
Carine Nourry
Alain Venditti
Debt, Deficits and Finite Horizons: The Stochastic Case

w14996 Harald Uhlig
Monetary policy in Europe vs the US: what explains the difference?

w14883 Andrew Atkeson
V. V. Chari
Patrick Kehoe
Sophisticated Monetary Policies

w14782 John F. Cogan
Tobias Cwik
John B. Taylor
Volker Wieland
New Keynesian versus Old Keynesian Government Spending Multipliers

w14753 Matthew D. Shapiro
Joel B. Slemrod
Did the 2008 Tax Rebates Stimulate Spending?

w14725 Alan J. Auerbach
Implementing the New Fiscal Policy Activism

w14722 Antonio Fatas
Ilian Mihov
The Euro and Fiscal Policy

w14684 Martin S. Feldstein
Rethinking the Role of Fiscal Policy

w14630 Eric M. Leeper
Todd B. Walker
Shu-Chun Susan Yang
Fiscal Foresight and Information Flows

w14653 Mariacristina De Nardi
Eric French
John Bailey Jones
Life Expectancy and Old Age Savings


2008
w14587 Carmen M. Reinhart
Kenneth S. Rogoff
Banking Crises: An Equal Opportunity Menace

w14584 Tommaso Monacelli
Roberto Perotti
Fiscal Policy, Wealth Effects, and Markups

w14556 Rafael Di Tella
Juan Dubra
Robert MacCulloch
A Resource Belief-Curse? Oil and Individualism

w14551 Andrew Mountford
Harald Uhlig
What are the Effects of Fiscal Policy Shocks?

w14417 Ricardo J. Caballero
Pierre Yared
Future Rent-Seeking and Current Public Savings

w14400 Richard Rogerson
Market Work, Home Work and Taxes: A Cross Country Analysis

w14391 Stefano Eusepi
Bruce Preston
Stabilizing Expectations under Monetary and Fiscal Policy Coordination

w14351 Rajnish Mehra
Facundo Piguillem
Edward C. Prescott
Costly Financial Intermediation in Neoclassical Growth Theory

w14267 Farley Grubb
The Distribution of Congressional Spending During the American Revolution, 1775-1780: The Problem of Geographic Balance

w14264 Antoni Estevadeordal
Alan M. Taylor
Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s

w14260 Andrew Atkeson
Patrick J. Kehoe
On the Need for a New Approach to Analyzing Monetary Policy

w14255 Manuel Amador
Pierre-Olivier Weill
Learning from Prices: Public Communication and Welfare

w14191 Ethan Ilzetzki
Carlos A. Vegh
Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?

w14047 Marco Battaglini
Stephen Coate
Fiscal Policy over the Real Business Cycle: A Positive Theory

w14028 Eric M. Leeper
Todd B. Walker
Shu-Chun Susan Yang
Fiscal Foresight: Analytics and Econometrics

w13979 John Geanakoplos
Stephen P. Zeldes
Reforming Social Security with Progressive Personal Accounts

w13946 Carmen M. Reinhart
Kenneth S. Rogoff
The Forgotten History of Domestic Debt

w13911 Francesco Giavazzi
Michael McMahon
Policy Uncertainty and Precautionary Savings

w13882 Carmen M. Reinhart
Kenneth S. Rogoff
This Time is Different: A Panoramic View of Eight Centuries of Financial Crises

w13840 Ian Dew-Becker
Robert J. Gordon
The Role of Labor Market Changes in the Slowdown of European Productivity Growth

w13792 Selim Elekdag
Rene Lalonde
Douglas Laxton
Dirk Muir
Paolo Pesenti
Oil Price Movements and the Global Economy: A Model-Based Assessment

w13779 Ricardo J. Caballero
Pierre Yared
Inflating the Beast: Political Incentives Under Uncertainty


