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 lack of evidence, or from reluctance to base tenure decisions on available evidence.
This graduate course covers basic mathematical methods for macroeconomics: dynamic programming, optimal control, and differential equations.