Details about Gauti B. Eggertsson

Homepage:	https://sites.google.com/site/gautieggertsson/home
Workplace:	Economics Department, Brown University, (more information at EDIRC)

Access statistics for papers by Gauti B. Eggertsson.

Last updated 2024-07-01. Update your information in the RePEc Author Service.

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Working Papers

2024

1. Liquidity Traps: A Unified Theory of the Great Depression and Great Recession
   NBER Working Papers, National Bureau of Economic Research, Inc
2. Revisiting the Phillips and Beveridge Curves: Insights from the 2020s Inflation Surge
   NBER Working Papers, National Bureau of Economic Research, Inc
3. The Forward Guidance Puzzle is not a Puzzle
   NBER Working Papers, National Bureau of Economic Research, Inc
4. The Slanted-L Phillips Curve
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
   See also Journal Article The Slanted-L Phillips Curve, AEA Papers and Proceedings, American Economic Association (2024) View citations (1) (2024)

2023

5. It's Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023) View citations (3)

2021

6. Mr. Keynes and the “Classics”; A Suggested Reinterpretation
   NBER Working Papers, National Bureau of Economic Research, Inc
7. “Excess Savings” Are Not Excessive
   Liberty Street Economics, Federal Reserve Bank of New York

2020

8. A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration
   Working Papers, Brown University, Department of Economics View citations (7)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (8)
   See also Journal Article A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2021) View citations (9) (2021)
9. Medium-Term Money Neutrality and the Effective Lower Bound
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
   See also Journal Article Medium‐Term Money Neutrality and the Effective Lower Bound, Journal of Money, Credit and Banking, Blackwell Publishing (2020) View citations (2) (2020)

2019

10. Negative Nominal Interest Rates and the Bank Lending Channel
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (164)
    Also in Working Paper, Norges Bank (2019)

2018

11. Aging, Output Per Capita and Secular Stagnation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
    See also Journal Article Aging, Output Per Capita, and Secular Stagnation, American Economic Review: Insights, American Economic Association (2019) View citations (27) (2019)
12. Kaldor and Piketty's Facts: the Rise of Monopoly Power in the United States
    2018 Meeting Papers, Society for Economic Dynamics View citations (106)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (110)
    See also Journal Article Kaldor and Piketty’s facts: The rise of monopoly power in the United States, Journal of Monetary Economics, Elsevier (2021) View citations (31) (2021)
13. Sticky Prices versus Sticky Information: Does It Matter For Policy Paradoxes?
    2018 Meeting Papers, Society for Economic Dynamics
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (4)
    See also Journal Article Sticky Prices versus Sticky Information: Does it Matter for Policy Paradoxes?, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2019) View citations (8) (2019)

2017

14. A Model of Secular Stagnation: Theory and Quantitative Evaluation
    Working Papers, Federal Reserve Bank of Minneapolis View citations (96)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (95)
    See also Journal Article A Model of Secular Stagnation: Theory and Quantitative Evaluation, American Economic Journal: Macroeconomics, American Economic Association (2019) View citations (207) (2019)
15. Are Negative Nominal Interest Rates Expansionary?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (66)
16. Secular Stagnation and Inequality
    2017 Meeting Papers, Society for Economic Dynamics
17. The Rise, the Fall, and the Resurrection of Iceland
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2016

18. A Contagious Malady? Open Economy Dimensions of Secular Stagnation
    2016 Meeting Papers, Society for Economic Dynamics View citations (94)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (77)
    See also Journal Article A Contagious Malady? Open Economy Dimensions of Secular Stagnation, IMF Economic Review, Palgrave Macmillan (2016) View citations (83) (2016)
19. Bernanke's No-arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    See also Chapter Bernanke’s No-Arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2016) View citations (3) (2016)
20. Dynamic Debt Deleveraging and Optimal Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (44)
    2015 Meeting Papers, Society for Economic Dynamics (2015) View citations (2)
    See also Journal Article Dynamic Debt Deleveraging and Optimal Monetary Policy, American Economic Journal: Macroeconomics, American Economic Association (2020) View citations (14) (2020)
21. Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)
    See also Journal Article Log-linear approximation versus an exact solution at the ZLB in the New Keynesian model, Journal of Economic Dynamics and Control, Elsevier (2019) View citations (24) (2019)
22. Secular Stagnation in the Open Economy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (91)
    See also Journal Article Secular Stagnation in the Open Economy, American Economic Review, American Economic Association (2016) View citations (91) (2016)
23. The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) View citations (32)
    See also Journal Article The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities, American Economic Review, American Economic Association (2017) View citations (154) (2017)

