PageSourceSearch

https://jamescloyne.com/

html jamescloyne.com collected 2026-10-02 01:32:33 UTC 114,571 bytes, 308 lines download raw bytes

1<!doctype html><html lang=en-us dir=ltr data-wc-theme-default=system data-hbb-relurl=/><head><meta charset=utf-8><meta name=viewport content="width=device-width,initial-scale=1"><meta name=generator content="Hugo Blox Kit 0.11.0"><meta name=author content="James Cloyne"><meta name=description content="James Cloyne is a Professor of Economics at the University of California Davis."><link rel=alternate hreflang=en-us href=https://jamescloyne.com/><style>:root{--hb-primary-500-rgb:9 105 218;--color-primary-500:rgb(var(--hb-primary-500-rgb));--hb-primary-50-rgb:242 247 253;--color-primary-50:rgb(var(--hb-primary-50-rgb));--hb-primary-100-rgb:230 240 251;--color-primary-100:rgb(var(--hb-primary-100-rgb));--hb-primary-200-rgb:205 225 247;--color-primary-200:rgb(var(--hb-primary-200-rgb));--hb-primary-300-rgb:181 210 243;--color-primary-300:rgb(var(--hb-primary-300-rgb));--hb-primary-400-rgb:156 195 240;--color-primary-400:rgb(var(--hb-primary-400-rgb));--hb-primary-600-rgb:8 94 196;--color-primary-600:rgb(var(--hb-primary-600-rgb));--hb-primary-700-rgb:7 84 174;--color-primary-700:rgb(var(--hb-primary-700-rgb));--hb-primary-800-rgb:5 68 141;--color-primary-800:rgb(var(--hb-primary-800-rgb));--hb-primary-900-rgb:4 52 109;--color-primary-900:rgb(var(--hb-primary-900-rgb));--hb-primary-950-rgb:2 31 65;--color-primary-950:rgb(var(--hb-primary-950-rgb));--hb-secondary-500-rgb:31 136 61;--color-secondary-500:rgb(var(--hb-secondary-500-rgb));--hb-secondary-50-rgb:243 249 245;--color-secondary-50:rgb(var(--hb-secondary-50-rgb));--hb-secondary-100-rgb:232 243 235;--color-secondary-100:rgb(var(--hb-secondary-100-rgb));--hb-secondary-200-rgb:210 231 216;--color-secondary-200:rgb(var(--hb-secondary-200-rgb));--hb-secondary-300-rgb:187 219 196;--color-secondary-300:rgb(var(--hb-secondary-300-rgb));--hb-secondary-400-rgb:165 207 177;--color-secondary-400:rgb(var(--hb-secondary-400-rgb));--hb-secondary-600-rgb:27 122 54;--color-secondary-600:rgb(var(--hb-secondary-600-rgb));--hb-secondary-700-rgb:24 108 48;--color-secondary-700:rgb(var(--hb-secondary-700-rgb));--hb-secondary-800-rgb:20 88 39;--color-secondary-800:rgb(var(--hb-secondary-800-rgb));--hb-secondary-900-rgb:15 68 30;--color-secondary-900:rgb(var(--hb-secondary-900-rgb));--hb-secondary-950-rgb:9 40 18;--color-secondary-950:rgb(var(--hb-secondary-950-rgb));--color-gray-100:oklch(0.97 0 0);--color-gray-200:oklch(0.922 0 0);--color-gray-300:oklch(0.87 0 0);--color-gray-400:oklch(0.708 0 0);--color-gray-50:oklch(0.985 0 0);--color-gray-500:oklch(0.556 0 0);--color-gray-600:oklch(0.439 0 0);--color-gray-700:oklch(0.371 0 0);--color-gray-800:oklch(0.269 0 0);--color-gray-900:oklch(0.205 0 0);--color-gray-950:oklch(0.145 0 0);--hb-gray-500-rgb:128 128 128;--color-background:#ffffff;--color-foreground:#24292f;--color-header-bg:#f6f8fa;--color-header-fg:#24292f;--color-footer-bg:#ffffff;--color-footer-fg:#57606a}.dark{--hb-primary-500-rgb:88 166 255;--color-primary-500:rgb(var(--hb-primary-500-rgb));--hb-primary-50-rgb:246 250 255;--color-primary-50:rgb(var(--hb-primary-50-rgb));--hb-primary-100-rgb:238 246 255;--color-primary-100:rgb(var(--hb-primary-100-rgb));--hb-primary-200-rgb:221 237 255;--color-primary-200:rgb(var(--hb-primary-200-rgb));--hb-primary-300-rgb:204 228 255;--color-primary-300:rgb(var(--hb-primary-300-rgb));--hb-primary-400-rgb:188 219 255;--color-primary-400:rgb(var(--hb-primary-400-rgb));--hb-primary-600-rgb:79 149 229;--color-primary-600:rgb(var(--hb-primary-600-rgb));--hb-primary-700-rgb:70 132 204;--color-primary-700:rgb(var(--hb-primary-700-rgb));--hb-primary-800-rgb:57 107 165;--color-primary-800:rgb(var(--hb-primary-800-rgb));--hb-primary-900-rgb:44 83 127;--color-primary-900:rgb(var(--hb-primary-900-rgb));--hb-primary-950-rgb:26 49 76;--color-primary-950:rgb(var(--hb-primary-950-rgb));--hb-secondary-500-rgb:35 134 54;--color-secondary-500:rgb(var(--hb-secondary-500-rgb));--hb-secondary-50-rgb:244 248 244;--color-secondary-50:rgb(var(--hb-secondary-50-rgb));--hb-secondary-100-rgb:233 242 234;--color-secondary-100:rgb(var(--hb-secondary-100-rgb));--hb-secondary-200-rgb:211 230 214;--color-secondary-200:rgb(var(--hb-secondary-200-rgb));--hb-secondary-300-rgb:189 218 194;--color-secondary-300:rgb(var(--hb-secondary-300-rgb));--hb-secondary-400-rgb:167 206 174;--color-secondary-400:rgb(var(--hb-secondary-400-rgb));--hb-secondary-600-rgb:31 120 48;--color-secondary-600:rgb(var(--hb-secondary-600-rgb));--hb-secondary-700-rgb:28 107 43;--color-secondary-700:rgb(var(--hb-secondary-700-rgb));--hb-secondary-800-rgb:22 87 35;--color-secondary-800:rgb(var(--hb-secondary-800-rgb));--hb-secondary-900-rgb:17 67 27;--color-secondary-900:rgb(var(--hb-secondary-900-rgb));--hb-secondary-950-rgb:10 40 16;--color-secondary-950:rgb(var(--hb-secondary-950-rgb));--color-gray-100:oklch(0.97 0 0);--color-gray-200:oklch(0.922 0 0);--color-gray-300:oklch(0.87 0 0);--color-gray-400:oklch(0.708 0 0);--color-gray-50:oklch(0.985 0 0);--color-gray-500:oklch(0.556 0 0);--color-gray-600:oklch(0.439 0 0);--color-gray-700:oklch(0.371 0 0);--color-gray-800:oklch(0.269 0 0);--color-gray-900:oklch(0.205 0 0);--color-gray-950:oklch(0.145 0 0);--hb-gray-500-rgb:128 128 128;--color-background:#0d1117;--color-foreground:#c9d1d9;--color-header-bg:#161b22;--color-header-fg:#f0f6fc;--color-footer-bg:#0d1117;--color-footer-fg:#8b949e}</style>
2    
3
4  
5  
6  
7  
8  
9  
10  
11    
12      
13        <link rel="stylesheet" href="/css/_entry.2986909cb5cb9a7adbb481df6b88d68c58baa5f
13ce3a6ac7f54d75abb98fa0aad.css" integrity="sha256-KYaQnLXLmnrbtIHfa4jWjFi6pfzjpqx/VNdau5j6Cq0=" crossorigin="anonymous">
14      
15    
16  
17
18
19  
20<link href=/css/custom.min.e72accddf7a9fcbf1a683a99934bf9327771590f8064a093c1716af6639eb1e5.css rel=stylesheet>
20<script src=/js/hb-head.min.e9ff67ddf77122b225756bf5a926e24420bea2586199fddcb3b1813a009f4ee5.js integrity="sha256-6f9n3fdxIrIldWv1qSbiRCC+olhhmf3cs7GBOgCfTuU=" crossorigin=anonymous></script>
20<link rel=alternate href=/index.xml type=application/rss+xml title="James Cloyne"><link rel=icon type=image/svg+xml href=/media/icon.svg><link rel=apple-touch-icon type=image/png href=/media/icon_hu_b1d6000b6469d6e3.png><link rel=canonical href=https://jamescloyne.com/><meta property="twitter:card" content="summary"><meta property="og:site_name" content="James Cloyne"><meta property="og:url" content="https://jamescloyne.com/"><meta property="og:title" content="James Cloyne"><meta property="og:description" content="James Cloyne is a Professor of Economics at the University of California Davis."><meta property="og:image" content="https://jamescloyne.com/media/icon.svg"><meta property="twitter:image" content="https://jamescloyne.com/media/icon.svg"><meta property="og:locale" content="en-us"><meta property="og:updated_time" content="2026-02-11T00:00:00+00:00">
20<script type=application/ld+json>{"@context":"https://schema.org","@type":"WebSite","potentialAction":{"@type":"SearchAction","target":"https://jamescloyne.com/?q={search_term_string}","query-input":"required name=search_term_string"},"url":"https://jamescloyne.com/"}</script>
20<title>James Cloyne</title><style>:root{--hb-font-size-base:1rem;--hb-font-size-scale:1.25;--hb-radius:0.25rem;--hb-spacing-base:0.75rem;--hb-spacing-section:2.5rem}@font-face{font-family:inter var;font-style:normal;font-weight:100 900;font-display:swap;src:url(/dist/font/Inter.var.woff2)format(woff2)}</style>
20<script defer src=/js/hugo-blox-en.min.8e67887d1e4e773521ed17aef87acbf3d4d07207c99e1e3f4d76d00fc44e7065.js integrity="sha256-jmeIfR5OdzUh7Reu+HrL89TQcgfJnh4/TXbQD8ROcGU="></script>
20<script>console.log("✓ Alpine.js loading on demand")</script>
20<script src=/dist/lib/alpinejs/cdn.min.e041f1b639d1e6b2fc2736d8d7638a409afcd444a6ec90446f8f4e44fa36f406.js integrity="sha256-4EHxtjnR5rL8JzbY12OKQJr81ESm7JBEb49ORPo29AY=" defer></script>
20<script defer src=/js/hb-search.min.135366008264b9d452ff89aad28374bc7e4b40d2c047098318511786419873b0.js integrity="sha256-E1NmAIJkudRS/4mq0oN0vH5LQNLARwmDGFEXhkGYc7A="></script>
