98 citations · 124 across the 4 of their papers we have counts for
4 papers
Pascal Michaillat, Emmanuel Saez
This paper aims to compute the unemployment rate that is consistent with full employment in the United States. First, it argues that the most appropriate economic translation…
An Economical Business-Cycle Model
Pascal Michaillat, Emmanuel Saez
This paper develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand-aggregate supply diagram, and the effects of shocks and po…
Beveridgean Unemployment Gap
Pascal Michaillat, Emmanuel Saez
This paper develops a sufficient-statistic formula for the unemployment gap -- the difference between the actual unemployment rate and the efficient unemployment rate. While loweri…
Resolving New Keynesian Anomalies with Wealth in the Utility Function
Pascal Michaillat, Emmanuel Saez
At the zero lower bound, the New Keynesian model predicts that output and inflation collapse to implausibly low levels, and that government spending and forward guidance have impla…