"Portfolios for long-term investors" is published, Review of Finance   26(1), 1-42. (2022). This  standard link works if you have institutional or individual access. I am not allowed to post a free access link here, bu…

The book isn't out yet, but I can't help myself... A revised draft of Chapter 5, fiscal theory in sticky price models is up on my website here . Giving talks over the last year and writing some subsequent essays, I see cl…

In working on a revision to fiscal theory of the price level chapter 5 on sticky price models, and a revision of " Expectations and the neutrality of interest rates" I came up with this fun impulse-response function. I…

Expectations and the Neutrality of Interest Rates  is a new paper. It's an essay, really, expanding on a lunch talk I was privileged to give at the Minneapolis Fed "Foundations of Monetary Policy" conference  in hon…

We often summarize that the fiscal theory is a theory of the price level: The price level adjusts so that the real value of government debt equals the present value of surpluses. That characterization seems to leave it to a secon…