Phase diagrams of the wealth-in-the-utility New Keynesian model

Resolving New Keynesian Anomalies with Wealth in the Utility Function

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.

May 2021 · Pascal Michaillat, Emmanuel Saez
Share of Better scientists in the tenured population depending on the power of the scientific field

Persistence of False Paradigms in Low-Power Sciences

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.

December 2018 · George Akerlof, Pascal Michaillat
Phase diagram depicting a saddle path

Mathematics for Macroeconomics

This graduate course covers basic mathematical methods for macroeconomics: dynamic programming, optimal control, and differential equations.

October 2013 · Pascal Michaillat