Published Papers

Job Uncertainty and Deep Recessions
Forthcoming, Journal of Monetary Economics, 2017. (with Vincent Sterk)

A New Social Contract for Medical Innovation
Lancet, 2015, vol.385, no.9974, 1153-54. (with Rob Horne, John I. Bell, Jonathan R. Montgomery, and John E. Tooke)

Fiscal Policy in an Expectations Driven Liquidity Trap
Review of Economic studies, 2014, vol. 81(4), pages 1637-1667. (with Karel Mertens)

A Reconciliation of SVAR and Narrative Estimates of Tax Multipliers
Journal of Monetary Economics, 2014, vol. 68(S), pages S1-S19.
Latest version: May 2013. (with Karel Mertens)

The Dynamic Effects of Personal and Corporate Income Tax changes in the United States
American Economic Review, June 2013. (with Karel Mertens)
Further material: On-line Appendix

Consumption, Government Spending, and the Real Exchange Rate
Journal of Monetary Economics, 2012 vol.59(3), pp.215-34.(with Stephanie Schmitt-Grohe and Martin Uribe).
Earlier circulated under the title "Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate".

Empirical Evidence on The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks
American Economic Journal: Economic Policy, 2012 vol.4(2), pp.145-81. (with Karel Mertens)
For a review of the paper, see David Andolfatto's superb blog

Technology-Hours Redux: Tax Changes and the Measurement of Technology Shocks
NBER Seminar in International Macroeconomics 2010, NBER 2011. (with Karel Mertens)

Leverage and the Financial Accelerator in a Liquidity Trap
American Economic Review, 2011 vol.101(3) (P&P). (with Karel Mertens)

The Research Agenda: Karel Mertens and Morten O. Ravn on Fiscal Policy, Anticipation Effects, Expectations and Crisis
EconomicDynamics Newletter, 2011 vol.12(2). (with Karel Mertens)

Understanding the Aggregate Effects of Anticipated and Unanticipated Tax Policy Shock,
Review of Economic Dynamics, 2011 vol.14(1). (with Karel Mertens)

One TV, One Price?
Scandinavian Journal of Economics, 2010 vol.112(4). (with Jean Imbs, Haroon Mumtaz and Helene Rey)

Measuring the Impact of Fiscal Policy in the Face of Anticipation: A Structural VAR Approach
Economic Journal, 2010 vol.120(May). (with Karel Mertens)

Incomplete Cost Pass-Through Under Deep Habits
Review of Economic Dynamics, 2010 vol.13(2). (with Stephanie Schmitt-Grohe and Martin Uribe)

Deep Habits and the Dynamic Effects of Monetary Policy Shocks
Journal of the Japanese and International Economies, 2010 vol.24(2), pp. 236-58. (with Stephanie Schmitt-Grohe, Martin Uribe and Lenno Uuskula)

The Consumption - Tightness Puzzle
NBER Seminar in International Macroeconomics 2006, 2008.

The Macroeconomics of Subsistence Points
Macroeconomic Dynamics, 2008 vol.12(S1). (with Stephanie Schmitt-Grohe and Martin Uribe)

Pricing to Habits and the Law of One Price
American Economic Review, 2007 vol. 97(2) (P&P). (with Stephanie Schmitt-Grohe and Martin Uribe)

Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States
Scandinavian Journal of Economics, 2007, vol.109 (4). (with Saverio Simonelli).
Do you want to replicate the results? Download the Excel data file

Deep Habits
Review of Economic Studies, 2006, vol. 73(1). (with Stephanie Schmitt-Grohe and Martin Uribe)

PPP Strikes Back: Aggregation and the Real Exchange Rate
Quarterly Journal of Economics, 2005, vol.120(1). (With Jean Imbs, Haroon Mumtaz and Helene Rey)
You can also access our data: "Excel Data file"

Markov Switching Causality and the Money-Output Relationship.
Journal of Applied Econometrics, 2005, vol. 20(5). (With Zacharias Psaradakis and Martin Sola)

International Business Cycles: The Quantitative Role of Transportation Costs
Journal of International Money and Finance, 2004, vol.23(4). (with Elisabetta Mazzenga).

Asymmetric Effects of Monetary Policy in the US
Quarterly Review , Federal Reserve Bank of St. Louis, 2004 (Sep.). (With Martin Sola).

Non-Linearities and Real Exchange Rate Dynamics
Journal of the European Economic Association, 2003, Vol.I(2-3). (With Jean Imbs, Haroon Mumtaz and Helene Rey).

On Adjusting the HP-filter for the Frequency of Observations
Review of Economics and Statistics, 2002, vol.84(1). (With Harald Uhlig).
The working paper version includes some extra graphics and some extra analysis on the link to temporal aggregation.

The Macroeconomic Effects of German Unification: Real Adjustments and the Welfare State
Review of Economic Dynamics, 2000, vol.3. (With Fabio Canova).

Schooling, Training, Growth and Minimum Wages
Scandinavian Journal of Economics, 1999, vol. 101 no.3. (With Jan Rose Sorensen).

Minimum Wages: Curse or Blessing
Research in Labor Economics, 1997, vol.16. (With Jan Rose Sorensen)

International Business Cycles in Theory and in Practice
Journal of International Money and Finance, 1997, vol.16(2).

Permanent and Transitory Shocks and the U.K. Business Cycle
Journal of Applied Econometrics, 1997, vol.12(1).

International Consumption Risk Sharing
International Economic Review, 1996, vol.37(3). (With Fabio Canova).

Stylized Facts and Changes in Regime: Are Prices Procyclical?
Journal of Monetary Economics, 1995, vol.36(3). (with Martin Sola).

Growth, Human Capital Spillovers and International Policy Coordination
Scandinavian Journal of Economics, 1993, vol.95(4). (With Keith Blackburn)
Also in Andersen and Moene (eds.), 1994: Endogenous Growth, Blackwell, Oxford.

Business Cycles in the U.K.: Facts and Fictions
Economica, 1992, vol.59. (With Keith Blackburn)

Published Discussions

Discussion of Repullo, Saurina, and Trucharte: Mitigating the Pro-cyclicality of Basel II
Economic Policy, 2010, vol.25 (October)

Discussion of Milesi-Ferretti and Tille, The Great Retrenchment: International Capital Flows During the Global Financial Crisis
Economic Policy, 2011, vol.26 (April)

Discussion of Lenza, Pill, and Reichlin, Monetary Policy in Exceptional Times
Economic Policy, 2010, vol.25 (issue 59).

Discussion of Manganelli and Wolswijk, What Drives Spreads in the Euro Area Government Bond Market?
Economic Policy, 2009, vol.24 (iss.58).

Discussion of Coeurdacier, De Santis and Aviat, Cross-Border Mergers and Acquisitions and European Integration
Economic Policy, 2009, vol.24 (iss.57).

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