Working Papers

What fiscal policy is effective at zero interest rates?  
August 2009
34 pages / 346 kb

Can a tax cut deepen the recession?  
December 2008
18 pages / 213 kb

Was the New Deal Contractionary?  
June 2008, Appendix to "Was the New Deal Contractionary?
48 pages / 546 kb

Dynamic Incentives and the Optimal Delegation of Policial Power
With Eric Le Borgne
Federal Reserve Bank of New York Staff Report No. 205, November 2006

Was the New Deal Contractionary?
Federal Reserve Bank of New York Staff Report No. 264, October 2006
40 pages / 458 kb

Fiscal Multipliers and Policy Coordination
Federal Reserve Bank of New York Staff Report No. 241, March 2006
67 pages / 581 kb

Great Expectations and the End of the Depression  
Working paper July 2007
See also ››
Addendum: Notes on Endogenous Capital  
Programs and Data for Great Expectations and the End of the Depression

Does Excess Liquidity Pose a Threat in Japan?   
With Jonathan Ostry
IMF Policy Discussion Paper, April 2005
27 pages / 373 kb

Optimal Monetary Policy in a Liquidity Trap   
With Michael Woodford
NBER Working Paper No. 9968, September 2003
79 pages / 544 kb

How to Fight Deflation at Zero Nominal Interest Rates: Committing to Being Irresponsible   
IMF Working Paper WP/03/64, May 2003
42 pages / 1.30 mb
See also ››
Older 2001 draft  

Real Government Spending in a Liquidity Trap  
Princeton University, unpublished manuscript, November 2001
28 pages / 315 kb

Gauti Eggertsson's CV

The views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.