Researcher at the Bank for International Settlements who published BIS Working Papers 2000-2006 on monetary policy, credit spreads, exchange rates and central bank communication.
Adding habit formation in consumption to an optimising sticky-price model changes both the IS curve and the Phillips curve, makes the variance of output itself -- not only the output gap -- …
Letting a fraction of consumers and price setters replace optimisation with a backward-looking rule of thumb adds endogenous persistence to output and inflation, changes how shocks travel through a …