2007
w13694 Sumit Agarwal
Chunlin Liu
Nicholas S. Souleles
The Reaction of Consumer Spending and Debt to Tax Rebates -- Evidence from Consumer Credit Data

w13677 Ramon Marimon
Javier Díaz-Giménez
Giorgia Giovannetti
Pedro Teles
Nominal Debt as a Burden on Monetary Policy

w13655 V. V. Chari
Patrick J. Kehoe
The Heterogeneous State of Modern Macroeconomics: A Reply to Solow

w13639 Guido Lorenzoni
Inefficient Credit Booms

w13635 Josephine M. Smith
John B. Taylor
The Long and the Short End of the Term Structure of Policy Rules

w13629 Stefania Albanesi
Roc Armenter
Intertemporal Distortions in the Second best

w13598 Edith Sand
Assaf Razin
The Political-Economy Positive Role of the Social Security System in Sustaining Immigration (But Not Vice Versa)

w13548 Christina D. Romer
David H. Romer
Do Tax Cuts Starve the Beast: The Effect of Tax Changes on Government Spending

w13425 Hess Chung
Eric M. Leeper
What Has Financed Government Debt?

w13398 Andrew Atkeson
V. V. Chari
Patrick J. Kehoe
On the Optimal Choice of a Monetary Policy Instrument

w13390 Emmanuel Farhi
Capital Taxation and Ownership when Markets are Incomplete

w13362 Borys Grochulski
Narayana Kocherlakota
Nonseparable Preferences and Optimal Social Security Systems

w13354 Andrew B. Abel
Optimal Capital Income Taxation

w13328 Morten O. Ravn
Stephanie Schmitt-Grohé
Martín Uribe
Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate

w13264 Christina D. Romer
David H. Romer
The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks

w13200 Marco Bassetto
Vadym Lepetyuk
Government Investment and the European Stability and Growth Pact

w13174 Simon Gilchrist
Egon Zakrajsek
Investment and the Cost of Capital: New Evidence from the Corporate Bond Market

w13164 Rafael Di Tella
Robert MacCulloch
Why Doesn't Capitalism Flow to Poor Countries?

w13143 Roberto Perotti
In Search of the Transmission Mechanism of Fiscal Policy

w13136 George-Marios Angeletos
Vasia Panousi
Revisiting the Supply-Side Effects of Government Spending Under Incomplete Markets

w13131 Laura Alfaro
Fabio Kanczuk
Nominal versus Indexed Debt: A Quantitative Horse Race

w13119 Laura Alfaro
Fabio Kanczuk
Debt Maturity: Is Long-Term Debt Optimal?

w13101 Kenneth N. Kuttner
Adam S. Posen
Do Markets Care Who Chairs the Central Bank?

w13028 Timothy Besley
Torsten Persson
The Origins of State Capacity: Property Rights, Taxation, and Politics

w12959 Emmanuel Farhi
Mikhail Golosov
Aleh Tsyvinski
A Theory of Liquidity and Regulation of Financial Intermediation

w12947 Enrique G. Mendoza
Jonathan D. Ostry
International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?

w12945 Ricardo J. Caballero
Eduardo M.R.A. Engel
Price Stickiness in Ss Models: New Interpretations of Old Results

w12925 Olivier Blanchard
Current Account Deficits in Rich Countries

w12919 Willem H. Buiter
Seigniorage

w12880 Juan Carlos Conesa
Sagiri Kitao
Dirk Krueger
Taxing Capital? Not a Bad Idea After All!

w12854 Elizabeth M. Caucutt
Thomas F. Cooley
Nezih Guner
The Farm, the City, and the Emergence of Social Security

w12839 Willem H. Buiter
Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

w12822 Carlo Favero
Francesco Giavazzi
Debt and the Effects of Fiscal Policy


2006
w12719 Gary Richardson
A Comment Concerning Deposit Insurance and Moral Hazard

w12717 Gary Richardson
Bank Distress during the Great Depression: The Illiquidity-Insolvency Debate Revisited

w12716 Gary Richardson
Correspondent Clearing and the Banking Panics of the Great Depression

w12704 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti
Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis

w12698 Peter Blair Henry
Capital Account Liberalization: Theory, Evidence, and Speculation

w12665 Matthias Doepke
Dirk Krueger
Origins and Consequences of Child Labor Restrictions: A Macroeconomic Perspective

w12654 Chryssi Giannitsarou
Andrew Scott
Inflation Implications of Rising Government Debt

w12641 Rafael Di Tella
Juan Dubra
Crime and Punishment in the "American Dream"