20<script async defer src=https://buttons.github.io/buttons.js></script>
20</head><body class="bg-[var(--color-background)] text-[var(--color-foreground)] page-wrapper" id=top><nav aria-label="Skip links"><a href=#main-content class=skip-to-main>Skip to main content</a></nav><div id=page-bg></div><div class="page-header sticky top-0 z-30"><header id=site-header class=header><nav class="navbar px-3 flex justify-start" aria-label="Main navigation"><div class="order-0 h-full"><a class=navbar-brand href=/ title="James Cloyne">James Cloyne</a></div><input id=nav-toggle type=checkbox class=hidden aria-hidden=true onchange='this.nextElementSibling.setAttribute("aria-expanded",this.checked?"true":"false")'>
21<label for=nav-toggle tabindex=0 role=button aria-controls=nav-menu aria-expanded=false aria-label="Toggle navigation menu" onkeydown='(event.key==="Enter"||event.key===" ")&&(event.preventDefault(),this.previousElementSibling.click())' class="order-3 cursor-pointer flex items-center lg:hidden text-[var(--color-header-fg)] lg:order-1"><svg id="show-button" class="h-6 fill-current block" viewBox="0 0 20 20"><title>Open Menu</title><path d="M0 3h20v2H0V3zm0 6h20v2H0V9zm0 6h20v2H0V0z"/></svg>
22<svg id="hide-button" class="h-6 fill-current hidden" viewBox="0 0 20 20"><title>Close Menu</title><polygon points="11 9 22 9 22 11 11 11 11 22 9 22 9 11 -2 11 -2 9 9 9 9 -2 11 -2" transform="rotate(45 10 10)"/></svg></label><ul id=nav-menu class="navbar-nav order-3 hidden lg:flex w-full pb-6 lg:order-1 lg:w-auto lg:space-x-2 lg:pb-0 xl:space-x-8 justify-start"><li class=nav-item><a class=nav-link href=/#bio>Bio</a></li><li class=nav-item><a class=nav-link href=/#latest>Working Papers</a></li><li class=nav-item><a class=nav-link href=/#journal-publications>Publications</a></li><li class=nav-item><a class=nav-link href=/#contact>Contact</a></li></ul><div class="order-1 ml-auto flex items-center md:order-2 lg:ml-0"><button aria-label="Open site search" aria-haspopup=dialog title=Search tabindex=0 class="inline-block px-3 text-xl text-[var(--color-header-fg)] hover:text-primary-500 cursor-pointer" data-search-toggle>
23<svg height="16" width="16" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8.0 45.3s-32.8 12.5-45.3.0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9.0 208S93.1.0 208 0 416 93.1 416 208zM208 352a144 144 0 100-288 144 144 0 100 288z"/></svg>
24<span class=sr-only>Search</span></button><div class="px-3 text-[var(--color-header-fg)] hover:text-primary-500
25[&.active]:font-bold [&.active]:text-primary-500"><button class="theme-toggle mt-1" tabindex=0 accesskey=t title="Toggle dark or light mode" aria-label="Toggle dark or light mode">
26<svg id="moon" width="24" height="18" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="block dark:hidden" aria-hidden="true" focusable="false"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg>
27<svg id="sun" width="24" height="18" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="hidden dark:block" aria-hidden="true" focusable="false"><circle cx="12" cy="12" r="5"/><line x1="12" y1="1" x2="12" y2="3"/><line x1="12" y1="21" x2="12" y2="23"/><line x1="4.22" y1="4.22" x2="5.64" y2="5.64"/><line x1="18.36" y1="18.36" x2="19.78" y2="19.78"/><line x1="1" y1="12" x2="3" y2="12"/><line x1="21" y1="12" x2="23" y2="12"/><line x1="4.22" y1="19.78" x2="5.64" y2="18.36"/><line x1="18.36" y1="5.64" x2="19.78" y2="4.22"/></svg>
28<span class=sr-only>Toggle dark or light mode</span></button></div></div></nav></header><div x-data=searchModal() x-show=$store.search.open @keydown.escape.window="$store.search.open = false" @keydown.cmd.k.window.prevent="$store.search.open = !$store.search.open" @keydown.ctrl.k.window.prevent="$store.search.open = !$store.search.open" x-cloak class="fixed inset-0 z-[100] bg-black/50 backdrop-blur-sm" style=display:none><div class="absolute inset-0" @click="$store.search.open = false"></div><div class="relative mx-auto mt-[10vh] max-w-3xl" x-show=$store.search.open x-transition:enter="transition ease-out duration-200" x-transition:enter-start="opacity-0 translate-y-4 scale-95" x-transition:enter-end="opacity-100 translate-y-0 scale-100" x-transition:leave="transition ease-in duration-150" x-transition:leave-start="opacity-100 translate-y-0 scale-100" x-transition:leave-end="opacity-0 translate-y-4 scale-95"><div class="mx-4 overflow-hidden rounded-2xl bg-white dark:bg-gray-900 shadow-2xl ring-1 ring-gray-900/10 dark:ring-white/10" role=dialog aria-modal=true aria-label="Site search"><div class="border-b border-gray-200 dark:border-gray-800"><div class="flex items-center gap-3 px-4 py-3"><svg class="h-5 w-5 flex-shrink-0 text-gray-400" fill="none" stroke="currentColor" viewBox="0 0 24 24" aria-hidden="true" focusable="false"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M21 21l-6-6m2-5A7 7 0 113 10a7 7 0 0114 0z"/></svg>
29<input x-ref=searchInput x-model=query @input="loading = query.trim() !== ''" @input.debounce.300ms=search() type=text placeholder="Search for answers..." class="flex-1 bg-transparent text-lg text-gray-900 dark:text-gray-100 placeholder-gray-400" autocomplete=off autofocus aria-label=Search role=searchbox><div x-show=loading class=flex-shrink-0><svg class="animate-spin h-5 w-5 text-primary-600" fill="none" viewBox="0 0 24 24" aria-hidden="true" focusable="false"><circle class="opacity-25" cx="12" cy="12" r="10" stroke="currentColor" stroke-width="4"/><path class="opacity-75" fill="currentColor" d="M4 12a8 8 0 018-8V0C5.373.0.0 5.373.0 12h4zm2 5.291A7.962 7.962.0 014 12H0c0 3.042 1.135 5.824 3 7.938l3-2.647z"/></svg></div><kbd class="hidden sm:block flex-shrink-0 rounded bg-gray-100 px-2 py-1 text-xs font-semibold text-gray-600 dark:bg-gray-800 dark:text-gray-400">ESC</kbd>
30<button type=button @click="$store.search.open = false" class="flex-shrink-0 rounded-lg p-1 text-gray-400 hover:bg-gray-100 hover:text-gray-600 dark:hover:bg-gray-800 dark:hover:text-gray-300 cursor-pointer" aria-label="Close search">
31<svg class="h-5 w-5" fill="none" stroke="currentColor" viewBox="0 0 24 24" aria-hidden="true" focusable="false">
31<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M6 18 18 6M6 6l12 12"/></svg></button></div><div x-show="query && availableFilters.length > 0" x-transition class="border-t border-gray-100 dark:border-gray-800 px-4 py-2"><div class="flex flex-wrap gap-2"><button type=button @click="activeFilter = null; search()" :class="activeFilter === null ? 'bg-primary-100 text-primary-700 dark:bg-primary-900 dark:text-primary-300' : 'bg-gray-100 text-gray-600 hover:bg-gray-200 dark:bg-gray-800 dark:text-gray-400'" class="rounded-full px-3 py-1 text-xs font-medium transition-colors cursor-pointer">
32All Results
33</button>
34<template x-for="filter in availableFilters" :key=filter.filterKey><button type=button @click="activeFilter = filter.filterKey; search()" :class="activeFilter === filter.filterKey ? 'bg-primary-100 text-primary-700 dark:bg-primary-900 dark:text-primary-300' : 'bg-gray-100 text-gray-600 hover:bg-gray-200 dark:bg-gray-800 dark:text-gray-400'" class="rounded-full px-3 py-1 text-xs font-medium transition-colors cursor-pointer" x-text="filter.label + ' (' + filter.count + ')'"></button></template></div></div></div><div class="max-h-[60vh] overflow-y-auto"><div x-show="!query && results.length === 0" class=p-6></div><div x-show="query && results.length > 0" class="divide-y divide-gray-200 dark:divide-gray-800"><template x-for="(result, index) in results" :key=result.id><a :href=result.url @mouseenter="selectedIndex = index" @click="$store.search.open = false" :class="selectedIndex === index ? 'bg-primary-50 dark:bg-primary-900/20 border-l-2 border-primary-600' : ''" class="block px-6 py-4 hover:bg-gray-50 dark:hover:bg-gray-800 transition-colors group search-result"><div class="flex items-center gap-2 mb-2 flex-wrap"><span x-show="result.filters && result.filters.type" :class="{
35                    'bg-primary-100 text-primary-700 dark:bg-primary-900 dark:text-primary-300': result.filters.type && result.filters.type[0] === 'questions',
36                    'bg-green-100 text-green-700 dark:bg-green-900 dark:text-green-300': result.filters.type && result.filters.type[0] === 'faq',
