Papers dealing with policy design, including the fiscal theory of the price level

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

Staff Report, Federal Reserve Bank of Minneapolis,  no. 641

Monetary/Fiscal Interaction with Forty Budget Constraints (joint with Gherardo Caracciolo)

Working Paper, Federal Reserve Bank of Minneapolis,  no. 788

Shotgun Wedding: Fiscal and Monetary Policy (joint with Thomas J. Sargent)

Annual Review of Economics, 2020, vol. 12, pp.659-690.
Free to download using the link above.

Organizational Equilibrium with Capital (joint with Zhen Huo and José-Víctor Ríos-Rull)

NBER Working Paper no. 25376

Forward Guidance: Communication, Commitment, or Both?

Journal of Monetary Economics, 2019, forthcoming
A version with some typos is available as Working Paper, Federal Reserve Bank of Chicago,  no. 2019-05
Online Appendix


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

American Economic Review, 2019, vol. 109, pp.3556-3584.
An older version is available as Working Paper, Federal Reserve Bank of Chicago,  no. 2017-06


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

Journal of Economic Dynamics and Control, special Fed St. Louis-JEDC-SCG-SNB-UniBern Conference on Fiscal and Monetary Policies, 2018, vol.89, pp.5-22 (lead article).


Speculative Runs on Interest Rate Pegs (joint with Christopher Phelan)

Journal of Monetary Economics, 2015, vol. 73, pp. 99–114. Open access.

Fiscal Consequences of Paying Interest on Reserves (joint with Todd Messer)

Fiscal Studies, 2013, vol. 34, n.4, pp. 413-436. Open access.

Tax Riots (joint with Christopher Phelan)

Review of Economic Studies, 2008, vol. 75, n.3, pp.649-669.
A slightly older version is available as Working Paper, Federal Reserve Bank of Chicago, 2006 n.4.

Fiscal Theory of the Price Level

The New Palgrave Dictionary of Economics, 2008, edited by Steven N. Durlauf and Lawrence E. Blume.
Author's original manuscript: this article is taken from the author's original manuscript and has not been reviewed or edited. Reproduced with permission.

Fiscal Policy and Price Stability: the Case of Italy 1992-98

Chicago Fed Letter, 2006, n.233. Open access.

Equilibrium and Government Commitment

Journal of Economic Theory, 2005, vol. 124, n.1, pp.79-105.
A slightly older version is available as Federal Reserve Bank of Minneapolis Working Paper no. 624, 2002.

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

Journal of Monetary Economics, 2004, vol. 51, n.2, pp.299-304.
Preprint version

Negative Nominal Interest Rates

This is a more detailed version of the paper published in the
American Economic Review (Papers and Proceedings), May 2004, vol. 94, n.2, pp.104-108.

A Game-Theoretic View of the Fiscal Theory of the Price Level

Econometrica, 2002, vol. 70., n.6, pp.2167-2195; an earlier version is available as Federal Reserve Bank of Minneapolis Working Paper no. 612, 2001.

Software code used in the papers above