w12639 David Card
Raj Chetty
Andrea Weber
Cash-on-Hand and Competing Models of Intertemporal Behavior: New Evidence from the Labor Market

w12637 Dale F. Gray
Robert C. Merton
Zvi Bodie
A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy

w12600 Emmanuel Farhi
Ivan Werning
Progressive Estate Taxation

w12594 Ching-Yi Chung
Gary Richardson
Deposit Insurance and the Composition of Bank Suspensions in Developing Economies: Lessons from the State Deposit Insurance Experiments of the 1920S

w12591 Gary Richardson
William Troost
Monetary Intervention Mitigated Banking Panics During the Great Depression: Quasi-Experimental Evidence from the Federal Reserve District Border in Mississippi, 1929 to 1933

w12590 Gary Richardson
Bank Distress During the Great Contraction, 1929 to 1933, New Data from the Archives of the Board of Governors

w12586 Enrique G. Mendoza
P. Marcelo Oviedo
Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer

w12514 Christopher House
Matthew D. Shapiro
Temporary Investment Tax Incentives: Theory with Evidence from Bonus Depreciation

w12476 Patrick Kehoe
Varadarajan V. Chari
Modern Macroeconomics in Practice: How Theory is Shaping Policy

w12454 Kenneth Kuttner
Can Central Banks Target Bond Prices?

w12431 Yum K. Kwan
The Direct Substitution Between Government and Private Consumption in East Asia

w12426 Stanley Fischer
Reflections on One Year at the Bank of Israel

w12419 Stefania Albanesi
Optimal Taxation of Entrepreneurial Capital with Private Information

w12402 Stephanie Schmitt-Grohé
Martín Uribe
Optimal Simple and Implementable Monetary and Fiscal Rules: Expanded Version

w12357 Takero Doi
Toshihiro Ihori
Kiyoshi Mitsui
Sustainability, Debt Management, and Public Debt Policy in Japan

w12336 Ruediger Bachmann
Ricardo J. Caballero
Eduardo M.R.A. Engel
Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model

w12224 Daron Acemoglu
Michael Golosov
Aleh Tsyvinski
Markets Versus Governments: Political Economy of Mechanisms

w12198 Eiji Ogawa
Junko Shimizu
Stabilization of Effective Exchange Rates Under Common Currency Basket Systems

w12190 Allan Drazen
Marcela Eslava
Pork Barrel Cycles

w12137 Filippo Occhino
Kim Oosterlinck
Eugene N. White
How Occupied France Financed Its Own Exploitation in World War II

w12130 Ellen R. McGrattan
Lee E. Ohanian
Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence From World War II

w12158 Pierpaolo Benigno
Michael Woodford
Optimal Inflation Targeting under Alternative Fiscal Regimes

w12089 Bennett T. McCallum
Edward Nelson
Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences

w12076 Robert G. King
Discretionary Policy and Multiple Equilibria

w12073 Erik Snowberg
Justin Wolfers
Eric Zitzewitz
Partisan Impacts on the Economy: Evidence from Prediction Markets and Close Elections

w11945 Jonathan Gruber
A Tax-Based Estimate of the Elasticity of Intertemporal Substitution


2005
w11874 Troy Davig
Eric M. Leeper
Generalizing the Taylor Principle

w11869 David B. Gordon
Eric M. Leeper
Are Countercyclical Fiscal Policies Counterproductive?

w11868 Farley Grubb
The Net Asset Position of the U.S. National Government, 1784-1802: Hamilton's Blessing or the Spoils of War?

w11862 Adi Brender
Allan Drazen
How Do Budget Deficits and Economic Growth Affect Reelection Prospects? Evidence from a Large Cross-Section of Countries

w11854 Stephanie Schmitt-Grohe
Martin Uribe
Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model

w11815 Jordi Gali
Tommaso Monacelli
Optimal Monetary and Fiscal Policy in a Currency Union

w11792 Linda S. Goldberg
Michael W. Klein
Establishing Credibility: Evolving Perceptions of the European Central Bank

w11787 Roberto Chang
Linda Kaltani
Norman Loayza
Openness Can be Good for Growth: The Role of Policy Complementarities

