Publications – Mark Gertler

Economic Winners versus Losers and the Unequal Pandemic Recession (with Fernando Cirelli), American Economic Journal: Macroeconomics, forthcoming 2025.
Credit booms, financial crises, and macroprudential policy (with Nobuhiro Kiyotaki, Andrea Prestipino), Review of Economic Dynamics, June 2020.
Banking Panics as Endogenous Disasters and the Welfare Gains from Macroprudential Policy (with Nobuhiro Kiyotaki and Andrea Prestipino), American Economic Review Papers and Proceedings, May 2020.
Unemployment Fluctuations, Match Quality and the Cyclical Behavior of New Hires Wages (with Chris Huckfeldt and Antonella Trigari), Review of Economic Studies, forthcoming.
A Macroeconomic Model with Financial Panics (with Nobuhiro Kiyotaki and Andrea Prestipino), Review of Economic Studies, forthcoming 2019.
(Video) (Slides)
Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence (with Diego Anzoatigui, Diego Comin, and Joseba Martinez), American Economic Journal: Macroeconomics, July 2019.
What Happened? Financial Factors in the Great Recession (with Simon Gilchrist), Journal of Economic Perspectives, Summer 2018.
Rethinking the Power of Forward Guidance: Lessons from Japan, Monetary and Economic Studies, Bank of Japan, November 2017.
Anticipated Bank Runs (with Nobu Kiyotaki and Andrea Prestipino), American Economic Review Papers and Proceedings, May 2016.
Wholesale Banking and Bank Runs in Macroeconomic Modeling (with Nobu Kiyotaki and Andrea Prestipino), Handbook of Macroeconomics, John Taylor and Harald Uhlig editors, 2016.
Banking, Liquidity and Bank Runs in an Infinite-Horizon Economy (with Nobu Kiyotaki), American Economic Review, July 2015.
Monetary Policy Surprises, Credit Costs, and Economic Activity* (with Peter Karadi), American Economic Journal: Macroeconomics, January 2015.
*named best paper for 2015
Teaching Monetary Policy After the Financial Crisis, Journal of Economic Education, 2013.
QE1 vs. 2 vs. 3…: A Framework for Analyzing Long Term Asset Purchases as a Monetary Policy Tool (with Peter Karadi), International Journal of Central Banking, 2012.
Financial Crises, Bank Risk Exposure, and Government Financial Policy (with Nobu Kiyotaki and Albert Queralto), Journal of Monetary Economics, 2012.
Financial Intermediation and Credit Policy in Business Cycle Analysis (with Nobu Kiyotaki), Handbook of Monetary Economics, Ben Friedman and Michael Woodford editors, 2011.
A Model of Unconventional Monetary Policy (with Peter Karadi), Journal of Monetary Economics, 2011, 58(1): 17-34.
Current Account Dynamics and Monetary Policy (with Andrea Ferraro and Lars Svensson), The International Dimensions of Monetary Policy, Jordi Gali and Mark Gertler editors, University of Chicago, 2010.
Unemployment Dynamics with Staggered Nash Wage Bargaining (with Antonella Trigari), Journal of Political Economy, February 2009.
An Estimated DSGE Model with Unemployment and Staggered Nash Bargaining (with Luca Sala and Antonella Trigari), Journal of Money, Credit, and Banking, December 2008.
A Phillips Curve with an Ss Foundation (with John Leahy), Journal of Political Economy, June 2008.
Macroeconomic Models for Monetary Policy Evaluation (with Jordi Gali), Journal of Economic Perspectives, Fall 2007.
Markups, Gaps and the Welfare Costs of Business Cycles (with Jordi Gali and David Lopez-Salido), Review of Economics and Statistics, November 2007, 44-59.
External Constraints on Monetary Policy and the Financial Accelerator (with Simon Gilchrist and Fabio Natalucci), Journal of Money, Credit, and Banking, February 2007.
Medium Term Business Cycles (with Diego Comin), American Economic Review, June 2006.
Robustness of the Estimates of the New Keynesian Phillips Curve (with Jordi Gali and David Lopez-Salido), Journal of Monetary Economics, September 2005.
A Simple Framework for International Monetary Policy Analysis (with Richard Clarida and Jordi Gali), Journal of Monetary Economics, 49, 2002, 879-904.
How Should Central Bankers Respond to Asset Prices (with Ben Bernanke), American Economic Review Papers and Proceedings, 91, May 2001, 253-257.
Optimal Monetary Policy in Open Versus Closed Economics: An Integrated Approach (with Richard Clarida and Jordi Gali), American Economic Review Papers and Proceedings, 91, May 2001, 248-252.
European Inflation Dynamics (with Jordi Gali and David Lopes-Salido), European Economic Review, 45, June 2001, 1237-1270.
Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory (with Richard Clarida and Jordi Gali), Quarterly Journal of Economics, 115, February 2000, 147-180.
Monetary Policy and Asset Price Volatility (with Ben Bernanke), New Challenges for Monetary Policy, Federal Reserve Bank of Kansas City, Jackson Hole Proceedings, 1999.
The Information Content of the High Yield Bond Spread for the Business Cycle (with Cara Lown), Oxford Review of Economic Policy, 15, Autumn 1999, 132-150.
Inflation Dynamics: A Structural Econometric Model (with Jordi Gali), Journal of Monetary Economics, 44, October 1999, 195-222.
