A Theory of Slack: How Economic Slack Shapes Markets, Business Cycles, and Policies

This webpage hosts the draft chapters from a book on which I’m working. The book is under contract with Princeton University Press.

Not all chapters are available at the moment, but more will be added over time. I’m sharing these draft chapters to invite feedback from readers. Your comments are invaluable in helping me make the book as correct, clear, and complete as possible. So please don’t hesitate to email me with comments and corrections.

Because this is a work in progress, the content and structure may change. Thank you for engaging with this preliminary version.

Preface

Part I. Introduction

Part II. Slackish markets

Part III. Application to the labor market

Part IV. Slackish business cycles

Chapter 14. Slackish business cycle model
Chapter 15. Distinct product and labor markets
Chapter 16. Directed search and Phillips curve

Part V. Policies to stabilize slackish cycles

Chapter 17. Monetary policy
Chapter 18. Fiscal policy
Chapter 19. Recession detection

A Theory of Slack: How Economic Slack Shapes Markets, Business Cycles, and Policies

Part I. Introduction

Part II. Slackish markets

Part III. Application to the labor market

Part IV. Slackish business cycles

Part V. Policies to stabilize slackish cycles

Part VI. Conclusion

Part VII. Technical appendix

Part I. Introduction#

Part II. Slackish markets#

Part III. Application to the labor market#

Part IV. Slackish business cycles#

Part V. Policies to stabilize slackish cycles#

Part VI. Conclusion#

Part VII. Technical appendix#

Part I. Introduction

Part II. Slackish markets

Part III. Application to the labor market

Part IV. Slackish business cycles

Part V. Policies to stabilize slackish cycles

Part VI. Conclusion

Part VII. Technical appendix