w11700 Alberto Alesina
Nichola Fuchs Schuendeln
Good bye Lenin (or not?): The Effect of Communism on People's Preferences

w11687 Hanno Lustig
Christopher Sleet
Sevin Yeltekin
Fiscal Hedging and the Yield Curve

w11655 Russell Cooper
Hubert Kempf
Dan Peled
Is It Is or Is It Ain't My Obligation? Regional Debt in a Fiscal Federation

w11646 Eric M. Leeper
Tack Yun
Monetary-Fiscal Policy Interactions and the Price Level: Background and Beyond

w11630 Benjamin M. Friedman
Deficits and Debt in the Short and Long Run

w11593 Francesco Giavazzi
Tullio Jappelli
Marco Pagano
Marina Benedetti
Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence

w11583 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti
Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing

w11578 Jordi Galí
J. David López-Salido
Javier Vallés
Understanding the Effects of Government Spending on Consumption

w11523 Andrew T. Levin
Alexei Onatski
John C. Williams
Noah Williams
Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models

w11490 Mark Aguiar
Manuel Amador
Gita Gopinath
Efficient Fiscal Policy and Amplification

w11417 Stephanie Schmitt-Grohe
Martin Uribe
Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model: Expanded Version

w11399 Alberto Alesina
George-Marios Angeletos
Corruption, Inequality and Fairness

w11374 Laurence Ball
Fiscal Remedies for Japan's Slump

w11319 William O. Brown
Richard C. K. Burdekin
Marc D. Weidenmier
Volatility in an Era of Reduced Uncertainty: Lessons from Pax Britannica

w11297 Ricardo Reis
The Time-Series Properties of Aggregate Consumption: Implications for the Costs of Fluctuation

w11212 Troy Davig
Eric M. Leeper
Fluctuating Macro Policies and the Fiscal Theory

w11208 Roland Benabou
Jean Tirole
Belief in a Just World and Redistributive Politics

w11185 Mikhail Golosov
Aleh Tsyvinski
Optimal Taxation with Endogenous Insurance Markets

w11151 Mitsuru Iwamara
Takeshi Kudo
Tsutomu Watanabe
Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004

w11122 George M. Constantinides
John B. Donaldson
Rajnish Mehra
Junior is Rich: Bequests as Consumption

w11105 Tim Robinson
Andrew Stone
Monetary Policy, Asset-Price Bubbles and the Zero Lower Bound

w11085 Allan Drazen
Marcela Eslava
Electoral Manipulation via Expenditure Composition: Theory and Evidence

w11067 Michelle Hanlon
Terry Shevlin
Bank-Tax Conformity for Corporate Income: An Introduction to the Issues

w11055 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba
How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

w11044 Juan Carlos Conesa
Dirk Krueger
On the Optimal Progressivity of the Income Tax Code

w11030 Marco Bassetto
Thomas Sargent
Politics and Efficiency of Separating Capital and Ordinary Government Budgets


2004
w10988 Christian Broda
David E. Weinstein
Happy News from the Dismal Science: Reassessing the Japanese Fiscal Policy and Sustainability

w10967 Assaf Razin
Efraim Sadka
Aging and the Welfare State: The Role of Young and Old Voting Pivots

w10938 James Harrigan
Kenneth Kuttner
Lost Decade in Translation: Did the US Learn from Japan's Post-Bubble Mistakes?

w10926 Gadi Barlevy
The Cost of Business Cycles and the Benefits of Stabilization: A Survey

w10848 Willem H. Buiter
The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Should New Keynesian Central Bankers Pursue Price Stability?

w10840 Gauti B. Eggertsson
Michael Woodford
Optimal Monetary and Fiscal Policy in a Liquidity Trap

w10839 Pierpaolo Benigno
Michael Woodford
Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State

w10838 Pierpaolo Benigno
Michael Woodford
Inflation Stabilization and Welfare: The Case of a Distorted Steady State

w10792 Mikhail Golosov
Aleh Tsyvinski
Designing Optimal Disability Insurance: A Case for Asset Testing

w10787 Alan S. Blinder
Alan B. Krueger
What Does the Public Know about Economic Policy, and How Does It Know It?

