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About the Author(s)

Emi Nakamura Profile

Emi Nakamura is a Chancellor’s Professor of Economics at the University of California, Berkeley and a director of the Monetary Economics Program.

Jón Steinsson Profile

Jón Steinsson is a Chancellor’s Professor of Economics at the University of California, Berkeley and a director of the Monetary Economics Program.


1. Going Negative at the Zero Lower Bound: The Effects of Negative Nominal Interest Rates,” Ulate M. American Economic Review 111(1), January 2021, pp. 1–40.   Go to ⤴︎
2. The Reversal Interest Rate,” Brunnermeier M, Koby Y. NBER Working Paper 25406, December 2018.   Go to ⤴︎
3. Negative Nominal Interest Rates and the Bank Lending Channel,” Eggertsson G, Juelsrud R, Summers L, Wold E. NBER Working Paper 25416, revised September 2020.   Go to ⤴︎
4. Optimal Monetary Policy Inertia,” Woodford M. NBER Working Paper 7261, July 1999, and The Manchester School, 67(Supplement), 1999, pp. 1–39; “Central Bank Communication and Policy Effectiveness,” Woodford M. NBER Working Paper 11898, December 2005, and presented at Jackson Hole Economic Policy Symposium, “The Greenspan Era: Lessons for the Future,” August 2005, Jackson Hole, Wyoming; “Forecast Targeting As a Monetary Policy Strategy: Policy Rules in Practice,” Woodford M. NBER Working Paper 13716, December 2007. Go to ⤴︎
5. Inflation and Output in New Keynesian Models with a Transient Interest Rate Peg,” Carlstrom C, Fuerst T, Paustian M. Journal of Monetary Economics 76, November 2015, pp. 230–243; “The Forward Guidance Puzzle,” Del Negro M, Giannoni M, Patterson C. Federal Reserve Bank of New York Staff Report 574, revised December 2015.   Go to ⤴︎
6. The Power of Forward Guidance Revisited,” McKay A, Nakamura E, Steinsson J. NBER Working Paper 20882, revised July 2015, and American Economic Review 106(10), October 2016, pp. 3033–3158.   Go to ⤴︎
7. McKay A, Nakamura E, Steinsson J, October 2016, op. cit.   Go to ⤴︎
8. Incomplete Markets and Aggregate Demand,” Werning I. NBER Working Paper 21448, August 2015.   Go to ⤴︎
9. Forward Guidance without Common Knowledge,” Angeletos G, Lian C. NBER Working Paper 22785, October 2016, and American Economic Review 108(9), September 2018, pp. 2477–2512.   Go to ⤴︎
10. Monetary Policy, Bounded Rationality, and Incomplete Markets,“ Farhi E, Werning I. NBER Working Paper 23281, March 2017, and American Economic Review 109(11), November 2019, pp. 3887–3928.   Go to ⤴︎
11. A Behavioral New Keynesian Model,” Gabaix X. NBER Working Paper 22954, revised June 2019, and American Economic Review 110(8), August 2020, pp. 2271–2327.   Go to ⤴︎
12. Resolving New Keynesian Anomalies with Wealth in the Utility Function,” Michaillat P, Saez E. NBER Working Paper 24971, revised December 2019, and Review of Economics and Statistics 103(2), May 2021, pp. 197–215.   Go to ⤴︎
13. Slack and Cyclically Sensitive Inflation,” Stock J, Watson M. NBER Working Paper 25987, June 2019, and Journal of Money, Credit, and Banking 52(S2), December 2020, pp. 393–428.   Go to ⤴︎
14. A Phillips Curve with Anchored Expectations and Short-Term Unemployment,” Ball L, Mazumder S. NBER Working Paper 20715, November 2014, and Journal of Money, Credit, and Banking 51(1), February 2019, pp. 111–137.   Go to ⤴︎
15. Is the Phillips Curve Alive and Well After All? Inflation Expectations and the Missing Disinflation,” Coibion O, Gorodnichenko Y. NBER Working Paper 19598, October 2013, and American Economic Journal: Macroeconomics 7(1), January 2015, pp. 197–232.   Go to ⤴︎
16. Inflation Expectations and Inflation Forecasting,” Bernanke B. Speech given at the NBER Summer Institute, July 2007; “Inflation Dynamics,” Mishkin F. NBER Working Paper 13147, June 2007, and International Finance 10(3), Winter 2007, pp. 317–334.   Go to ⤴︎
17. Optimal Inflation and the Identification of the Phillips Curve,” McLeay M., Tenreyro S. NBER Macroeconomics Annual 2019 34, 2020, pp. 199–255.   Go to ⤴︎
18. Prospects for Inflation in a High Pressure Economy: Is the Phillips Curve Dead or Is It Just Hibernating?” Hooper P, Mishkin F, Sufi A. NBER Working Paper 25792, May 2019.   Go to ⤴︎
19. The Aggregate Implications of Regional Business Cycles,” Beraja M, Hurst E, Ospina J. NBER Working Paper 21956, February 2016, and Econometrica 87(6), November 2019, pp. 1789–1833.   Go to ⤴︎
20. The Slope of the Phillips Curve: Evidence from US States,” Hazell J, Herreño J, Nakamura E, Steinsson J. NBER Working Paper 28005, revised May 2021.     Go to ⤴︎
21. Monetary Policy in Times of Structural Reallocation,” Guerrieri V, Lorenzoni G, Straub L, Werning I. Presented at Jackson Hole Economic Policy Symposium, “Macroeconomic Policy in an Uneven Economy,” August 2021.   Go to ⤴︎


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