37                    'bg-blue-100 text-blue-700 dark:bg-blue-900 dark:text-blue-300': result.filters.type && result.filters.type[0] === 'docs'
38                  }" class="inline-flex items-center rounded-full px-2 py-0.5 text-xs font-medium" x-text="result.filters.type ? (typeLabels[result.filters.type[0]] || result.filters.type[0]) : ''"></span>
39<span x-show="result.filters && result.filters.category" class="inline-flex items-center rounded-full px-2 py-0.5 text-xs font-medium bg-gray-100 text-gray-700 dark:bg-gray-800 dark:text-gray-300" x-text="result.filters.category ? result.filters.category[0] : ''"></span>
40<span x-show="result.filters && result.filters.difficulty" class="inline-flex items-center rounded-full px-2 py-0.5 text-xs font-medium bg-amber-100 text-amber-700 dark:bg-amber-900 dark:text-amber-300" x-text="result.filters.difficulty ? result.filters.difficulty[0] : ''"></span></div><h3 class="text-lg font-semibold text-gray-900 dark:text-white group-hover:text-primary-600 dark:group-hover:text-primary-400 transition-colors mb-2" x-html="result.meta.title || 'Untitled'"></h3><p class="text-sm text-gray-600 dark:text-gray-400 line-clamp-2" x-html=result.excerpt></p></a></template></div><div x-show="query && loading" class="px-6 py-16 text-center"><div class="inline-flex items-center gap-3"><svg class="animate-spin h-8 w-8 text-primary-600" fill="none" viewBox="0 0 24 24" aria-hidden="true" focusable="false"><circle class="opacity-25" cx="12" cy="12" r="10" stroke="currentColor" stroke-width="4"/><path class="opacity-75" fill="currentColor" d="M4 12a8 8 0 018-8V0C5.373.0.0 5.373.0 12h4zm2 5.291A7.962 7.962.0 014 12H0c0 3.042 1.135 5.824 3 7.938l3-2.647z"/></svg><div class=text-left><p class="text-lg font-medium text-gray-900 dark:text-white">Searching...</p><p class="text-sm text-gray-500 dark:text-gray-400" x-text="'Finding results for &#34;' + query + '&#34;'"></p></div></div></div><div x-show="query && results.length === 0 && !loading && hasSearched" class="px-6 py-12 text-center"><svg class="mx-auto h-12 w-12 text-gray-400" fill="none" stroke="currentColor" viewBox="0 0 24 24" aria-hidden="true" focusable="false">
40<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9.172 16.172a4 4 0 015.656.0M9 10h.01M15 10h.01M21 12A9 9 0 113 12a9 9 0 0118 0z"/></svg><h3 class="mt-4 text-lg font-semibold text-gray-900 dark:text-white">No results found</h3><p class="mt-2 text-gray-600 dark:text-gray-400" x-text="'No results for &#34;' + query + '&#34;'"></p><button type=button @click="query = ''; $refs.searchInput.focus()" class="mt-4 text-primary-600 hover:text-primary-700 dark:text-primary-400 dark:hover:text-primary-300 font-medium">
41Clear search</button></div></div><div class="border-t border-gray-200 dark:border-gray-800 px-4 py-3 bg-gray-50 dark:bg-gray-900/50"><div class="flex items-center justify-between text-xs text-gray-500 dark:text-gray-400"><div class="flex items-center gap-3"><span class="flex items-center gap-1"><kbd class="rounded bg-white dark:bg-gray-800 px-1.5 py-0.5 font-mono text-[10px] font-semibold border border-gray-300 dark:border-gray-700">↑↓</kbd>
42Navigate
43</span><span class="flex items-center gap-1"><kbd class="rounded bg-white dark:bg-gray-800 px-1.5 py-0.5 font-mono text-[10px] font-semibold border border-gray-300 dark:border-gray-700">↵</kbd>
44Select
45</span><span x-show="availableFilters.length > 0" class="flex items-center gap-1"><svg class="h-3 w-3" fill="none" stroke="currentColor" viewBox="0 0 24 24" aria-hidden="true" focusable="false"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M3 4a1 1 0 011-1h16a1 1 0 011 1v2.586a1 1 0 01-.293.707l-6.414 6.414a1 1 0 00-.293.707V17l-4 4v-6.586a1 1 0 00-.293-.707L3.293 7.293A1 1 0 013 6.586V4z"/></svg>
46<span x-text="availableFilters.length + ' filters'"></span></span></div><a href=https://hugoblox.com target=_blank rel=noopener aria-label="Powered by Hugo Blox (opens in new tab)" class="flex items-center gap-1 hover:text-primary-600 dark:hover:text-primary-400 transition-colors"><svg class="h-3 w-3" fill="currentColor" viewBox="0 0 24 24" aria-hidden="true" focusable="false"><path d="M13 10V3L4 14h7v7l9-11h-7z"/></svg>
47Powered by Hugo Blox</a></div></div></div></div></div>
47<script>function searchModal(){return{query:"",results:[],loading:!1,hasSearched:!1,selectedIndex:-1,activeFilter:null,availableFilters:[],allFilters:[],trendingSearches:'["Search term 1","Search term 2"]',pagefind:null,pagefindModulePath:window.hbb?.assetPaths?.pagefind??"/pagefind/pagefind.js",typeLabels:{questions:'"Questions"',faq:'"FAQ"',docs:'"Documentation"'},async init(){try{this.pagefind=await import(this.pagefindModulePath),await this.pagefind.init(),console.log("✓ Pagefind initialized"),await this.loadFilters()}catch(e){console.error("Failed to initialize Pagefind:",e)}this.$watch("$store.search.open",e=>{e?(this.$nextTick(()=>this.$refs.searchInput?.focus()),document.body.style.overflow="hidden"):(document.body.style.overflow="",this.query="",this.results=[],this.selectedIndex=-1,this.hasSearched=!1)}),window.addEventListener("keydown",e=>{if(!this.$store.search.open||this.results.length===0)return;if(e.key==="ArrowDown")e.preventDefault(),this.selectedIndex=this.selectedIndex<this.results.length-1?this.selectedIndex+1:0,this.scrollToSelected();else if(e.key==="ArrowUp")e.preventDefault(),this.selectedIndex=this.selectedIndex>0?this.selectedIndex-1:this.results.length-1,this.scrollToSelected();else if(e.key==="Enter"&&this.selectedIndex>=0){e.preventDefault();const t=this.results[this.selectedIndex];t&&(window.location.href=t.url,this.$store.search.open=!1)}})},scrollToSelected(){this.$nextTick(()=>{const e=document.querySelector(".search-result:nth-child("+(this.selectedIndex+1)+")");e&&e.scrollIntoView({block:"nearest",behavior:"smooth"})})},buildFilters(e){const t=[];return e?.type&&Object.entries(e.type).forEach(([e,n])=>{t.push({category:"type",value:e,label:this.typeLabels[e]||e.charAt(0).toUpperCase()+e.slice(1),count:n,filterKey:`type:${e}`})}),e?.category&&Object.entries(e.category).forEach(([e,n])=>{t.push({category:"category",value:e,label:e,count:n,filterKey:`category:${e}`})}),e?.difficulty&&Object.entries(e.difficulty).forEach(([e,n])=>{t.push({category:"difficulty",value:e,label:e,count:n,filterKey:`difficulty:${e}`})}),t},mergeFilterCounts(e){return this.allFilters.length?this.allFilters.map(t=>{const n=e?.[t.category]?.[t.value];return{...t,count:typeof n=="number"?n:0}}):[]},async search(){if(!this.query.trim()){this.results=[],this.hasSearched=!1;return}this.loading=!0,this.hasSearched=!1;try{const t={};if(this.activeFilter){const[e,n]=this.activeFilter.split(":");t.filters={[e]:n}}const e=await this.pagefind.search(this.query,t);console.log("Search results:",e),console.log("Search filters:",e.filters),this.results=await Promise.all(e.results.slice(0,10).map(async e=>{const t=await e.data();return console.log("Result data:",t),{id:t.url,url:t.url,meta:t.meta,excerpt:t.excerpt,filters:t.filters||{}}}));const n=e.totalFilters||e.filters||{};this.allFilters.length?this.availableFilters=this.mergeFilterCounts(n):this.availableFilters=this.buildFilters(n),console.log("Final availableFilters array:",this.availableFilters),this.results.length>0&&(this.selectedIndex=0)}catch(e){console.error("Search error:",e),this.results=[]}finally{this.loading=!1,this.hasSearched=!0}},async loadFilters(){try{const e=await this.pagefind.filters();console.log("Available Pagefind filters:",e);const t=this.buildFilters(e);this.allFilters=t,this.availableFilters=t,console.log("Processed filters:",this.availableFilters)}catch(e){console.error("Failed to load filters:",e)}}}}document.addEventListener("alpine:init",()=>{Alpine.store("search",{open:!1})})</script>
