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About the Author(s)


Gauti B. Eggertsson is a macroeconomist and a professor of economics at Brown University. He received his Ph.D. in economics from Princeton University in 2004, after having completed his B.S. in economics at the University of Iceland.

He has worked at research departments of the International Monetary Fund and the Federal Reserve Bank of New York. He has also been a visiting faculty member at Princeton, Yale University, and Columbia University, where he taught international finance and macroeconomics at graduate and undergraduate levels.

Eggertsson has published in a variety of professional journals, including the American Economic Review and the Quarterly Journal of Economics. The main focus of his work is the analysis of monetary and fiscal policy over the business cycle, both from a modern and a historical perspective.


1. G. Eggertsson and M. Woodford, "Optimal Monetary Policy in a Liquidity Trap," NBER Working Paper 9968, September 2003, and published as "The Zero Bound On Interest Rates And Optimal Monetary Policy," Brookings Papers on Economic Activity, 1, 2003, pp. 139-235; and G. Eggertsson and M. Woodford "Policy Options in a Liquidity Trap," American Economic Review, 94 (2), 2004, pp. 76-9.   Go to ⤴︎
2. For examples, see speeches by the President of the Philadelphia Fed, Charles Plosser, "Forward Guidance," 2013; Janet Yellen's 2009 speech "U.S. Monetary Policy Objectives in the Short and Long Run"; or Ben Bernanke for an early reference in "Some Thoughts on Monetary Policy in Japan," 2003.   Go to ⤴︎
3. G. Eggertsson and K. Proulx, "Bernanke's No-Arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?" NBER Working Paper 22243, May 2016.   Go to ⤴︎
4. G. Eggertsson, "The Deflation Bias and Committing to Being Irresponsible," Journal of Money, Credit, and Banking, 38 (2), 2006, pp. 283-321.   Go to ⤴︎
5. G. Eggertsson, "Great Expectations and the End of the Depression," American Economic Review, 90 (4), 2008, pp. 1476-516.   Go to ⤴︎
6. G. Eggertsson, "Was the New Deal Contractionary?" American Economic Review, 102 (1), 2012, pp. 524-55.   Go to ⤴︎
7. G. Eggertsson and B. Pugsley, "The Mistake of 1937: A General Equilibrium Analysis," Bank of Japan's Monetary and Economic Studies, 24 (S-1), 2006, pp. 151-90.   Go to ⤴︎
8. G. Eggertsson, "What Fiscal Policy is Effective at Zero Interest Rates?" in D. Acemoglu and M. Woodford, eds., NBER Macroeconomics Annual 2010, Volume 25, Chicago, Illinois: University of Chicago Press, 2011, pp. 59-112.   Go to ⤴︎
9. M. Denes, G. Eggertsson, and S. Gilbukh, "Deficits, Public Debt Dynamics and Tax and Spending Multipliers," The Economic Journal, 123 (566), 2013, pp. 133-63.   Go to ⤴︎
10. S. Bhattarai, G. Eggertsson, and B. Gafarov, "Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing," NBER Working Paper 21336, July 2015.   Go to ⤴︎
11. G. Eggertsson, A. Ferrero, and A. Raffo, "Can Structural Reforms Help Europe?" Journal of Monetary Economics, 61 (C), 2014, pp. 2-22.   Go to ⤴︎
12. G. Eggertsson, "The Paradox of Toil," Federal Reserve Bank of New York Staff Report No. 433, February 2010. Go to ⤴︎
13. G. Eggertsson and P. Krugman, "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach," The Quarterly Journal of Economics, 127 (3), 2012, pp. 1469-513.   Go to ⤴︎
14. A. Mian and A. Sufi, House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again, Chicago, Illinois: University of Chicago Press, 2015.   Go to ⤴︎
15. P. Benigno, G. Eggertsson, and F. Romei, "Dynamic Debt Deleveraging and Optimal Monetary Policy," NBER Working Paper 20556, October 2014.   Go to ⤴︎
16. M. Del Negro, G. Eggertsson, A. Ferrero, and N. Kiyotaki, "The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities," NBER Working Paper 22259, May 2016, and forthcoming in American Economic Review.   Go to ⤴︎
17. A. Hansen, "Economic Progress and Declining Population Growth," American Economic Review, 29(1), 1939, pp. 1-15.   Go to ⤴︎
18. For futher discussion see L. Summers, "U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," Business Economics, 49 (2), 2014, pp. 65-73.   Go to ⤴︎
19. G. Eggertsson, and N. Mehrotra, "A Model of Secular Stagnation," NBER Working Paper 20574, October 2014.   Go to ⤴︎
20. G. Eggertsson, N. Mehrotra, and J. Robbins, "A Model of Secular Stagnation: Theory and Quantitative Evaluation," NBER Working Paper 23093, January 2017.   Go to ⤴︎
21. G. Eggertsson, N. Mehrotra, and L. Summers, "Secular Stagnation in the Open Economy," NBER Working Paper 22172, April 2016, and American Economic Review, 106 (5), pp. 503-7; and G. Eggertsson, N. Mehrotra, S. Singh, and L. Summers, "A Contagious Malady? Open Economy Dimensions of Secular Stagnation," NBER Working Paper 22299, June 2016, and forthcoming in the IMF Economic Review. Go to ⤴︎

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