Publications

The 1932 Federal Reserve Open Market Purchases as a Precedent for Quantitative Easing  (with Michael Bordo) Forthcoming, Journal of Money, Credit and Banking 
Previously circulated as "A Lesson from the Great Depression that the Fed Might have Learned: A Comparison of the 1932 Open Market Purchases with Quantitative Easing"  NBER Working paper version. Featured in the NBER Digest, VoxEU

FOMC Forward Guidance and Investor Beliefs, American Economic Review, Papers and Proceedings, May 2015.

Government Debt, Learning and the Term Structure, Journal of Economic Dynamics and Control, 53 (2015), pp. 268-289.

Learning and the Yield Curve, Journal of Money, Credit and Banking, 48, No. 2-3 (March-April 2016), pp. 513-547. Online Appendix

Monetary Policy Uncertainty and Investor Expectations, Journal of Macroeconomics, 47, Part B, March 2016, pp. 188-199. 

Characterizing Investor Expectations for Assets with Varying Risk (with Eric Gaus), ​Research in International Business and Finance, Vol 39, Part B, January 2017, pp.990-999. 

What does the Yield Curve imply about Investor Expectations? (with Eric Gaus), Journal of Macroeconomics 57 (2018) 248-265.
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Insulation of India from the East Asian Crisis: An Analysis (with Pami Dua), Singapore Economic Review, Vol. 52 (3), 419-443, December 2007 

Book chapters

The Term Structure of Interest Rates in India (with Rajnish Mehra),  in Monetary Policy in India: A Modern Macroeconomic Perspective edited by Chetan Ghate and Kenneth Kletzer, Springer 2016 . ​NBER working paper version

Other Publications

"Why do Forecasters Disagree about Their Monetary Policy Expecatations?" (with Giorgio Topa and Francisco Torralba), Liberty Street Economics, August 2, 2023. 
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Pitfalls of Make-Up Strategies for Mitigating the Effective Lower Bound (with Andrew T. Levin), Cato Journal, Spring 2020 Vol. 40 No. 2. (Invited paper for the 37th Annual Monetary Policy Conference titled “Fed Policy: A Shadow Review”)

Working papers

Limitations on the Effectiveness of Forward Guidance in the context of the COVID-19 Pandemic (with Andrew T. Levin). NBER Working Paper 27748. Featured in VoxEU. 

Golden Papers and Paper Fetters (with Andrew T. Levin and Michael D. Bordo) 

Exploring the Role of Habit Formation and Inflation Indexation in Explaining Deviations from the Expectations Hypothesis 
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Works in Progress

Debt and Inflation Expectations from the Survey of Consumer Expectations

Pitfalls of Lower for Longer: Monetary Policy Strategies at the ZLB (with Michael Bordo and Andrew Levin)

Discussions

"Anchoring long-run inflation expectations in a panel of professional forecasters" by J. Fisher, L. Melosi, and S. Rast, at NBER Conference on Inflation Expectations: Determinants and Consequences, May 2022 (Slides)

"The Term Structure of Expectations and Bond Yields" by R. Crump, S. Eusepi and E. Moench at "Expectations in Dynamic Macroeconomic Models", September 2016 (Slides)

“Inflation expectations and recovery from the depression in 1933: Evidence from the narrative record” by A. Jalil and G. Rua at the Bundesbank conference on “Central Banks and Crises: Historical Perspectives”, July 2015 (Slides)

“FX Options and the Financial Crisis” by Y. Chen and R. Gwati at the West Coast Workshop on International Finance and Open Economy Macroeconomics, October 2012 (Slides)