47<style>[x-cloak]{display:none!important}</style></div><main class=page-body id=main-content tabindex=-1><section id=bio class="relative hbb-section blox-resume-biography-3"><div class=home-section-bg></div><div class="resume-biography py-8 px-4 sm:py-12 md:py-16 lg:py-24 xl:py-32 relative overflow-hidden"><div class="max-w-7xl mx-auto"><div class="grid grid-cols-1 md:grid-cols-12 gap-6 md:gap-8 items-start"><div class="md:col-span-4 flex flex-col items-center text-center space-y-6 md:space-y-8"><div class="avatar-wrapper mb-4" style=width:200px;height:200px><img class="avatar rounded-full border-4 border-white shadow-2xl" src=/media/authors/me_hu_717d460ad0486067.jpg alt="James Cloyne" width=200 height=200 style=width:200px;height:200px;object-fit:cover></div><div class=space-y-3><h1 class="text-4xl sm:text-5xl lg:text-6xl font-black text-gray-900 dark:text-white leading-tight">James Cloyne</h1><h2 class="text-2xl font-semibold text-primary-600 dark:text-primary-400">Professor of Economics</h2><p class="text-lg text-gray-700 dark:text-gray-300"><a href=https://www.ucdavis.edu/ target=_blank rel=noopener class="underline hover:text-primary-600 dark:hover:text-primary-400 transition-colors">University of California, Davis<span class=sr-only> (opens in new tab)</span></a></p></div><div class="flex flex-wrap justify-center gap-4"><a href="https://scholar.google.com/citations?user=jcloyne&amp;hl=en" target=_blank rel=noopener aria-label="Google Scholar (opens in new tab)" title="Google Scholar (opens in new tab)" class="w-12 h-12 flex items-center justify-center rounded-full bg-white dark:bg-gray-800 text-gray-600 dark:text-gray-400
48shadow-md hover:shadow-xl hover:scale-110 hover:-translate-y-1
49transition-all duration-300 border border-gray-200 dark:border-gray-700"><svg class="w-6 h-6" viewBox="0 0 512 512"><path fill="currentColor" d="M343.759 106.662V79.43L363.524 64h-213.89L20.476 176.274h85.656a82.339 82.339.0 00-.219 6.225c0 20.845 7.22 38.087 21.672 51.861 14.453 13.797 32.252 20.648 53.327 20.648 4.923.0 9.75-.368 14.438-1.024-2.907 6.5-4.374 12.523-4.374 18.142.0 9.875 4.499 20.43 13.467 31.642-39.234 2.67-68.061 9.732-86.437 21.163-10.531 6.5-19 14.704-25.39 24.531-6.391 9.9-9.578 20.515-9.578 31.962.0 9.648 2.062 18.336 6.219 26.062 4.156 7.726 9.578 14.07 16.312 18.984 6.718 4.968 14.469 9.101 23.219 12.469 8.734 3.344 17.406 5.718 26.061 7.062A167.052 167.052.0 00180.555 448c13.469.0 26.953-1.734 40.547-5.187 13.562-3.485 26.28-8.642 38.171-15.493 11.86-6.805 21.515-16.086 28.922-27.718 7.39-11.68 11.094-24.805 11.094-39.336.0-11.016-2.25-21.039-6.75-30.14-4.468-9.073-9.938-16.542-16.452-22.345-6.501-5.813-13-11.155-19.516-15.968-6.5-4.845-12-9.75-16.468-14.813-4.485-5.046-6.735-10.054-6.735-14.984.0-4.921 1.734-9.672 5.216-14.265 3.455-4.61 7.674-9.048 12.61-13.306 4.937-4.25 9.875-8.968 14.796-14.133 4.922-5.147 9.141-11.827 12.61-20.008 3.485-8.18 5.203-17.445 5.203-27.757.0-13.453-2.547-24.46-7.547-33.314-.594-1.022-1.218-1.803-1.875-3.022l56.907-46.672v17.119c-7.393.93-6.624 5.345-6.624 10.635V245.96c0 5.958 4.875 10.834 10.834 10.834h3.989c5.958.0 10.833-4.875 10.833-10.834V117.293c0-5.277.778-9.688-6.561-10.63zm-107.36 222.48c1.14.75 3.704 2.78 7.718 6.038 4.05 3.243 6.797 5.695 8.266 7.414a443.553 443.553.0 016.376 7.547c2.813 3.375 4.718 6.304 5.718 8.734 1 2.477 2.016 5.461 3.047 8.946a38.27 38.27.0 011.485 10.562c0 17.048-6.564 29.68-19.656 37.859-13.125 8.18-28.767 12.274-46.938 12.274-9.187.0-18.203-1.093-27.063-3.196-8.843-2.116-17.311-5.336-25.39-9.601-8.078-4.258-14.577-10.204-19.5-17.797-4.938-7.64-7.407-16.415-7.407-26.25.0-10.32 2.797-19.29 8.422-26.906 5.594-7.625 12.938-13.391 22.032-17.315 9.063-3.946 18.25-6.742 27.562-8.398a157.865 157.865.0 0128.438-2.555c4.47.0 7.936.25 10.405.696.455.219 3.032 2.07 7.735 5.563 4.704 3.462 7.625 5.595 8.75 6.384zm-3.359-100.579c-7.406 8.86-17.734 13.288-30.953 13.288-11.86.0-22.298-4.764-31.266-14.312-9-9.523-15.422-20.328-19.344-32.43-3.937-12.109-5.906-23.984-5.906-35.648.0-13.694 3.596-25.352 10.781-34.976 7.187-9.65 17.5-14.485 30.938-14.485 11.875.0 22.374 5.038 31.437 15.157 9.094 10.085 15.61 21.413 19.517 33.968 3.922 12.54 5.873 24.53 5.873 35.984.0 13.446-3.702 24.61-11.076 33.454z"/></svg>
50</a><a href=https://ideas.repec.org/e/pcl85.html target=_blank rel=noopener aria-label="IDEAS-RePEC (opens in new tab)" title="IDEAS-RePEC (opens in new tab)" class="w-12 h-12 flex items-center justify-center rounded-full bg-white dark:bg-gray-800 text-gray-600 dark:text-gray-400
51shadow-md hover:shadow-xl hover:scale-110 hover:-translate-y-1
52transition-all duration-300 border border-gray-200 dark:border-gray-700">
52<svg class="w-6 h-6" viewBox="0 0 512 512"><path fill="currentColor" d="m252.879 446.324-94.223 25.247c-6.713 1.798-13.676-2.222-15.475-8.935-1.798-6.712 2.222-13.676 8.934-15.474l94.223-25.247c6.713-1.798 13.676 2.221 15.475 8.934 1.8 6.713-2.222 13.676-8.934 15.475zm-43.626-289.558c-.844 11.486-7.341 17.96-17.428 17.796-10.043-.162-17.352-7.045-17.111-17.526.234-10.198 6.628-16.897 17.505-16.778 10.87.117 16.258 6.54 17.034 16.508zm120.795-38.71C292.565 56.148 218.325 26.069 149.354 46.22 88.995 63.856 49.64 103.71 35.33 165.003c-14.164 60.666 3.466 112.846 48.085 156.545 10.464 10.249 20.085 22.663 25.984 35.91 5.914 13.278 7.81 17.43 22.215 13.944 20.006-4.841 39.744-10.787 59.746-15.646 10.254-2.491 14.15-8.216 14.082-18.553-.274-41.72-.182-83.443-.03-125.164.033-9.444-2.935-17.22-13.096-17.456-10.286-.239-13.435 7.277-13.349 16.905.238 27.049.072 54.1.07 81.15-.001 43.515.0 43.515-42.787 49.767-16.266-18.638-31.078-35.392-45.653-52.351-52.31-60.866-42.744-150.842 22.543-197.443 46.904-33.481 97.29-35.344 147.525-7.075 46.644 26.25 72.02 80.33 65.294 132.645-4.493 34.948-21.181 62.845-45.933 86.826-14.938 14.473-28.55 30.055-33.45 50.982-2.292 9.788-7.78 14.643-17.262 16.98 1.772-1.647-102.202 27.486-102.202 27.486-6.578 1.762-10.517 8.586-8.754 15.163l.271 1.017c1.763 6.577 8.586 10.517 15.164 8.755.0.0 119.3-32.058 120.864-32.501 11.048-3.05 17.061-10.915 17.313-22.141.376-16.759 7.658-29.803 19.508-40.938 6.344-5.962 12.66-11.977 18.63-18.306 49.276-52.263 57.408-131.562 19.94-193.449z"/></svg>
53</a><a href=/uploads/CloyneCV_April2026.pdf target=_blank rel=noopener aria-label="CV (opens in new tab)" title="CV (opens in new tab)" class="w-12 h-12 flex items-center justify-center rounded-full bg-white dark:bg-gray-800 text-gray-600 dark:text-gray-400
54shadow-md hover:shadow-xl hover:scale-110 hover:-translate-y-1
55transition-all duration-300 border border-gray-200 dark:border-gray-700"><svg class="w-6 h-6" viewBox="0 0 512 512"><path fill="currentColor" d="M249.18 328.324c-9.788 15.384-19.179 30.434-40.222 45.055-11.256 7.89-37.164 23.306-73.99 23.306C64.709 396.685 8 345.605 8 255.801c0-78.486 53.345-140.486 128.466-140.486 30.434.0 57.474 10.521 77.387 26.304 18.414 14.65 27.038 29.304 34.563 42.456l-52.58 26.273c-3.762-8.626-8.29-17.649-19.913-27.406-12.784-10.155-25.54-13.152-36.46-13.152-42.821.0-65.364 39.825-65.364 84.145.0 58.238 29.7 87.143 65.364 87.143 34.563.0 48.48-24.042 57.474-39.426l52.243 26.673zm184.194-204.75H504l-92.037 265.22h-67.597l-90.904-265.22h70.625l54.843 188.6z"/></svg>
56</a><a href=mailto:[email protected] aria-label=Email title=Email class="w-12 h-12 flex items-center justify-center rounded-full bg-white dark:bg-gray-800 text-gray-600 dark:text-gray-400
57shadow-md hover:shadow-xl hover:scale-110 hover:-translate-y-1
58transition-all duration-300 border border-gray-200 dark:border-gray-700"><svg class="w-6 h-6" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M21.75 6.75v10.5A2.25 2.25.0 0119.5 19.5h-15a2.25 2.25.0 01-2.25-2.25V6.75m19.5.0A2.25 2.25.0 0019.5 4.5h-15A2.25 2.25.0 002.25 6.75m19.5.0v.243a2.25 2.25.0 01-1.07 1.916l-7.5 4.615a2.25 2.25.0 01-2.36.0L3.32 8.91A2.25 2.25.0 012.25 6.994V6.75"/></svg></a></div></div><div class=md:col-span-8><div class=mb-12><div class="flex items-center gap-4 mb-8"><div class="flex-shrink-0 w-12 h-12 bg-primary-100 dark:bg-primary-900/50 rounded-full flex items-center justify-center"><svg class="w-6 h-6 text-primary-600 dark:text-primary-400" viewB
