Research

Publications and Accepted Papers

• “A cautionary note on linear aggregation in macroeconomic models under the RINCE preferences,” 2022.
  • Published in Journal of Macroeconomics, Volume 72.
• “The Delphic Forward Guidance Puzzle in New Keynesian Models” with Ippei Fujiwara, 2022.
  • Published in Review of Economic Dynamics, Volume 46, Pages 280-301.
  • Online Appendix
  • Replication codes
  • This paper was previously titled “Private News and Monetary Policy” and was circulated as the Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper No.238.
  • VOXEU article
• “Fiscal forward guidance: A case for selective transparency,” with Ippei Fujiwara, 2020.
  • Published in the Journal of Monetary Economics, Volume 116, pages 236-248.
  • Online Appendix
• “The Optimal Degree of Monetary-Discretion in a New Keynesian Model with Private Information,” with Richard Dennis and Ippei Fujiwara, 2018.
  • Published in Theoretical Economics, Volume 13, Number 3, pages 1319–1368.
  • Online Appendix is available from the above hyperlink.
• “Some Unpleasant Properties of Loglinearized Solutions When the Nominal Rate is Zero,” with Lena Mareen Boneva and R. Anton Braun, 2016.
  • Published in the Journal of Monetary Economics, Volume 84, pages 216–232.
  • Online Appendix
• “A Polyhedral Approximation Approach to Concave Numerical Dynamic Programming,” with Kenichi Fukushima, 2013.
  • Published in Journal of Economic Dynamics and Control, Volume 37, Issue 11, pages 2322–2335.
• “Monetary Policy during Japan’s Lost Decade,” with R. Anton Braun, 2006.
  • Published in the Japanese Economic Review, Vol. 57. No. 2, pp.324-344.

Working Papers

• “Excess sensitivity to targeted fiscal interventions in HANK models with zero liquidity” NEW DRAFT
• “Commitment vs. Flexibility in New Keynesian Models,” draft coming soon.
• “Generational War on Inflation: Optimal Inflation Rates for the Young and the Old,” with Ippei Fujiwara and Shunsuke Hori.
  • The Federal Reserve Bank of Dallas Globalization Institute Working Paper No. 372.
• “Computing Dynamic Optimal Mechanisms When Hidden Types Are Markov,” with Kenichi Fukushima, 2011.
  • Extension with hidden actions
• “On the Size of the Fiscal Multiplier When the Nominal Interest Rate is Zero,” with R. Anton Braun, 2010.
  • Online Appendix.