w10784 David S. Johnson
Jonathan A. Parker
Nicholas S. Souleles
Household Expenditure and the Income Tax Rebates of 2001

w10780 Graciela L. Kaminsky
Carmen M. Reinhart
Carlos A. Vegh
When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies

w10724 Stephanie Schmitt-Grohe
Martin Uribe
Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the U.S. Business Cycle

onb04-07 Laurence J. Kotlikoff
Kent Smetters
Jan Walliser
Diminishing America's Demographic Dilemma Through Pre-Funding Social Security

w10539 Adi Brender
Allan Drazen
Political Budget Cycles in New versus Established Democracies

w10532 Ricardo J. Caballero
Arvind Krishnamurthy
Fiscal Policy and Financial Depth

w10512 Hans Fehr
Sabine Jokisch
Laurence Kotlikoff
The Role of Immigration in Dealing with the Developed World's Demographic Transition

w10495 William A. Brock
Steven N. Durlauf
Elements of a Theory of Design Limits to Optimal Policy

w10443 Olivier Blanchard
Jean Tirole
The Optimal Design of Unemployment Insurance and Employment Protection. A First Pass

w10430 Martin Eichenbaum
Jonas Fisher
Fiscal Policy in the Aftermath of 9/11

w10415 Christopher L. House
Matthew D. Shapiro
Phased-In Tax Cuts and Economic Activity

w10394 Francesco Giavazzi
Alessandro Missale
Public Debt Management in Brazil

w10390 Carlo A. Favero
Francesco Giavazzi
Inflation Targeting and Debt: Lessons from Brazil

w10310 Olivier Blanchard
The Economic Future of Europe

w10316 Edward C. Prescott
Why do Americans Work so Much More than Europeans?

w10282 Erik Hurst
Paul Willen
Social Security and Unsecured Debt

w10253 Stephanie Schmitt-Grohe
Martin Uribe
Optimal Simple and Implementable Monetary and Fiscal Rules

w10246 Philippe Aghion
Philippe Bacchetta
Abhijit Banerjee
Financial Development and the Instability of Open Economies

w10239 Russell Cooper
Hubert Kempf
Dan Peled
Is it is or is it Ain't my Obligation? Regional Debt in Monetary Unions


2003
w10170 Torsten Persson
Consequences of Constitutions

w10149 Stephanie Schmitt-Grohe
Martin Uribe
Optimal Fiscal and Monetary Policy Under Imperfect Competition

w10110 Willem Buiter
Anne C. Sibert
Cross-Border Tax Externalities: Are Budget Deficits Too Small?

w10109 Susan Athey
Andrew Atkeson
Patrick Kehoe
The Optimal Degree of Discretion in Monetary Policy

w10085 Katherine Grace Carman
Jagadeesh Gokhale
Laurence J. Kotlikoff
The Impact on Consumption and Saving of Current and Future Fiscal Policies

w10023 Alan J. Auerbach
Fiscal Policy, Past and Present

w9961 Bennett T. McCallum
Is the Fiscal Theory of the Price Level Learnable?

w9939 Marc P. Giannoni
Michael Woodford
Optimal Inflation Targeting Rules

w9929 Robert G. King
Alexander L. Wolman
Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria

w9905 Pierpaolo Benigno
Michael Woodford
Optimal Monetary and Fiscal Policy: A Linear Quadratic Approach

w9860 Michael D. Bordo
Pierre-Cyrille Hautcoeur
Why didn't France follow the British Stabilization after World War One?

w9773 Jordi Gali
Roberto Perotti
Fiscal Policy and Monetary Integration in Europe

w9772 Craig Burnside
Martin Eichenbaum
Jonas Fisher
Fiscal Shocks and Their Consequences

w9623 Willem H. Buiter
Deflation: Prevention and Cure

w9618 Joshua Aizenman
Reuven Glick
Military Expenditure, Threats, and Growth

w9587 Andrew Leigh
Justin Wolfers
Eric Zitzewitz
What Do Financial Markets Think of War in Iraq?

w9506 Eric M. Leeper
Fiscal Policy and Inflation: Pondering the Imponderables

w9502 Alberto Alesina
George-Marios Angeletos
Fairness and Redistribution: U.S. versus Europe

w9420 Marc P. Giannoni
Michael Woodford
Optimal Interest-Rate Rules: II. Applications

w9419 Marc P. Giannoni
Michael Woodford
Optimal Interest-Rate Rules: I. General Theory

w9412 Kent A. Smetters
Trading with the Unborn: A New Perspective on Capital Income Taxation