The Science of Monetary Policy: A New Keynesian Perspective (with Richard Clarida and Jordi Gali), Journal of Economic Literature, 37, December 1999, 1661-1707.
Overreaction of Asset Prices in General Equilibrium (with Rao Aiyagari), Review of Economic Dynamics, 2, January 1999, 3-35.
The Financial Accelerator in a Quantitative Business Cycle Framework (with Ben Bernanke and Simon Gilchrist), Handbook of Macroeconomics, John Taylor and Michael Woodford, editors, 1999.
Government Debt and Social Security in a Life-Cycle Economy, Carnegie Rochester Conference on Public Policy, 50, June 1999, 61-110.
Monetary Policy Rules in Practice: Some International Evidence (with Richard Clarida and Jordi Gali), European Economic Review, 42, June 1998, 1033-1067.
Systematic Monetary Policy and the Effects of Oil Price Shocks (with Ben Bernanke and Mark Watson), Brookings Papers on Economic Activity, Spring 1997, 91-157.
How the Bundesbank Conducts Monetary Policy (with Richard Clarida), Reducing Inflation: Motivation and Strategies, by Christina and David Romer, editors (NBER, Chicago), 1997.
The Financial Accelerator and the Flight to Quality (with Ben Bernanke and Simon Gilchrist), The Review of Economics and Statistics, 78, January 1996, 1-15.
Inside the Black Box: The Credit Channel of Monetary Policy Transmission (with Ben Bernanke), Journal of Economic Perspectives, 9, Winter 1995, 27-48.
Are Banks Dead? Or Are the Reports Exaggerated (with John Boyd), Federal Reserve Bank of Minneapolis Quarterly Review, Summer 1994.
The Role of Large Banks in the Recent U.S. Commercial Banking Crisis (with John Boyd), Federal Reserve Bank of Minneapolis Quarterly Review, Winter 1994.
Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms (with Simon Gilchrist), Quarterly Journal of Economics, 109, May 1994, 309-340.
U.S. Commercial Banking: Trends, Cycles and Policy (with John Boyd), NBER Macroeconomics Annual, Olivier Blanchard and Stanley Fischer, editors, 1993.
Corporate Financial Policy, Taxation, and Macroeconomic Risk (with R. Glenn Hubbard), Rand Journal of Economics, 24, 1993, 286-303.
The Cyclical Behavior of Short Term Business Lending Implications: for Financial Propagation Mechanisms (with Simon Gilchrist), European Economic Review Papers and Proceedings, 37, 1993, 623-631.
The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence (with Simon Gilchrist), Scandinavian Journal of Economics, 95, January 1993, 43-64.
Finance, Growth and Public Policy (with Andrew Rose), The Impact of Financial Reform, Gerald Caprio, editor (World Bank), 1992.
Financial Capacity and Output Fluctuations in an Economy with Multi Period Financial Arrangements, Review of Economic Studies, 59, July 1992, 455-472.
Asset Pricing with Transaction Costs and Uninsurable Individual Risks (with S. Rao Aiyagari), Journal of Monetary Economics, 27, June 1991, 311-331.
Interest Rate Spreads, Credit Constraints and Investment Fluctuations: An Empirical Investigation (with R. Glenn Hubbard and Anil Kashyap), Financial Markets and Financial Crises, Glenn Hubbard ed., NBER, Chicago, 1991.
North-South Lending with Endogenous Domestic Financial Market Inefficiencies (with Kenneth Rogoff), Journal of Monetary Economics, 26, October 1990, 245-266.
Taxation, Corporate Capital Structure and Financial Distress (with R. Glenn Hubbard), Tax Policy and The American Economy IV, edited by Lawrence Summers, 1990.
Financial Fragility and Economic Performance (with Ben Bernanke), Quarterly Journal of Economics, 105, February 1990, 87-114.
Financial Factors in Business Fluctuations (with R. Glenn Hubbard), in Financial Market Volatility: Causes, Consequences and Policy Responses, Federal Reserve Bank of Kansas City Symposium, 1989.
Agency Costs, Net Worth and Business Fluctuations (with Ben Bernanke), American Economic Review, 79, March 1989, 14-31.
Financial Structure and Aggregate Economic Activity, Journal of Money, Credit and Banking, 20, August 1988, 559-588.
Banking and Macroeconomic Equilibrium (with Ben Bernanke), in New Approaches to Monetary Economics, William Barnett and Ken Singleton, eds. Cambridge University Press, 1987.
The Backing of Government Bonds and Monetarism (with S. Rao Aiyagari), Journal of Monetary Economics, July 1985.
Imperfect Information and Wage Inertia in the Business Cycle, Journal of Political Economy, October 1982.
Unemployment, Inflation and Common Stock Returns (with Errol Grinols), Journal of Money, Credit and Banking, May 1982.
Monetary Randomness and Investment (with Errol Grinols), Journal of Monetary Economics, September 1982.
Long Term Contracts, Imperfect Information and Monetary Policy, Journal of Economic Dynamics and Control, August 1981.
Imperfect Price Adjustment and the Optimal Assignment of Monetary and Fiscal Policies, Journal of Economic Dynamics and Control, November 1979.
Money Prices and Inflation in Macroeconomic Models with Rational Inflationary Expectations, Journal of Economic Theory, October 1979.