We study an economy in which intermediaries have incentives to issue circulating liabilities as part of an equilibrium …

The U.S. economy appears to have experienced a pronounced shift toward higher productivity over the last five years or … dynamic economies. Accordingly, we begin with a standard economy in which a version of the Taylor rule constitutes the optimal … comment on the "new economy" events of the 1990s and the "stagflation" events of the 1970s form the perspective of our model. …

control the economy through the use of a linear policy feedback rule. A typical finding in the burgeoning literature in this … which are too aggressive might actually destabilize the economy. We use stability under recursive learning a la Evans and …

March 2, 2012. Presentation. "The U.S. Economy in the Aftermath of the Financial Crisis." Presented at the Bank of …