2002
w9367 Robert Dekle
The Deteriorating Fiscal Situation and an Aging Population

w9340 Wei Fan
Michelle J. White
Personal Bankruptcy and the Level of Entrepreneurial Activity

w9321 Anna J. Schwartz
Asset Price Inflation and Monetary Policy

w9306 Alan Auerbach
Is There a Role for Discretionary Fiscal Policy?

w9297 Stanley Fischer
Financial Crises and Reform of the International Financial System

w9274 Christina D. Romer
David H. Romer
The Evolution of Economic Understanding and Postwar Stabilization Policy

w9221 Martin Uribe
A Fiscal Theory of Sovereign Risk

w9220 Stephanie Schmitt-Grohe
Martin Uribe
Optimal Fiscal and Monetary Policy Under Sticky Prices

w9132 Alan J. Auerbach
Kevin A. Hassett
Optimal Long-Run Fiscal Policy: Constraints, Preferences and the Resolution of Uncertainty

w9012 Alan J. Auerbach
The Bush Tax Cut and National Saving

w8930 Stanley Fischer
Ratna Sahay
Carlos A. Vegh
Modern Hyper- and High Inflations

w8912 Stefania Albanesi
V.V. Chari
Lawrence J. Christiano
Expectation Traps and Monetary Policy

w8903 Price V. Fishback
Shawn Kantor
John Joseph Wallis
Can the New Deal's Three R's Be Rehabilitated? A Program-by-Program, County-by-County Analysis

w8785 Laurence Ball
Robert Tchaidze
The Fed and the New Economy


2001
w8672 Matthew D. Shapiro
Joel Slemrod
Consumer Response to Tax Rebates

w8622 Ellen R. McGrattan
Edward C. Prescott
The Stock Market Crash of 1929: Irving Fisher Was Right!

w8305 Michael M. Hutchison
A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs

w8289 Peter Blair Henry
Is Disinflation Good for the Stock Market?

w8259 Kent Smetters
The Equivalence of the Social Security's Trust Fund Portfolio Allocation and Capital Income Tax Policy

w8214 Torsten Persson
Do Political Institutions Shape Economic Policy?

w8139 Stefania Albanesi
V.V. Chari
Lawrence J. Christiano
How Severe is the Time Inconsistency Problem in Monetary Policy?

w8108 Price V. Fishback
William C. Horrace
Shawn Kantor
The Impact of New Deal Expenditures on Local Economic Activity: An Examination of Retail Sales, 1929-1939


2000
w8033 Albert Ando
On the Japanese Economy and Japanese National Accounts

w7762 Douglas Holtz-Eakin
Mary E. Lovely
Mehmet S. Tosun
Generational Conflict, Human Capital Accumulation, and Economic Growth

w7662 Alan J. Auerbach
Daniel Feenberg
The Significance of Federal Taxes as Automatic Stabilizers

w6767 Gerardo della Paolera
Alan M. Taylor
Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime

w7558 Austan Goolsbee
The Importance of Measurement Error in the Cost of Capital

w7460 Francesco Giavazzi
Tullio Jappelli
Marco Pagano
Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries

w7459 Craig Burnside
Martin Eichenbaum
Jonas D.M. Fisher
Assessing the Effects of Fiscal Shocks


1999
w7394 Alan M. Taylor
Latin America and Foreign Capital in the Twentieth Century: Economics, Politics, and Institutional Change

w7393 Bennett T. McCallum
Theoretical Issues Pertaining to Monetary Unions

w6046 Darrel Cohen
Kevin A. Hassett
R. Glenn Hubbard
Inflation and the User Cost of Capital: Does Inflation Still Matter?

