This paper resolves the anomalies of the New Keynesian model at the zero lower bound—explosive recession, forward guidance puzzle, multiplier puzzle—by introducing wealth into the utility function.
This paper develops a model of science. It shows that due to homophily in tenure decisions, false paradigms may persist when a science has low power. Low power may come from a lack of evidence, or from a reluctance to base tenure decisions on available evidence.
This graduate course covers basic mathematical methods for macroeconomics: dynamic programming, optimal control, and differential equations.