2015

24. A Model of Secular Stagnation
    IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan View citations (14)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (215)
25. The non-linear Calvo model at the zero bound: Some analytic solutions and numerical results
    2015 Meeting Papers, Society for Economic Dynamics View citations (3)
26. Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (154)
    Also in 2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (25)

2014

27. Is Increased Price Flexibility Stabilizing? Redux
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in Working Papers, Brandeis University, Department of Economics and International Business School (2012) View citations (8)
    2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (14)
    Staff Reports, Federal Reserve Bank of New York (2012)
    See also Journal Article Is increased price flexibility stabilizing? Redux, Journal of Monetary Economics, Elsevier (2018) View citations (29) (2018)

2013

28. Can structural reforms help Europe?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (15)
    See also Journal Article Can structural reforms help Europe?, Journal of Monetary Economics, Elsevier (2014) View citations (238) (2014)
29. Structural Reforms in a Monetary Union: The Role of the ZLB
    2013 Meeting Papers, Society for Economic Dynamics
30. The Inflation Output Trade-Off Revisited
    2013 Meeting Papers, Society for Economic Dynamics View citations (3)
    Also in Staff Reports, Federal Reserve Bank of New York (2013) View citations (3)

2012

31. Deficits, public debt dynamics, and tax and spending multipliers
    Staff Reports, Federal Reserve Bank of New York View citations (4)
    See also Journal Article Deficits, Public Debt Dynamics and Tax and Spending Multipliers, Economic Journal, Royal Economic Society (2013) View citations (63) (2013)

2011

32. An Exploration of Optimal Stabilization Policy
    Scholarly Articles, Harvard University Department of Economics View citations (33)
33. Debt, Deleveraging and the Liquidity Trap
    2011 Meeting Papers, Society for Economic Dynamics View citations (39)
34. Fiscal Multipliers and Policy Coordination
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (1)
    Also in Staff Reports, Federal Reserve Bank of New York (2006) View citations (8)
    See also Chapter Fiscal Multipliers and Policy Coordination, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2013) (2013)

2010

35. The Great Escape? A Quantitative Evaluation of the Fed’s Non-Standard Policies
    2010 Meeting Papers, Society for Economic Dynamics View citations (75)
36. The paradox of toil
    Staff Reports, Federal Reserve Bank of New York View citations (26)

2009

37. A Bayesian approach to estimating tax and spending multipliers
    Staff Reports, Federal Reserve Bank of New York View citations (8)
38. The Response of Monetary Policy to Financial Distress
    2009 Meeting Papers, Society for Economic Dynamics
39. What fiscal policy is effective at zero interest rates?
    Staff Reports, Federal Reserve Bank of New York View citations (43)
    See also Chapter What Fiscal Policy Is Effective at Zero Interest Rates?, NBER Chapters, National Bureau of Economic Research, Inc (2011) View citations (422) (2011)

2007

40. Dynamic Incentives and the Optimal Delegation of Political Power
    IMF Working Papers, International Monetary Fund View citations (6)
41. Optimal Time-Consistent Monetary Policy in the New Keynesian Model with Repeated Simultaneous Play
    2007 Meeting Papers, Society for Economic Dynamics
42. Was the New Deal Contractionary?
    2007 Meeting Papers, Society for Economic Dynamics
    Also in Staff Reports, Federal Reserve Bank of New York (2006) View citations (8)
    See also Journal Article Was the New Deal Contractionary?, American Economic Review, American Economic Association (2012) View citations (54) (2012)

2006

43. The mistake of 1931: A general equilibrium analysis
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (3)

2005

44. Does Excess Liquidity Pose a Threat in Japan?
    IMF Policy Discussion Papers, International Monetary Fund View citations (14)
45. Great expectations and the end of the depression
    Staff Reports, Federal Reserve Bank of New York View citations (3)
    See also Journal Article Great Expectations and the End of the Depression, American Economic Review, American Economic Association (2008) View citations (171) (2008)
46. Optimal monetary and fiscal policy under discretion in the New Keynesian model: a technical appendix to \\"Great Expectations and the End of the Depression\\"
    Staff Reports, Federal Reserve Bank of New York
47. The politics of central bank independence: a theory of pandering and learning in government
    Staff Reports, Federal Reserve Bank of New York View citations (4)

2004

48. Optimal Monetary and Fiscal Policy in a Liquidity Trap
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (116)
    See also Chapter Optimal Monetary and Fiscal Policy in a Liquidity Trap, NBER Chapters, National Bureau of Economic Research, Inc (2006) View citations (34) (2006)