58ox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15 9h3.75M15 12h3.75M15 15h3.75M4.5 19.5h15a2.25 2.25.0 002.25-2.25V6.75A2.25 2.25.0 0019.5 4.5h-15A2.25 2.25.0 002.25 6.75v10.5A2.25 2.25.0 004.5 19.5m6-10.125a1.875 1.875.0 11-3.75.0 1.875 1.875.0 013.75.0m1.294 6.336a6.721 6.721.0 01-3.17.789 6.721 6.721.0 01-3.168-.789 3.376 3.376.0 016.338.0"/></svg></div><h2 class="text-xl sm:text-2xl lg:text-3xl font-bold text-gray-900 dark:text-white tracking-tight">Bio</h2></div><div class="prose prose-lg dark:prose-invert text-gray-800 dark:text-gray-200 text-base sm:text-lg leading-relaxed"><div class=bio-text><p>I am a Professor of Economics at the University of California Davis. I gained my PhD from University College London and also previously worked at the Bank of England. My main field is macroeconomics, and my research broadly focuses on monetary and fiscal policy, including the use of historical and micro data in macroeconomics.</p><div class="items-start border-t border-gray-100 pt-0 mt-0 mb-16"><div><h3 class="text-l font-bold mb-3">Affiliations</h3><ul class="list-disc ml-6 space-y-1 text-m"><li>Research Associate,
59<em>National Bureau of Economic Research</em></li><li>Research Fellow,
60<em>Centre for Economic Policy Research, Institute for Fiscal Studies, CESifo</em></li></ul></div><div><h3 class="text-l font-bold mb-3">Associate Editor</h3><ul class="list-disc ml-6 space-y-0.25 text-m"><li><em>American Economic Review</em></li><li><em>Journal of Economic Dynamics and Control</em></li><li><em>International Journal of Central Banking</em></li></ul></div></div></div></div></div><div><div class="flex items-center gap-4 mb-8"><div class="flex-shrink-0 w-12 h-12 bg-primary-100 dark:bg-primary-900/50 rounded-full flex items-center justify-center"><svg class="w-6 h-6 text-primary-600 dark:text-primary-400" viewB
60ox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M9.813 15.904 9 18.75l-.813-2.846a4.5 4.5.0 00-3.09-3.09L2.25 12l2.846-.813a4.5 4.5.0 003.09-3.09L9 5.25l.813 2.846a4.5 4.5.0 003.09 3.09L15.75 12l-2.846.813a4.5 4.5.0 00-3.09 3.09m8.445-7.188L18 9.75l-.259-1.035a3.375 3.375.0 00-2.455-2.456L14.25 6l1.036-.259a3.375 3.375.0 002.455-2.456L18 2.25l.259 1.035a3.375 3.375.0 002.456 2.456L21.75 6l-1.035.259a3.375 3.375.0 00-2.456 2.456m-1.365 11.852L16.5 21.75l-.394-1.183a2.25 2.25.0 00-1.423-1.423L13.5 18.75l1.183-.394a2.25 2.25.0 001.423-1.423l.394-1.183.394 1.183a2.25 2.25.0 001.423 1.423l1.183.394-1.183.394a2.25 2.25.0 00-1.423 1.423"/></svg></div><h3 class="text-xl font-bold text-gray-900 dark:text-white tracking-tight">Research Interests</h3></div><div class="flex flex-wrap gap-3"><span class="inline-block bg-primary-50 dark:bg-gray-800 text-primary-800 dark:text-primary-200 text-base font-medium px-4 py-2 rounded-full border border-primary-200/50 dark:border-primary-800/50
61hover:bg-primary-100
62dark:hover:bg-primary-500 dark:hover:text-gray-900 dark:hover:border-primary-500
63transition-all duration-200 cursor-default">Macroeconomics
64</span><span class="inline-block bg-primary-50 dark:bg-gray-800 text-primary-800 dark:text-primary-200 text-base font-medium px-4 py-2 rounded-full border border-primary-200/50 dark:border-primary-800/50
65hover:bg-primary-100
66dark:hover:bg-primary-500 dark:hover:text-gray-900 dark:hover:border-primary-500
67transition-all duration-200 cursor-default">Monetary Policy
68</span><span class="inline-block bg-primary-50 dark:bg-gray-800 text-primary-800 dark:text-primary-200 text-base font-medium px-4 py-2 rounded-full border border-primary-200/50 dark:border-primary-800/50
69hover:bg-primary-100
70dark:hover:bg-primary-500 dark:hover:text-gray-900 dark:hover:border-primary-500
71transition-all duration-200 cursor-default">Fiscal Policy
72</span><span class="inline-block bg-primary-50 dark:bg-gray-800 text-primary-800 dark:text-primary-200 text-base font-medium px-4 py-2 rounded-full border border-primary-200/50 dark:border-primary-800/50
73hover:bg-primary-100
74dark:hover:bg-primary-500 dark:hover:text-gray-900 dark:hover:border-primary-500
75transition-all duration-200 cursor-default">Public Finance
76</span><span class="inline-block bg-primary-50 dark:bg-gray-800 text-primary-800 dark:text-primary-200 text-base font-medium px-4 py-2 rounded-full border border-primary-200/50 dark:border-primary-800/50
77hover:bg-primary-100
78dark:hover:bg-primary-500 dark:hover:text-gray-900 dark:hover:border-primary-500
79transition-all duration-200 cursor-default">Economic History</span></div></div></div></div></div></div></section><section id=latest class="relative hbb-section blox-collection research-block-spacing" style=font-size:1.2rem><div class=home-section-bg></div><div class="flex flex-col items-center max-w-prose mx-auto gap-3 justify-center px-6 md:px-0"><h2 class="mb-6 text-3xl font-bold text-gray-900 dark:text-white">Working Papers</h2><div class="flex flex-col items-center px-6"><div class="mt-16 sm:mt-20 container max-w-3xl w-full"><div class="flex flex-col space-y-3"><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
80<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Òscar Jordà</span>, <span>Sanjay R. Singh</span>, <span>Alan M. Taylor</span>
81</span>(2025).
82<a href=https://doi.org/10.24148/wp2025-15 class=underline target=_blank rel=noopener>Asset Prices and Credit with Diagnostic Expectations<span class=sr-only> (opens in new tab)</span></a>.
83Federal Reserve Bank of San Francisco Working Paper 2025-15.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://www.frbsf.org/research-and-insights/publications/working-papers/2025/08/asset-prices-and-credit-with-diagnostic-expectations/ target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
84<span>PDF</span><span class=sr-only>: Asset Prices and Credit with Diagnostic Expectations</span>
85</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2025-asset/cite.bib data-filename=/publication/cloyne-2025-asset/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
85<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
86<span>Cite</span><span class=sr-only>: Asset Prices and Credit with Diagnostic Expectations</span>
87</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.24148/wp2025-15 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
88<span>DOI</span><span class=sr-only>: Asset Prices and Credit with Diagnostic Expectations</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
89<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Patrick Hürtgen</span>, <span>Alan M. Taylor</span>
90</span>(2025).
91<a href=https://www.nber.org/papers/w30485 class=underline target=_blank rel=noopener>Monetary and Financial Spillovers: New Historical Evidence from Germany<span class=sr-only> (opens in new tab)</span></a>.
92NBER Working Paper 30485.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://www.nber.org/papers/w30485 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
93<span>PDF</span><span class=sr-only>: Monetary and Financial Spillovers: New Historical Evidence from Germany</span>
94</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2025-spillovers/cite.bib data-filename=/publication/cloyne-2025-spillovers/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
95<span>Cite</span><span class=sr-only>: Monetary and Financial Spillovers: New Historical Evidence from Germany</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
96<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Joseba Martinez</span>, <span>Haroon Mumtaz</span>, <span>Paolo Surico</span>
97</span>(2025).
98<a href=http://www.josebamartinez.com/pdf/CMMS.pdf class=underline target=_blank rel=noopener>Short-Term Tax Cuts, Long-Term Stimulus<span class=sr-only> (opens in new tab)</span></a>.
99NBER Working Paper 30246.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=http://www.josebamartinez.com/pdf/CMMS.pdf target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
99<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
100<span>PDF</span><span class=sr-only>: Short-Term Tax Cuts, Long-Term Stimulus</span>
101</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2025-shortterm-tax/cite.bib data-filename=/publication/cloyne-2025-shortterm-tax/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
102<span>Cite</span><span class=sr-only>: Short-Term Tax Cuts, Long-Term Stimulus</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
103<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Òscar Jordà</span>, <span>Alan M. Taylor</span>
104</span>(2023).
