Fiscal Studies Research

In addition to our Fiscal Insights series of articles related to government debt, wages, taxes, and inflation, below are links to research papers in the area of fiscal studies:

2016 Papers

Friedman, Chicago, and Monetary Rules
Harris Dellas, George Tavlas

Technology, Skill and the Wage Structure
Nancy Stokey

How Friedman and Schwartz Became Monetarists
James Lothian, George Tavlas

Monetary policy with interest on reserves
John Cochrane

Do Higher Interest Rates Raise or Lower Inflation?
John Cochrane

Balanced Growth Despite Uzawa
Gene Grossman, Elhanan Helpman, Ezra Oberfield

2015 Papers

The New-Keynesian Liquidity Trap
John Cochrane

2014 Papers

In Old Chicago: Simons, Friedman and the Development of Monetary-Policy Rules
George Tavlas

2013 Papers

Taxation of earnings: The impact on labor supply and human capital
Richard Blundell

Capital Income Taxation, Corporate Taxation, Wealth Transfer Taxes and Consumption Tax Reforms
Alan Auerbach

The Asset Pricing Implications of Government Economic Policy Uncertainty
Jonathan Brogaard, Andrew L. Detzel

Uncertainty shocks, asset supply and pricing over the business cycle
Cosmin Ilut, Francesco Bianchi, Martin Schneider

How Important Are Sectoral Shocks?
Enghin Atalay

Optimal Disclosure and Contagion for Interconnected Banks
Fernando Alvarez, Gadi Barlevy

Household Deleveraging through Defaults
Adrien Auclert

Measuring Economic Policy Uncertainty
Scott R. Baker, Nicholas Bloom, Steven J. Davis

Trading and Information Diffusion in Over-the-Counter Markets
Peter Kondor, Ana Babus

The Market for OTC Derivatives
Andrew G. Atkeson, Andrea L. Eisfeldt, Pierre-Olivier Weill

Firm Volatility in Granular Networks
Bryan T. Kelly, Hanno N. Lustig, Stijn Van Nieuwerburgh

Selfconfirming long run biases
Simone Cerreia Vioglio, Pierpaolo Battigalli, Fabio Maccheroni, Massimo Marinacci

Efficient Risk Sharing with Model Uncertainty
Anmol Bhandari

Ambiguity in Corporate Finance
Lorenzo Garlappi, Ron Giammarino, Ali Lazrak

Financial Networks and Contagion
Matthew Elliott, Benjamin Golub, Matthew Jackson

Business Networks, Production Chains, and Productivity: A Theory of Input-Output Architecture
Ezra Oberfield

Capital Asset Pricing under Ambiguity
Yehuda Izhakian

Information Inertia
Philipp Illeditsch, Scott Condie, Jayant Ganguli

Systemic Risk and Stability in Financial Networks
Daron Acemoglu, Asuman Ozdaglar, Alireza Tahbaz-Salehi

2012 Papers

Uncertainty and Investment Delays
Nancy Stokey

A Real Options Perspective on the Future of the Euro
Fernando Alvarez, Avinash Dixit

Origins of Uncertainty Shocks
Anna Orlik, Laura Veldkamp

Network Financial Centrality and the Price of Personalized Debt
Juan Pablo Xandri, Robert M. Townsend, Arun G. Chandrasekhar

The Effect of Uncertainty on Investment, Hiring, and R&D: Causal Evidence from Equity Options
Luke Stein, Elizabeth C. Stone

Uncertainty, Redistribution, and the Labor Market
Casey Mulligan

Economic Policy Uncertainty and Asset Price Volatility
Maxim Ulrich

Efficiency and Stability of a Financial Architecture with Too Interconnected to Fail Institutions
Michael Gofman

Fiscal Volatility Shocks and Economic Activity
Jesús Fernández-Villaverde, Pablo A. Guerron-Quintana, Keith Kuester, Juan Rubio-Ramirez

Ambiguity and the Historical Equity Premium
Sujoy Mukerji, Fabrice Collard, Kevin Sheppard, Jean-Marc Tallon

Policy Risk and the Business Cycle
Johannes Pfeifer, Benjamin Born

The Real Effects of Political Uncertainty: Elections and Investment Sensitivity to Stock Prices
Art Durnev

Trade and Investment under Policy Uncertainty: Theory and Firm Evidence
Kyle Handley, Nuno Limao

Ambiguity Aversion and Variance Premium
Jianjun Miao, Bin Wei, Hao Zhou

2011 Papers

Dealing with Maturity: Optimal Fiscal Policy with Long Bonds
Albert Marcet, Elisa Faraglia, Andrew Scott

Fiscal Policy and Unemployment
Stephen Coate, Marco Battaglini

Fiscal Policy in Debt Constrained Economies
Manuel Amador, Mark Aguiar

Clearing Up the Fiscal Multiplier Morass
Eric Leeper, Nora Traum, Todd B. Walker

Managing a Liquidity Trap: Monetary and Fiscal Policy
Iván Werning