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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

Jan 13, 2020

Eric Sims is the chair of the economics department at the University of Notre Dame and is a research associate with the National Bureau of Economic Research and the Cleveland Federal Reserve Bank. Eric, along with his colleague, Cynthia Wu, have a number of recent papers addressing monetary policy in low interest rate environments, including a keynote paper presented this past summer at the Chicago Fed Conference that was part of the Fed's big review this year. He joins the show today to talk about this work, focusing on the latest developments in New Keynesian modelling and the current state of macroeconomic research. Specifically, David and Eric discuss the Four Equation New Keynesian Model, the Desirability of NGDP Targeting, and the welfare and cyclical implications of moderate trend inflation.


Transcript for the episode:


Eric’s Notre Dame profile:

Eric’s NBER archive:


Related Links:


*On the Desirability of Nominal GDP Targeting* by Julio Garin, Robert Lester, & Eric Sims


*The Four Equation New Keynesian Model* by Eric Sims & Jing Cynthia Wu


*Raise Rates to Raise Inflation? Neo-Fisherianism in the New Keynesian Model* by Julio Garin, Robert Lester, & Eric Sims*


*On the Welfare and Cyclical Implications of Moderate Trend Inflation* by Guido Ascari, Louis Phaneuf, & Eric Sims*


David’s blog:
David’s Twitter: @DavidBeckworth