Government Policy Design

Including work on the fiscal theory of the price level.
Full details for all papers are on the main research page.

---

The Role of Dispersed Information in Maintaining Low Interest Rates (joint with Carlo Galli and Jason Hall) — Staff Report, Minneapolis Fed, no. 680

Monetary/Fiscal Interactions with Forty Budget Constraints (joint with Gherardo Caracciolo) — Working Paper, Minneapolis Fed, no. 788

A Monetary-Fiscal Theory of Sudden Inflations (joint with David S. Miller) — QJE, 2025

On the Mechanics of Fiscal Inflations (joint with Luca Benzoni and Jason Hall) — Quarterly Review, Minneapolis Fed, 2024

Shotgun Wedding: Fiscal and Monetary Policy (joint with Thomas J. Sargent) — Annual Review of Economics, 2020

Forward Guidance: Communication, Commitment, or Both? — JME, 2019

Is Inflation Default? The Role of Information in Debt Crises (joint with Carlo Galli) — AER, 2019

The Fiscal Theory of the Price Level in a World of Low Interest Rates (joint with Wei Cui) — JEDC, 2018

Speculative Runs on Interest Rate Pegs (joint with Christopher Phelan) — JME, 2015

Fiscal Consequences of Paying Interest on Reserves (joint with Todd Messer) — Fiscal Studies, 2013

Tax Riots (joint with Christopher Phelan) — RES, 2008

Fiscal Theory of the Price Level — New Palgrave Dictionary of Economics, 2008

Fiscal Policy and Price Stability: the Case of Italy 1992–98 — Chicago Fed Letter, 2006

Equilibrium and Government Commitment — JET, 2005

On the Irrelevance of Government Debt when Taxes are Distortionary (joint with Narayana Kocherlakota) — JME, 2004

Negative Nominal Interest Rates — AER P&P, 2004

A Game-Theoretic View of the Fiscal Theory of the Price Level — Econometrica, 2002