w7269 Olivier Blanchard
Roberto Perotti
An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output

w7103 Peter Diamond
Jean Geanakoplos
Social Security Investment in Equities I: Linear Case

w7097 Torsten Persson
Guido Tabellini
Political Economics and Public Finance

w7088 Bennett T. McCallum
Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence

w6283 Valerie A. Ramey
Matthew D. Shapiro
Costly Capital Reallocation and the Effects of Government Spending

w7036 Alan J. Auerbach
Kevin A. Hassett
Uncertainty and the Design of Long-Run Fiscal Policy

w6991 Andrew B. Abel
The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation

w4839 Aaron Tornell
Philip Lane
Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy

w6948 Christina D. Romer
Changes in Business Cycles: Evidence and Explanations

w6925 Guillermo A. Calvo
Carlos A. Vegh
Inflation Stabilization and BOP Crises in Developing Countries


1998
w6848 Torsten Persson
Guido Tabellini
The Size and Scope of Government: Comparative Politics with Rational Politicians

w6731 Austan Goolsbee
Taxes and the Quality of Capital

w6693 A. Lans Bovenberg
Johan J. Graafland
Ruud A. de Mooij
Tax Reform and the Dutch Labor Market: An Applied General Equilibrium Approach

w6555 William H. Branson
Jorge Braga de Macedo
Jurgen von Hagen
Macroeconomic Policy and Institutions During the Transition to European Union Membership

w6522 Willem H. Buiter
Notes on "A Code for Fiscal Stability"

w6470 Douglas W. Elmendorf
N. Gregory Mankiw
Government Debt

w6456 Bennett T. McCallum
Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination

w6372 Adriana Arreaza
Bent E. Sorensen
Oved Yosha
Consumption Smoothing through Fiscal Policy in OECD and EU Countries


1997
w6336 Andres Velasco
A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms

w6329 Torsten Persson
Guido Tabellini
Political Economics and Macroeconomic Policy

w5550 James M. Poterba
Do Budget Rules Work?

w6197 Robert J. Barro
Optimal Management of Indexed and Nominal Debt

w6192 Austan Goolsbee
Investment Tax Incentives, Prices, and the Supply of Capital Goods

w6189 Patrick K. Asea
Stephen J. Turnovsky
Capital Income Taxation and Risk-Taking in a Small Open Economy

w5469 Martin Feldstein
The Costs and Benefits of Going from Low Inflation to Price Stability

w6048 Jerome Adda
Russell Cooper
Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies

w6000 Mark Gertler
Government Debt and Social Security in a Life-Cycle Economy

w5954 Casey B. Mulligan
Xavier X. Sala-i-Martin
The Optimum Quantity of Money: Theory and Evidence

w5892 Allan Drazen
Policy Signaling in the Open Economy: A Re-Examination


1996
w5851 Giancarlo Corsetti
Nouriel Roubini
Optimal Government Spending and Taxation in Endgenous Growth Models

w5817 Bengt Holmstrom
Jean Tirole
Private and Public Supply of Liquidity

w5189 Alan J. Auerbach
Kevin Hassett
Jan Sodersten
Taxation and Corporate Investment: The Impact of the 1991 Swedish Tax Reform

w5730 Alberto Alesina
Roberto Perotti
Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects

w5611 J. Bradford De Long
Keynesianism, Pennsylvania Avenue Style: Some Economic Consequences of the Employment Act of 1946

w5583 Roland Benabou
Unequal Societies

w5573 Rudi Dornbusch
Debt and Monetary Policy: The Policy Issues

w5541 V. V. Chari
Lawrence J. Christiano
Martin Eichenbaum
Expectation Traps and Discretion

w5517 Barry Eichengreen
Jurgen von Hagen
Fiscal Policy and Monetary Union: Is There a Tradeoff between Federalism and Budgetary Restrictions?

w5512 Olivia S. Mitchell
Stephen P. Zeldes
"Social Security Privatization: A Structure for Analysis"

w5502 Robert J. Barro
Reflections on Ricardian Equivalence

w5486 Harold L. Cole
Patrick J. Kehoe
Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt

w5477 Douglas Staiger
James H. Stock
Mark W. Watson
How Precise are Estimates of the Natural Rate of Unemployment?

w5447 Gene M. Grossman
Elhanan Helpman
Intergenerational Redistribution with Short-Lived Governments