105<a href=https://www.nber.org/papers/w30971 class=underline target=_blank rel=noopener>State-Dependent Local Projections: Understanding Impulse Response Heterogeneity<span class=sr-only> (opens in new tab)</span></a>.
106NBER Working Paper 30971.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://www.nber.org/papers/w30971 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
107<span>PDF</span><span class=sr-only>: State-Dependent Local Projections: Understanding Impulse Response Heterogeneity</span>
108</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2023-state-dependent/cite.bib data-filename=/publication/cloyne-2023-state-dependent/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
109<span>Cite</span><span class=sr-only>: State-Dependent Local Projections: Understanding Impulse Response Heterogeneity</span></a></div></div></div></div></div></section><section id=journal-publications class="relative hbb-section blox-collection research-block-spacing" style=font-size:1.2rem><div class=home-section-bg></div><div class="flex flex-col items-center max-w-prose mx-auto gap-3 justify-center px-6 md:px-0"><h2 class="mb-6 text-3xl font-bold text-gray-900 dark:text-white">Publications</h2><div class="flex flex-col items-center px-6"><div class="mt-16 sm:mt-20 container max-w-3xl w-full"><div class="flex flex-col space-y-3"><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
110<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Patrick Hürtgen</span>, <span>
110Nicholas Dimsdale</span>
111</span>(2025).
112<a href=https://doi.org/10.1086/732890 class=underline target=_blank rel=noopener>Are Tax Cuts Contractionary at the Zero Lower Bound? Evidence from a Century of Data<span class=sr-only> (opens in new tab)</span></a>.
113<em>Journal of Political Economy</em> Volume 133:2, 568-603.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1086/732890 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
114<span>PDF</span><span class=sr-only>: Are Tax Cuts Contractionary at the Zero Lower Bound? Evidence from a Century of Data</span>
115</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2025-zlb/cite.bib data-filename=/publication/cloyne-2025-zlb/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
116<span>Cite</span><span class=sr-only>: Are Tax Cuts Contractionary at the Zero Lower Bound? Evidence from a Century of Data</span>
117</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1086/732890 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
118<span>DOI</span><span class=sr-only>: Are Tax Cuts Contractionary at the Zero Lower Bound? Evidence from a Century of Data</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
119<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Ezgi Kurt</span>, <span>Paolo Surico</span>
120</span>(2025).
121<a href=https://doi.org/10.1016/j.jmoneco.2024.103722 class=underline target=_blank rel=noopener>Who Gains from Corporate Tax Cuts?<span class=sr-only> (opens in new tab)</span></a>.
122<em>Journal of Monetary Economics</em> Volume 149, January, 103722.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1016/j.jmoneco.2024.103722 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
123<span>PDF</span><span class=sr-only>: Who Gains from Corporate Tax Cuts?</span>
124</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2025-corporate-tax/cite.bib data-filename=/publication/cloyne-2025-corporate-tax/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.
1240 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
125<span>Cite</span><span class=sr-only>: Who Gains from Corporate Tax Cuts?</span>
126</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1016/j.jmoneco.2024.103722 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
127<span>DOI</span><span class=sr-only>: Who Gains from Corporate Tax Cuts?</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
128<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Natacha Postel-Vinay</span>, <span>Nicholas Dimsdale</span>
129</span>(2024).
130<a href=https://doi.org/10.1093/restud/rdad081 class=underline target=_blank rel=noopener>Taxes and Growth: New Narrative Evidence from Interwar Britain<span class=sr-only> (opens in new tab)</span></a>.
131<em>Review of Economic Studies</em>, Volume 91(4), 388-423.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/restud/rdad081 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
132<span>PDF</span><span class=sr-only>: Taxes and Growth: New Narrative Evidence from Interwar Britain</span>
133</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2023-taxes-growth/cite.bib data-filename=/publication/cloyne-2023-taxes-growth/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
134<span>Cite</span><span class=sr-only>: Taxes and Growth: New Narrative Evidence from Interwar Britain</span>
135</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/restud/rdad081 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
136<span>DOI</span><span class=sr-only>: Taxes and Growth: New Narrative Evidence from Interwar Britain</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
137<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Paolo Surico</span>, <span>Clodomiro Ferreira</span>, <span>Maren Froemel</span>
138</span>(2023).
139<a href=https://doi.org/10.1093/jeea/jvad009 class=underline target=_blank rel=noopener>Monetary Policy, Corporate Finance, and Investment<span class=sr-only> (opens in new tab)</span></a>.
140<em>Journal of the European Economic Association</em>, Volume 21(6), 2586-2634.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/jeea/jvad009 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
140<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
141<span>PDF</span><span class=sr-only>: Monetary Policy, Corporate Finance, and Investment</span>
142</a><a class="hb-attachment-link hb-attachment-link-small" href=https://academic.oup.com/jeea/article/21/6/2586/7080145#supplementary-data target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
143<span>Code</span><span class=sr-only>: Monetary Policy, Corporate Finance, and Investment</span>
144</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2023-corporate-finance/cite.bib data-filename=/publication/cloyne-2023-corporate-finance/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
145<span>Cite</span><span class=sr-only>: Monetary Policy, Corporate Finance, and Investment</span>
146</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/jeea/jvad009 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
147<span>DOI</span><span class=sr-only>: Monetary Policy, Corporate Finance, and Investment</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
148<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Joseba Martinez</span>, <span>Haroon Mumtaz</span>, <span>Paolo Surico</span>
149</span>(2023).
150<a href=https://doi.org/10.1257/pandp.20231070 class=underline target=_blank rel=noopener>Do Tax Increases Tame Inflation?<span class=sr-only> (opens in new tab)</span></a>.
151<em>American Economic Association Papers and Proceedings</em>, Volume 113, 377-381.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href="https://www.aeaweb.org/articles?id=10.1257/pandp.20231070" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
152<span>PDF</span><span class=sr-only>: Do Tax Increases Tame Inflation?</span>
153</a><a class="hb-attachment-link hb-attachment-link-small" href="https://www.aeaweb.org/articles?id=10.1257/pandp.20231070" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
154<span>Code</span><span class=sr-only>: Do Tax Increases Tame Inflation?</span>
155</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2023-inflation/cite.bib data-filename=/publication/cloyne-2023-inflation/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
155<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
156<span>Cite</span><span class=sr-only>: Do Tax Increases Tame Inflation?</span>
157</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1257/pandp.20231070 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
158<span>DOI</span><span class=sr-only>: Do Tax Increases Tame Inflation?</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
159<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Lena Boneva</span>, <span>Martin Weale</span>, <span>Tomasz Wieladek</span>
160</span>(2020).
161<a href=https://doi.org/10.1093/ej/ueaa020 class=underline target=_blank rel=noopener>Firms' Price, Cost and Activity Expectations: Evidence from Micro Data<span class=sr-only> (opens in new tab)</span></a>.
162<em>Economic Journal</em>, Volume 130(627), 555-586.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://academic.oup.com/ej/article-abstract/130/627/555/5644437 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
163<span>PDF</span><span class=sr-only>: Firms' Price, Cost and Activity Expectations: Evidence from Micro Data</span>
164</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2020-firms-expectations/cite.bib data-filename=/publication/cloyne-2020-firms-expectations/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
165<span>Cite</span><span class=sr-only>: Firms' Price, Cost and Activity Expectations: Evidence from Micro Data</span>
166</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/ej/ueaa020 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
167<span>DOI</span><span class=sr-only>: Firms' Price, Cost and Activity Expectations: Evidence from Micro Data</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
168<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Michael Best</span>, <span>Ethan Ilzetzki</span>, <span>Henrik Kleven</span>
169</span>(2020).
170<a href=https://doi.org/10.1093/restud/rdz009 class=underline target=_blank rel=noopener>Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches<s
170pan class=sr-only> (opens in new tab)</span></a>.
171<em>Review of Economic Studies</em>, Volume 87(2), 656-690.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href="https://academic.oup.com/restud/article-abstract/87/2/656/5505451?redirectedFrom=fulltext" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
172<span>PDF</span><span class=sr-only>: Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches</span>
173</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2020-mortgage-notches/cite.bib data-filename=/publication/cloyne-2020-mortgage-notches/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
174<span>Cite</span><span class=sr-only>: Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches</span>
175</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/restud/rdz009 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
176<span>DOI</span><span class=sr-only>: Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
177<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Clodomiro Ferreira</span>, <span>Paolo Surico</span>
178</span>(2020).
179<a href=https://doi.org/10.1093/restud/rdy074 class=underline target=_blank rel=noopener>Monetary Policy when Households Have Debt: New Evidence on the Transmission Mechanism<span class=sr-only> (opens in new tab)</span></a>.
180<em>Review of Economic Studies</em>, Volume 87(1), 102-129.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/restud/rdy074 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
181<span>PDF</span><span class=sr-only>: Monetary Policy when Households Have Debt: New Evidence on the Transmission Mechanism</span>
182</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/restud/rdy074 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
183<span>Code</span><span class=sr-only>: Monetary Policy when Households Have Debt: New Evidence on the Transmission Mechanism</span>
184</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2020-households-debt/cite.bib data-filename=/publication/cloyne-2020-households-debt/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
184<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
185<span>Cite</span><span class=sr-only>: Monetary Policy when Households Have Debt: New Evidence on the Transmission Mechanism</span>
186</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/restud/rdy074 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
187<span>DOI</span><span class=sr-only>: Monetary Policy when Households Have Debt: New Evidence on the Transmission Mechanism</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
188<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Kilian Huber</span>, <span>Ethan Ilzetzki</span>, <span>Henrik Kleven</span>
189</span>(2019).
190<a href=https://doi.org/10.1257/aer.20180086 class=underline target=_blank rel=noopener>The Effect of House Prices on Household Borrowing: A New Approach<span class=sr-only> (opens in new tab)</span></a>.