2003

49. A Political Agency Theory of Central Bank Independence
    IMF Working Papers, International Monetary Fund View citations (12)
    See also Journal Article A Political Agency Theory of Central Bank Independence, Journal of Money, Credit and Banking, Blackwell Publishing (2010) View citations (5) (2010)
50. How to Fight Deflation in a Liquidity Trap: Committing to Being Irresponsible
    IMF Working Papers, International Monetary Fund View citations (41)
51. Optimal Monetary Policy in a Liquidity Trap
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (125)

Journal Articles

2024

1. The Slanted-L Phillips Curve
   AEA Papers and Proceedings, 2024, 114, 84-89 View citations (1)
   See also Working Paper The Slanted-L Phillips Curve, NBER Working Papers (2024) View citations (1) (2024)

2023

2. Time Consistency and Duration of Government Debt: A Model of Quantitative Easing
   The Review of Economic Studies, 2023, 90, (4), 1759-1799 View citations (4)

2021

3. A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration
   Review of Economic Dynamics, 2021, 41, 121-173 View citations (9)
   See also Working Paper A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration, Working Papers (2020) View citations (7) (2020)
   Software Item Code and data files for "A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration", Computer Codes (2021) (2021)
4. Kaldor and Piketty’s facts: The rise of monopoly power in the United States
   Journal of Monetary Economics, 2021, 124, (S), S19-S38 View citations (31)
   See also Working Paper Kaldor and Piketty's Facts: the Rise of Monopoly Power in the United States, 2018 Meeting Papers (2018) View citations (106) (2018)

2020

5. Dynamic Debt Deleveraging and Optimal Monetary Policy
   American Economic Journal: Macroeconomics, 2020, 12, (2), 310-50 View citations (14)
   See also Working Paper Dynamic Debt Deleveraging and Optimal Monetary Policy, CEPR Discussion Papers (2016) View citations (4) (2016)
6. Medium‐Term Money Neutrality and the Effective Lower Bound
   Journal of Money, Credit and Banking, 2020, 52, (S2), 561-600 View citations (2)
   See also Working Paper Medium-Term Money Neutrality and the Effective Lower Bound, NBER Working Papers (2020) View citations (2) (2020)

2019

7. A Model of Secular Stagnation: Theory and Quantitative Evaluation
   American Economic Journal: Macroeconomics, 2019, 11, (1), 1-48 View citations (207)
   See also Working Paper A Model of Secular Stagnation: Theory and Quantitative Evaluation, Working Papers (2017) View citations (96) (2017)
8. Aging, Output Per Capita, and Secular Stagnation
   American Economic Review: Insights, 2019, 1, (3), 325-42 View citations (27)
   See also Working Paper Aging, Output Per Capita and Secular Stagnation, NBER Working Papers (2018) View citations (16) (2018)
9. Log-linear approximation versus an exact solution at the ZLB in the New Keynesian model
   Journal of Economic Dynamics and Control, 2019, 105, (C), 21-43 View citations (24)
   See also Working Paper Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model, NBER Working Papers (2016) View citations (24) (2016)
10. Sticky Prices versus Sticky Information: Does it Matter for Policy Paradoxes?
    Review of Economic Dynamics, 2019, 31, 363-392 View citations (8)
    See also Working Paper Sticky Prices versus Sticky Information: Does It Matter For Policy Paradoxes?, 2018 Meeting Papers (2018) (2018)

2018

11. Is increased price flexibility stabilizing? Redux
    Journal of Monetary Economics, 2018, 100, (C), 66-82 View citations (29)
    See also Working Paper Is Increased Price Flexibility Stabilizing? Redux, NBER Working Papers (2014) View citations (14) (2014)

2017

12. Comment
    NBER Macroeconomics Annual, 2017, 31, (1), 364 - 374
13. The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities
    American Economic Review, 2017, 107, (3), 824-57 View citations (154)
    See also Working Paper The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities, NBER Working Papers (2016) View citations (14) (2016)
14. The Rise, Fall, and Resurrection of Iceland: A Postmortem Analysis of the 2008 Financial Crisis
    Brookings Papers on Economic Activity, 2017, 48, (2 (Fall)), 191-308 View citations (6)

2016

15. A Contagious Malady? Open Economy Dimensions of Secular Stagnation
    IMF Economic Review, 2016, 64, (4), 581-634 View citations (83)
    See also Working Paper A Contagious Malady? Open Economy Dimensions of Secular Stagnation, 2016 Meeting Papers (2016) View citations (94) (2016)
16. Secular Stagnation in the Open Economy
    American Economic Review, 2016, 106, (5), 503-07 View citations (91)
    See also Working Paper Secular Stagnation in the Open Economy, NBER Working Papers (2016) View citations (91) (2016)

