"When Does Determinacy Imply Expectational Stability?" - February 2008
with Stefano Eusepi
Federal Reserve Bank of St. Louis Working Paper 2008-007A
Abstract | Full Text (PDF 322K)
"The Optimal Inflation Target in an Economy with Limited Enforcement" - September 2007, Revised November 2007
with Gaetano Antinolfi and Costas Azariadis
Federal Reserve Bank of St. Louis Working Paper 2007-037B
Abstract | Full Text (PDF 338K)
"Determinacy, Learnability, and Monetary Policy Inertia"
with Kaushik Mitra
Journal of Money, Credit, and Banking, August 2007, 39(5), pp. 1177-212.
Download Mathematica programs: Lagmsv.pdf, Forwardmsv.pdf, Lagestability.pdf, and Forwardestability.pdf.
"Learning and the Great Moderation" - June 2007
with Aarti Singh
Federal Reserve Bank of St. Louis Working Paper 2007-027A
Abstract | Full Text (PDF 374K)
"A Leisurely Reading of the Life Cycle Consumption Data"
with James Feigenbaum
Journal of Monetary Economics, November 2007, 54(8), pp. 2305-20.
Abstract | Full Text (PDF 510K)
"A Model of Near-Rational Exuberance" - March 2007, Revised January 2008
with George W. Evans and Seppo Honkapohja
Federal Reserve Bank of St. Louis Working Paper 2007-009B
Abstract | Full Text (PDF 439K)
"Monetary Policy, Judgment and Near-Rational Exuberance"
with George W. Evans and Seppo Honkapohja
FORTHCOMING: American Economic Review
Abstract | Full Text (PDF 468K)
"Social Learning and Monetary Policy Rules" - March 2007
with Jasmina Arifovic and Olena Kostyshyna
Federal Reserve Bank of St. Louis Working Paper 2007-007A
Abstract | Full Text (PDF 333K)
"Worldwide Macroeconomic Stability and Monetary Policy Rules" - June 2006, Revised June 2007
with Aarti Singh
Federal Reserve Bank of St. Louis Working Paper 2006-040B
Abstract | Full Text (PDF 520K)
"Monetary Policy, Determinacy, and Learnability in a Two-Block World Economy" - May 2006
with Eric Schaling
Federal Reserve Bank of St. Louis Working Paper 2006-038A
Abstract | Full Text (PDF 472K)
The Learnability Criterion and Monetary Policy
Manuscript
"Escapist Policy Rules"
with In-Koo Cho
Journal of Economic Dynamics and Control, November 2005, 29(11), pp. 1841-65.
"Near-Rational Exuberance" - October 2004, Revised September 2005
with George W. Evans and Seppo Honkapohja
Federal Reserve Bank of St. Louis Working Paper 2004-025B
Abstract | Full Text (PDF 584K)
"Learning and Structural Change in Macroeconomic Data" - August 2004
with J. Duffy
Federal Reserve Bank of St. Louis Working Paper 2004-016A
Abstract | Full Text (PDF 396K)
"Did the Great Inflation Occur Despite Policymaker Commitment to a Taylor Rule?"
with Stefano Eusepi
Review of Economic Dynamics, April 2005, 8(2), pp. 324-59.
"Trend-Reverting Fluctuations and the Life-Cycle Model"
with Costas Azariadis and Lee Ohanian
Journal of Economic Theory, December 2004, 119(2), pp. 334-56.
"The Value of Inside and Outside Money"
with Bruce D. Smith
Journal of Monetary Economics, March 2003, 50(2), pp. 389-417.
"Learning About Monetary Policy Rules"
with Kaushik Mitra
Journal of Monetary Economics, September 2002, 49(6), pp. 1105-29.
"Intermediaries and Payments Instruments"
with Bruce D. Smith
Journal of Economic Theory, April 2003, 109(2), pp. 172-97.
"Central Bank Design in General Equilibrium"
with Christopher J. Waller
Journal of Money, Credit and Banking, February 2004, 36(1), pp. 95-114.
"Public and Private Circulating Liabilities"
with Costas Azariadis and Bruce D. Smith
Journal of Economic Theory, July 2001, 99(1/2), pp. 59-116.
"Learning and Excess Volatility"
with John Duffy
Macroeconomic Dynamics, April 2001, 5(2), pp. 272-302.
"The Value of Inside and Outside Money: Expanded Version" - September 2001
with Bruce D. Smith
Federal Reserve of St. Louis Working Paper 2001-011A
Abstract | Full Text (PDF 549K)
"How Costly is Sustained Low Inflation for the US Economy?" - Revised March 1998
with Steven Russell
Federal Reserve Bank of St. Louis working Paper 1997-012B
Abstract | Full Text(PDF 3.3M)
"An Empirically Plausible Model of Low Real Interest Rates and Unbacked Government Debt"
with Steve Russell
Journal of Monetary Economics, December 1999, 44(3), pp. 477-508.
"Using Genetic Algorithms to Model the Evolution of Heterogeneous Beliefs"
with John Duffy
Computational Economics, February 1999, 13(1), pp. 41-60.
"On Learning and the Stability of Cycles"
with John Duffy
Macroeconomic Dynamics, March 1998, 2(1), pp. 22-48.
"A Model of Learning and Emulation with Artificial Adaptive Agents"
with John Duffy
Journal of Economic Dynamics and Control, February 1998, 22(2), pp. 179-207.
"The Transition from Stagnation to Growth: An Adaptive Learning Approach"
with Jasmina Arifovic and John Duffy
Journal of Economic Growth, June 1997, 2(2), pp. 185-209.
"The Long-run Relationship Between Inflation and Output in Postwar Economies"
with John Keating
Journal of Monetary Economics, December 1995, 36(3), pp. 477-96.
"Learning Equilibria"
Journal of Economic Theory, December 1994, 64(2), pp. 468-85.
"Nonlinearity and Chaos in Economic Models: Implications for Policy Decisions"
with A. Butler
Economic Journal, July 1993, 103(419), pp. 849-65.
"Time-varying Parameters and Nonconvergence to Rational Expectations Under Least Squares Learning"
Economics Letters, October 1992, 40(2), pp, 159-66.