191<em>American Economic Review</em>, Volume 109(6), 2104-2136.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href="https://www.aeaweb.org/articles?id=10.1257/aer.20180086&&amp;from=f" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
192<span>PDF</span><span class=sr-only>: The Effect of House Prices on Household Borrowing: A New Approach</span>
193</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2019-house-prices/cite.bib data-filename=/publication/cloyne-2019-house-prices/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
194<span>Cite</span><span class=sr-only>: The Effect of House Prices on Household Borrowing: A New Approach</span>
195</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1257/aer.20180086 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
196<span>DOI</span><span class=sr-only>
196: The Effect of House Prices on Household Borrowing: A New Approach</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
197<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Paolo Surico</span>
198</span>(2017).
199<a href=https://doi.org/10.1093/restud/rdw021 class=underline target=_blank rel=noopener>Household Debt and the Dynamic Effects of Income Tax Changes<span class=sr-only> (opens in new tab)</span></a>.
200<em>Review of Economic Studies</em>, Volume 84(1), 45-81.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href="https://academic.oup.com/restud/article-abstract/84/1/45/2669946/Household-Debt-and-the-Dynamic-Effects-of-Income?redirectedFrom=fulltext" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
201<span>PDF</span><span class=sr-only>: Household Debt and the Dynamic Effects of Income Tax Changes</span>
202</a><a class="hb-attachment-link hb-attachment-link-small" href="https://academic.oup.com/restud/article-abstract/84/1/45/2669946/Household-Debt-and-the-Dynamic-Effects-of-Income?redirectedFrom=fulltext" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
203<span>Code</span><span class=sr-only>: Household Debt and the Dynamic Effects of Income Tax Changes</span>
204</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2017-household-debt/cite.bib data-filename=/publication/cloyne-2017-household-debt/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
205<span>Cite</span><span class=sr-only>: Household Debt and the Dynamic Effects of Income Tax Changes</span>
206</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1093/restud/rdw021 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
207<span>DOI</span><span class=sr-only>: Household Debt and the Dynamic Effects of Income Tax Changes</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
208<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Patrick Hürtgen</span>
209</span>(2016).
210<a href=https://doi.org/10.1257/mac.20150093 class=underline target=_blank rel=noopener>The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom<span class=sr-only> (opens in new tab)</span></a>.
211<em>American Economic Journal: Macroeconomics</em>, Volume 8(4), 75-102.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href="https://www.aeaweb.org/articles?id=10.1257/mac.20150093" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
211<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
212<span>PDF</span><span class=sr-only>: The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom</span>
213</a><a class="hb-attachment-link hb-attachment-link-small" href=http://doi.org/10.3886/E114114V1 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
214<span>Code</span><span class=sr-only>: The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom</span>
215</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2016-monetary-policy/cite.bib data-filename=/publication/cloyne-2016-monetary-policy/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
216<span>Cite</span><span class=sr-only>: The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom</span>
217</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1257/mac.20150093 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
218<span>DOI</span><span class=sr-only>: The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
219<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Lena Boneva</span>, <span>Martin Weale</span>, <span>Tomasz Wieladek</span>
220</span>(2016).
221<a href=http://www.ijcb.org/journal/ijcb16q3a4.htm class=underline target=_blank rel=noopener>The Effect of Unconventional Monetary Policy on Inflation Expectations: Evidence
222from Firms in the UK
223<span class=sr-only>(opens in new tab)</span></a>.
224<em>International Journal of Central Banking</em>, Volume 12(3), 161-195.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=http://www.ijcb.org/journal/ijcb16q3a4.htm target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
225<span>PDF</span><span class=sr-only>: The Effect of Unconventional Monetary Policy on Inflation Expectations: Evidence
226from Firms in the UK
227</span></a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2016-unconventional/cite.bib data-filename=/publication/cloyne-2016-unconventional/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
227<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
228<span>Cite</span><span class=sr-only>: The Effect of Unconventional Monetary Policy on Inflation Expectations: Evidence
229from Firms in the UK</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
230<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Ryland Thomas</span>, <span>Alex Tuckett</span>, <span>Samuel Wills</span>
231</span>(2015
231).
232<a href=https://doi.org/10.1111/manc.12098 class=underline target=_blank rel=noopener>An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE<span class=sr-only> (opens in new tab)</span></a>.
233<em>The Manchester School</em>, Volume 83(S1), 51-82.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=http://onlinelibrary.wiley.com/doi/10.1111/manc.12098/abstract target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
234<span>PDF</span><span class=sr-only>: An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE</span>
235</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2015-sectoral/cite.bib data-filename=/publication/cloyne-2015-sectoral/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
236<span>Cite</span><span class=sr-only>: An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE</span>
237</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1111/manc.12098 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
238<span>DOI</span><span class=sr-only>: An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
239<span class="article-metadata li-cite-author"><span>James Cloyne</span>
240</span>(2013).
241<a href=https://doi.org/10.1257/aer.103.4.1507 class=underline target=_blank rel=noopener>Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom<span class=sr-only> (opens in new tab)</span></a>.
242<em>American Economic Review</em>, Volume 103(4), 1507-1528.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=/uploads/CloyneAERTaxShocks.do><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
243<span>
243Shock Construction Code</span><span class=sr-only>: Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom</span>
244</a><a class="hb-attachment-link hb-attachment-link-small" href=/uploads/CloyneNarrativeDataset.xlsx><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
245<span>Full Narrative Dataset</span><span class=sr-only>: Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom</span>
246</a><a class="hb-attachment-link hb-attachment-link-small" href=/uploads/Cloyne2013AERTaxSurprises.xls><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
247<span>Unanticipated Shocks</span><span class=sr-only>: Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom</span>
248</a><a class="hb-attachment-link hb-attachment-link-small" href="http://www.aeaweb.org/articles.php?doi=10.1257/aer.103.4.1507" target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
249<span>PDF</span><span class=sr-only>: Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom</span>
250</a><a class="hb-attachment-link hb-attachment-link-small" href=https://www.openicpsr.org/openicpsr/project/112651/version/V1/view target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
251<span>Code</span><span class=sr-only>: Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom</span>
252</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2012-narrative-shocks/cite.bib data-filename=/publication/cloyne-2012-narrative-shocks/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
253<span>Cite</span><span class=sr-only>: Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom</span>
254</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1257/aer.103.4.1507 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
255<span>DOI</span><span class=sr-only>: Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom</sp
255an></a></div></div></div></div></div></section><section id=other-publications class="relative hbb-section blox-collection research-block-spacing" style=font-size:1.2rem><div class=home-section-bg></div><div class="flex flex-col items-center max-w-prose mx-auto gap-3 justify-center px-6 md:px-0"><h2 class="mb-6 text-3xl font-bold text-gray-900 dark:text-white">Other</h2><div class="flex flex-col items-center px-6"><div class="mt-16 sm:mt-20 container max-w-3xl w-full"><div class="flex flex-col space-y-3"><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
256<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Wendy Carlin</span>
257</span>(2024).
258<a href=https://global.oup.com/ukhe/product/macroeconomics-9780198838661 class=underline target=_blank rel=noopener>Heterogeneous Agent Macroeconomics: Origins, Progress and Challenges<span class=sr-only> (opens in new tab)</span></a>.
259In <em>Macroeconomics: Institutions, Instability and Inequality</em>, Carlin, W. and Soskice, D. (Eds). Oxford University Press.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://global.oup.com/ukhe/product/macroeconomics-9780198838661 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
260<span>PDF</span><span class=sr-only>: Heterogeneous Agent Macroeconomics: Origins, Progress and Challenges</span>
261</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2024-heterogeneous/cite.bib data-filename=/publication/cloyne-2024-heterogeneous/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
262<span>Cite</span><span class=sr-only>: Heterogeneous Agent Macroeconomics: Origins, Progress and Challenges</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
263<span class="article-metadata li-cite-author"><span>James Banks</span>, <span>James Cloyne</span>, <span>Monica Costa Dias</span>, <span>Matthias Parey</span>, <span>James Ziliak</span>
264</span>(2021).
265<a href=https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12208 class=underline target=_blank rel=noopener>Special Issue on the 50th Anniversary of IFS<span class=sr-only> (opens in new tab)</span></a>.
266<em>Fiscal Studies</em> Volume 40(4), 445-449.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12208 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
267<span>PDF</span><span class=sr-only>: Special Issue on the 50th Anniversary of IFS</span>
268</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2021-anniversary/cite.bib data-filename=/publication/cloyne-2021-anniversary/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
268<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
269<span>Cite</span><span class=sr-only>: Special Issue on the 50th Anniversary of IFS</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
270<span class="article-metadata li-cite-author"><span>Abi Adams-Prassl</span>, <span>James Cloyne</span>, <span>Monica Costa Dias</span>, <span>Matthias Parey</span>, <span>James P. Ziliak</span>
271</span>(2020).
272<a href=https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12248 class=underline target=_blank rel=noopener>The COVID-19 Economic Crisis<span class=sr-only> (opens in new tab)</span></a>.
273<em>Fiscal Studies</em> Volume 41(3), 489-492.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12248 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
274<span>PDF</span><span class=sr-only>: The COVID-19 Economic Crisis</span>
275</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2020-covid-crisis/cite.bib data-filename=/publication/cloyne-2020-covid-crisis/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
276<span>Cite</span><span class=sr-only>: The COVID-19 Economic Crisis</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
277<span class="article-metadata li-cite-author"><span>James Cloyne</span>, <span>Monica Costa Dias</span>, <span>Matthias Parey</span>, <span>James P. Ziliak</span>
278</span>(2020).
279<a href=https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12234 class=underline target=_blank rel=noopener>COVID-19 and the Economy<span class=sr-only> (opens in new tab)</span></a>.