1995
w5338 Joshua Aizenman
Ricardo Hausmann
The Impact of Inflation on Budgetary Discipline

w5327 Robert J. Barro
Optimal Debt Management

w5317 Gian Maria Milesi-Ferrett
Nouriel Roubini
Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis

w5205 Larry E. Jones
Rodolfo E. Manuelli
A Positive Model of Growth and Pollution Controls

w5171 Andrew A. Samwick
Tax Shelters and Passive Losses After the Tax Reform Act of 1986

w5120 Willem H. Buiter
Kenneth M. Kletzer
Capital Mobility, Fiscal Policy and Growth under Self-Financing of Human Capital Formation

w5117 A. Lans Bovenberg
Lawrence H. Goulder
Costs of Environmentally Motivated Taxes in the Presence of Other Taxes:General Equilibrium Analyses

w5087 Willem H. Buiter
Generational Accounts, Aggregate Saving and Intergenerational Distribution

w5086 Enrique G. Mendoza
Linda L. Tesar
Supply-Side Economics in a Global Economy

w4864 Enrique G. Mendoza
Assaf Razin
Linda L. Tesar
Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption

w4636 Frederic S. Mishkin
Preventing Financial Crises: An International Perspective


1994
w4889 Mark Hooker
Michael Knetter
Unemployment Effects of Military Spending: Evidence from a Panel of States

w4882 Nouriel Roubini
Gian Maria Milesi-Ferrett
Optimal Taxation of Human and Physical Capital in Endogenous Capital Models

w4881 Nouriel Roubini
Gian Maria Milesi-Ferrett
Taxation and Endogenous Growth in Open Economies

w4824 Douglas Holtz-Eakin
Amy Ellen Schwartz
Infrastructure in a Structural Model of Economic Growth

w4768 Ricardo J. Caballero
Mohamad L. Hammour
On the Timing and Efficiency of Creative Destruction

w4761 Eric M. Leeper
Christopher A. Sims
Toward a Modern Macroeconomic Model Usable for Policy Analysis

w4499 William Easterly
Sergio Rebelo
Fiscal Policy and Economic Growth: An Empirical Investigation

w4719 Andrew Atkeson
Christopher Phelan
Reconsidering the Costs of Business Cycles with Incomplete Markets

w4709 Alan J. Auerbach
The U.S. Fiscal Problem: Where We Are, How We Got Here and Where We're Going

w4694 Alessandra Casella
Barry Eichengreen
Can Foreign Aid Accelerate Stabilization?

w4681 William Easterly
Robert King
Ross Levine
Sergio Rebelo
Policy, Technology Adoption, and Growth


1993
w4448 Allan Drazen
Paul R. Masson
Credibility of Policies versus Credibility of Policymakers

w4337 Holger C. Wolf
Anti-Tax Revolutions and Symbolic Prosecutions

w4333 Raquel Fernandez
Richard Rogerson
Keeping People Out: Income Distribution, Zoning and the Quality of Public Education


1992
w4220 Willem H. Buiter
Kenneth M. Kletzer
Permanent International Productivity Growth Differentials in an Integrated Global Economy

w4172 Michael Dooley
Mark R. Stone
Endogenous Creditor Seniority and External Debt Values

w4158 Raquel Fernandez
Richard Rogerson
Income Distribution, Communities and the Quality of Public Education: A Policy Analysis

w4144 Douglas Holtz-Eakin
Solow and the States: Capital Accumulation, Productivity and Economic Growth

w4122 Douglas Holtz-Eakin
Public-Sector Capital and the Productivity Puzzle

w4022 Benjamin M. Friedman
Learning From the Reagan Deficits

w3966 Martin Feldstein
The Budget and Trade Deficits Aren't Really Twins

w3968 Alberto Alesina
Philippe Weil
Menus of Linear Income Tax Schedules


1991
w3852 Alessandra Casella
Barry Eichengreen
Halting Inflation in Italy and France After World War II

w3844 Giuseppe Bertola
Allan Drazen
Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity

w3830 Alberto Alesina
Gerald D. Cohen
Nouriel Roubini
Macroeconomic Policy and Elections in OECD Democracies

w3753 David Altig
Steve J. Davis
The Timing of Intergenerational Transfers, Tax Policy, and Aggregate Savings

Generated Tue Mar 11 00:00:26 2014

  
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