MacroMania

David Andolfatto is the Vice President of Economic Research Federal Reserve Bank of St. Louis. He has a PhD in Economics from University of Western Ontario and his areas of interest are Dynamic General Equilibrium Theory, Macroeconomics, Labor Markets, Monetary Theory.

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Awards & Publications

“Optimal Disclosure Policy and Undue Diligence” with Aleksander Berentsen, David Andolfatto and Christopher J. Waller. Journal of Economic Theory, 149, pp. 128-152, January 2014. (https://research.stlouisfed.org/wp/more/2012-001) “Scarcity of Safe Assets, Inflation, and the Policy Trap,” with David

Latest Articles

Is the U.S. budget deficit sustainable?

The U.S. federal budget deficit for 2018 came in just shy of $800 billion, or about 4% of the gross domestic product (the primary deficit, which excludes the interest expense of the debt, was about 3% of GDP).As the figure above shows, the present le...

Is the ZLB an economic or legal constraint?

The so-called zero-lower-bound (ZLB) plays a prominent role in modern (and even older) macroeconomic theories. It is often introduced in a paper or at conference as a fact of life -- an unavoidable property of the physical environment, like gravity. ...

The Chicago Booth Survey on MMT

I want to say a few things about Chicago Booth's recent survey questions posed to a set of economists; see here. The survey asked how strongly one believes in the following two statements:Question A: Countries that borrow in their own currency should...

Sustainable deficits

There's been much welcome discussion of late concerning the sustainability of government budget deficits and whether the size of the public debt is anything to worry about. I'm not going to answer this question for you here today. But what I would li...

Is Neo-Fisherism Nuts?

According to my friend and former colleague Steve Williamson, inflation is low in Japan because of the Bank of Japan's policy of keeping its policy rate low. Accordingly, if the BOJ wants to hit its 2% inflation target, it should raise its policy rat...