2014

17. Can structural reforms help Europe?
    Journal of Monetary Economics, 2014, 61, (C), 2-22 View citations (238)
    See also Working Paper Can structural reforms help Europe?, International Finance Discussion Papers (2013) View citations (15) (2013)
18. Fiscal Policy, Public Debt and the World Crisis
    German Economic Review, 2014, 15, (2), 225-242
    Also in German Economic Review, 2014, 15, (2), 225-242 (2014)

2013

19. Deficits, Public Debt Dynamics and Tax and Spending Multipliers
    Economic Journal, 2013, 133-163 View citations (63)
    See also Working Paper Deficits, public debt dynamics, and tax and spending multipliers, Staff Reports (2012) View citations (4) (2012)

2012

20. Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach
    The Quarterly Journal of Economics, 2012, 127, (3), 1469-1513 View citations (906)
21. Was the New Deal Contractionary?
    American Economic Review, 2012, 102, (1), 524-55 View citations (54)
    See also Working Paper Was the New Deal Contractionary?, 2007 Meeting Papers (2007) (2007)

2011

22. Discussion of “Price-Level Targeting and Stabilization Policy”
    Journal of Money, Credit and Banking, 2011, 43, 581-588
23. Discussion of “Price‐Level Targeting and Stabilization Policy”
    Journal of Money, Credit and Banking, 2011, 43, (s2), 581-588

2010

24. A Political Agency Theory of Central Bank Independence
    Journal of Money, Credit and Banking, 2010, 42, (4), 647-677 View citations (5)
    Also in Journal of Money, Credit and Banking, 2010, 42, (4), 647-677 (2010) View citations (13)
    See also Working Paper A Political Agency Theory of Central Bank Independence, IMF Working Papers (2003) View citations (12) (2003)
25. A Reply to Steven Horwitz's Commentary on "Great Expectations and the End of the Depression"
    Econ Journal Watch, 2010, 7, (3), 197-204 View citations (1)

2008

26. Great Expectations and the End of the Depression
    American Economic Review, 2008, 98, (4), 1476-1516 View citations (171)
    See also Working Paper Great expectations and the end of the depression, Staff Reports (2005) View citations (3) (2005)

2006

27. The Deflation Bias and Committing to Being Irresponsible
    Journal of Money, Credit and Banking, 2006, 38, (2), 283-321 View citations (134)
28. The Mistake of 1937: A General Equilibrium Analysis
    Monetary and Economic Studies, 2006, 24, (S1), 151-190 View citations (31)

2004

29. How Do Monetary and Fiscal Policy Interact in the European Monetary Union? [with Comments]
    NBER International Seminar on Macroeconomics, 2004, 2004, (1), 241 - 325
30. Optimal Monetary and Fiscal Policy in a Liquidity Trap [with Comments]
    NBER International Seminar on Macroeconomics, 2004, 2004, (1), 75 - 144 View citations (4)
31. Policy Options in a Liquidity Trap
    American Economic Review, 2004, 94, (2), 76-79 View citations (78)

2003

32. The Zero Bound on Interest Rates and Optimal Monetary Policy
    Brookings Papers on Economic Activity, 2003, 34, (1), 139-235 View citations (2020)

Chapters

2016

1. Bernanke’s No-Arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?
   Chapter 03 in Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World, 2016, vol. 24, pp 063-104 View citations (3)
   See also Working Paper Bernanke's No-arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?, National Bureau of Economic Research, Inc (2016) View citations (2) (2016)
2. Comment on "Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis"
   A chapter in NBER Macroeconomics Annual 2016, Volume 31, 2016, pp 364-374

2013

3. Fiscal Multipliers and Policy Coordination
   Chapter 6 in Fiscal Policy and Macroeconomic Performance, 2013, vol. 17, pp 175-234
   See also Working Paper Fiscal Multipliers and Policy Coordination, Central Bank of Chile (2011) View citations (1) (2011)

2011

4. What Fiscal Policy Is Effective at Zero Interest Rates?
   A chapter in NBER Macroeconomics Annual 2010, volume 25, 2011, pp 59-112 View citations (422)
   See also Working Paper What fiscal policy is effective at zero interest rates?, Federal Reserve Bank of New York (2009) View citations (43) (2009)

2006

5. Optimal Monetary and Fiscal Policy in a Liquidity Trap
   A chapter in NBER International Seminar on Macroeconomics 2004, 2006, pp 75-144 View citations (34)
   See also Working Paper Optimal Monetary and Fiscal Policy in a Liquidity Trap, National Bureau of Economic Research, Inc (2004) View citations (116) (2004)

Software Items

2021

1. Code and data files for "A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2021) View citations (9) (2021)