Select Publications & Working Papers
"Heaven or Earth? The Evolving Role of Global Shocks for Domestic Monetary Policy."
Forbes, Kristin, Jongrim Ha, and M. Ayhan Kose, Working Paper. September 2025.
Keywords: Demand Shocks; Supply Shocks; Geopolitical Risk; Oil Prices; Supply-Chain Disruptions; Global Uncertainty, Central Banks, Federal Reserve, European Central Bank
"A Theory of Price Caps on Non-Renewable Resources."
Johnson, Simon, Lukasz Rachel, and Catherine Wolfram, Working Paper. August 2025. NBER Working Paper No. 31347.
"Challenges for Monetary Policy and Its Communication."
Topic: Monetary Policy
Orphanides, Athanasios, Working Paper. August 2025.
Keywords: Policy Discretion, Simple Rules, Natural Growth Targeting, Inflation Surge
"Box Jumping: Portfolio Recompositions to Achieve Higher Morningstar Ratings."
Topic: Finance
Cohen, Lauren, David S. Kim, and Eric C. So, Working Paper. July 2025.
Keywords: Strategic Behavior, Mutual Fund Benchmarks, Performance Management, Investor Protection, Morningstar
"Improving the ECB's Policy Strategy."
Topic: Monetary Policy
Orphanides, Athanasios, Working Paper. June 2025. IMFS Working Paper 220.
Keywords: ECB, Policy Rules, Forward Guidance, Fiscal Stress, Collateral Framework
"Networks Rewired: Quota Enforcement and the Unintended Mobilization of Native Place Ties."
Zheng, Enying, Wei Hong, Yasheng Huang, and Rongzhu Ke. Social Forces Vol. 103, No. 4 (2025): 1465-1488.
"Tradeoffs over Rate Cycles: Activity, Inflation and the Price Level."
Topic: Monetary Policy
Forbes, Kristin J., Jongrim Ha, and M. Ayhan Kose, MIT Sloan Working Paper 7269-25. Cambridge, MA: MIT Sloan School of Management, May 2025.
Keywords: Monetary Policy, Interest Rates, Central Bank, Sacrifice Ratio, Business Fluctuations, Prices, Employment
"Enhancing Resilience with Natural Growth Targeting."
Orphanides, Athanasios. Southern Economic Journal Vol. 91, No. 4 (2025): 1420-1439.
"Fiscal and Monetary Policy Interactions in a Low Interest Rate World."
Hofmann, Boris, Marco Jacopo Lombardi, Benoit Mojon, and Athanasios Orphanides. International Journal of Central Banking Vol. 21, No. 3 (2025): 69-110. BIS Working Paper No. 954.
"The Fiscal Frontier: Projecting AI’s Long-term Impact on the US Fiscal Outlook."
Topic: Artificial Intelligence
Harris, Ben, Neil R. Mehrotra, and Eric C. So, Working Paper. October 2024. Brookings Center on Regulation and Markets Working Paper.
"The Art of Monetary Policy: Lessons from Sun Tzu for Central Banks."
Topic: Monetary Policy
Forbes, Kristin J., MIT Sloan Working Paper 7263-24. Cambridge, MA: MIT Sloan School of Management, October 2024. Also available as CEPR Discussion Paper No. 19905.
Keywords: Monetary Policy, Central Bank, Interest Rates, Inflation, Macroprudential Policy, Quantitative Easing, Quantitative Tightening
"Quantitative Tightening Around the Globe: What Have We Learned?"
Topic: Economics
Du, Wenxin, Kristin J. Forbes, and Matthew N. Luzzetti, MIT Sloan Working Paper 7159-24. Cambridge, MA: MIT Sloan School of Management, October 2024. NBER Working Paper 32321.
"How to Improve Citizen Engagement on Public Service Platforms? The Impact of Government Responsiveness."
Topic: Operations Management
Qihua Gao, Yasheng Huang, El Ghali Zerhouni, and Y. Karen Zheng, MIT Sloan Working Paper 7044-23. Cambridge, MA: MIT Sloan School of Management, September 2024.
Keywords: Public Service Platforms, Government Responsiveness, Citizen Engagement, Causal Inference, Empirical Operations Management
"Learning From Ricardo and Thompson: Machinery and Labor in the Early Industrial Revolution and in the Age of Artificial Intelligence."
Acemoglu, Daron and Simon Johnson. Annual Review of Economics Vol. 16, No. 597-621 (2024).
"Odd Lots and Optics: Manipulation in Response to Scrutiny."
Charles Downing, Bradford (Lynch) Levy, Matthew A. Phillips, and Eric C. So, MIT Sloan Working Paper 7070-24. Cambridge, MA: MIT Sloan School of Management, July 2024.
Keywords: Trading Activity, Voluntary Disclosure, Retail Investors, Scrutiny, Manipulation, Intermediation
"Enhancing Resilience with Monetary Policy Rules."
Topic: Economics
Orphanides, Athanasios, Working Paper. May 2024. Hoover Institution Economics Working Paper 24109.
Keywords: Federal Reserve, Monetary Policy Strategy, Discretion, Simple Rules
"Strengthening Enforcement of the Russian Oil Price Cap."
Johnson, Simon and Catherine Wolfram. Brookings Institution Working Paper (2024). Appendix.
"Collateral Framework: Liquidity Premia and Multiple Equilibria."
Lengwiler, Yvan and Athanasios Orphanides. Journal of Money, Credit and Banking Vol. 56, No. 2-3 (2024): 489-516.
"Conflicts of Interest in Subscriber-Paid Credit Ratings."
Bonsall, Samuel B., Jacquelyn Gillette, Gabriel Pundrich, and Eric C. So. Journal of Accounting and Economics Vol. 77, No. 1 (2024): 101614. SSRN.
Monetary Policy Responses to the Post-Pandemic Inflation.
English, Bill, Kristin J. Forbes and Ángel Ubide. London, UK: CEPR Press, 2024. VoxEU Highlight Article. Download eBook.