280<em>Fiscal Studies</em> Volume 41(2), 257-258.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12234 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
281<span>PDF</span><span class=sr-only>: COVID-19 and the Economy</span>
282</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2020-covid-economy/cite.bib data-filename=/publication/cloyne-2020-covid-economy/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
282<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
283<span>Cite</span><span class=sr-only>: COVID-19 and the Economy</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
284<span class="article-metadata li-cite-author"><span>James Cloyne</span>
285</span>(2018).
286<a href=https://doi.org/10.1111/1475-5890.12178 class=underline target=_blank rel=noopener>Brexit: New Evidence and Policy Perspectives<span class=sr-only> (opens in new tab)</span></a>.
287<em>Fiscal Studies</em>, Volume 39(4), 549-553.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://onlinelibrary.wiley.com/doi/10.1111/1475-5890.12178 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
288<span>PDF</span><span class=sr-only>: Brexit: New Evidence and Policy Perspectives</span>
289</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2018-brexit/cite.bib data-filename=/publication/cloyne-2018-brexit/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
290<span>Cite</span><span class=sr-only>: Brexit: New Evidence and Policy Perspectives</span>
291</a><a class="hb-attachment-link hb-attachment-link-small" href=https://doi.org/10.1111/1475-5890.12178 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
292<span>DOI</span><span class=sr-only>: Brexit: New Evidence and Policy Perspectives</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
293<span class="article-metadata li-cite-author"><span>Jon Bridges</span>, <span>James Cloyne</span>, <span>Ryland Thomas</span>, <span>Alex Tuckett</span>
294</span>(2016).
295<a href=https://link.springer.com/book/10.1057/978-1-137-59335-1 class=underline target=_blank rel=noopener>The Analysis of Money and Credit During the Financial Crisis<span class=sr-only> (opens in new tab)</span></a>.
296In <em>Monetary Analysis at Central Banks</em>, Cobham, D. (Ed), Palgrave-Macmillan.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://link.springer.com/book/10.1057/978-1-137-59335-1 target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24">
296<path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
297<span>PDF</span><span class=sr-only>: The Analysis of Money and Credit During the Financial Crisis</span>
298</a><a class="hb-attachment-link hb-attachment-link-small js-cite-clipboard" href=/publication/cloyne-2016-analysis-money/cite.bib data-filename=/publication/cloyne-2016-analysis-money/cite.bib><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M15.75 17.25v3.375c0 .621-.504 1.125-1.125 1.125h-9.75A1.125 1.125.0 013.75 20.625V7.875c0-.621.504-1.125 1.125-1.125H6.75a9.06 9.06.0 011.5.124m7.5 10.376h3.375c.621.0 1.125-.504 1.125-1.125V11.25c0-4.46-3.243-8.161-7.5-8.876a9.06 9.06.0 00-1.5-.124H9.375c-.621.0-1.125.504-1.125 1.125v3.5m7.5 10.375H9.375A1.125 1.125.0 018.25 16.125v-9.25m12 6.625v-1.875A3.375 3.375.0 0016.875 8.25h-1.5A1.125 1.125.0 0114.25 7.125v-1.5A3.375 3.375.0 0010.875 2.25H9.75"/></svg>
299<span>Cite</span><span class=sr-only>: The Analysis of Money and Credit During the Financial Crisis</span></a></div></div><div class="pub-list-item view-citation" style=margin-bottom:1rem><i class="far fa-file-alt pub-icon" aria-hidden=true></i>
300<span class="article-metadata li-cite-author"><span>James Cloyne</span>
301</span>(2014).
302<a href=https://mpra.ub.uni-muenchen.de/41689/1/MPRA_paper_41689.pdf class=underline target=_blank rel=noopener>Government spending shocks, wealth effects and distortionary taxes<span class=sr-only> (opens in new tab)</span></a>.<div class="flex flex-wrap space-x-3"><a class="hb-attachment-link hb-attachment-link-small" href=https://mpra.ub.uni-muenchen.de/41689/1/MPRA_paper_41689.pdf target=_blank rel=noopener><svg style="height:1em" class="inline-block" aria-hidden="true" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" d="M13.19 8.688a4.5 4.5.0 011.242 7.244l-4.5 4.5a4.5 4.5.0 01-6.364-6.364l1.757-1.757m13.35-.622 1.757-1.757a4.5 4.5.0 00-6.364-6.364l-4.5 4.5a4.5 4.5.0 001.242 7.244"/></svg>
303<span>2011 Version</span><span class=sr-only>: Government spending shocks, wealth effects and distortionary taxes</span></a></div></div></div></div></div></section><section id=contact class="relative hbb-section blox-markdown research-block-spacing"><div class=home-section-bg></div><div class="flex flex-col items-center max-w-prose mx-auto gap-3 justify-center px-6"><h2 class="mb-6 text-3xl font-bold text-gray-900 dark:text-white">Contact Details</h2><div class="prose prose-slate lg:prose-xl dark:prose-invert max-w-prose"><p><strong>Mailing Address:</strong><br>Department of Economics<br>University of California, Davis<br>One Shields Avenue<br>Davis, California 95616</p><p><strong>Email:</strong> <a href=mailto:[email protected]>[email protected]</a><br><strong>Gmail:</strong> <a href=mailto:[email protected]>[email protected]</a></p></div></div></section></main><div class=page-footer><footer class="container mx-auto flex flex-col justify-items-center text-sm leading-6 mt-24 mb-4 text-slate-700 dark:text-slate-200"><p class=text-center>If you are unable to access this content due to a disability, please <a href=mailto:[email protected]>email me</a> for assistance.</p><p class="powered-by footer-license-icons text-center pb-2"><a class="inline-flex items-center justify-center gap-2 align-middle" href=https://creativecommons.org/licenses/by-nc-nd/4.0 rel="noopener noreferrer" target=_blank aria-label="Creative Commons license (opens in new tab)" title="Creative Commons license (opens in new tab)"><svg class="h-6 w-6 inline-block align-middle text-current" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M253.8 214.9l-33.2 17.3c-9.4-19.6-25.2-19.9-27.5-19.9-22.1.0-33.2 14.6-33.2 43.8.0 23.6 9.2 43.8 33.2 43.8 14.5.0 24.6-7.1 30.6-21.3l30.6 15.5c-6.2 11.5-25.7 39-65.1 39-22.6.0-74-10.3-74-77 0-58.7 43-77.1 72.6-77.1 30.7.0 52.7 11.9 66 35.9zm143 0-32.8 17.3c-9.5-19.8-25.7-19.9-27.9-19.9-22.1.0-33.2 14.6-33.2 43.8.0 23.5 9.2 43.8 33.2 43.8 14.4.0 24.6-7.1 30.5-21.3l31 15.5c-2.1 3.8-21.4 39-65.1 39-22.7.0-74-9.9-74-77 0-58.7 43-77.1 72.6-77.1 30.7.0 52.6 11.9 65.6 35.9zM255.6 8C112.7 8 8 123.1 8 256.1c0 138.4 113.6 248 247.6 248 129.9.0 248.4-100.9 248.4-248C504 118.2 397.4 8 255.6 8zm.9 450.8c-112.5.0-203.7-93-203.7-202.8.0-105.4 85.4-203.3 203.7-203.3 112.5.0 202.8 89.5 202.8 203.3.0 121.7-99.7 202.8-202.8 202.8z"/></svg>
304<svg class="h-6 w-6 inline-block align-middle text-current" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false">
304<path d="M322.9 194.4v101.4h-28.3v120.5h-77.1V295.9h-28.3V194.4c0-4.4 1.6-8.2 4.6-11.3 3.1-3.1 6.9-4.7 11.3-4.7H307c4.1.0 7.8 1.6 11.1 4.7 3.1 3.2 4.8 6.9 4.8 11.3zm-32.5-64.5a34.5 34.5.0 11-69 .8 34.5 34.5.0 1169-.8zM255.6 8C397.4 8 504 118.1 504 256c0 147.1-118.5 248-248.4 248C121.6 504 8 394.5 8 256 8 123.1 112.7 8 255.6 8zm.8 44.7C138.2 52.7 52.7 150.6 52.7 256c0 109.8 91.2 202.8 203.7 202.8 103.2.0 202.8-81.1 202.8-202.8.1-113.8-90.2-203.3-202.8-203.3z"/></svg>
305<svg class="h-6 w-6 inline-block align-middle text-current" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M255.6 8C395.4 8 504 115.9 504 256c0 147.2-118.5 248-248.4 248C121.1 504 8 393.2 8 256 8 123.1 112.7 8 255.6 8zM63.8 189.1c-7.4 20.4-11.1 42.7-11.1 66.9.0 110.9 92.1 202.4 203.7 202.4 122.4.0 177.2-101.8 178.5-104.1l-93.4-41.6c-7.7 37.1-41.2 53-68.2 55.4v38.1h-28.8V368c-27.5-.3-52.6-10.2-75.3-29.7l34.1-34.5c31.7 29.4 86.4 31.8 86.4-2.2.0-6.2-2.2-11.2-6.6-15.1-14.2-6-1.8-.1-219.3-97.4zM256.4 52.3C218 52.3 144 61 85.9 145.3l94.8 42.5c10-31.3 40.4-42.9 63.8-44.3v-38.1h28.8v38.1c22.7 1.2 43.4 8.9 62 23L303 199.7c-42.7-29.9-83.5-8-70 11.1 53.4 24.1 43.8 19.8 93 41.6l127.1 56.7c4.1-17.4 6.2-35.1 6.2-53.1.0-57-19.8-105-59.3-143.9-39.3-39.9-87.2-59.8-143.6-59.8z"/></svg>
306<svg class="h-6 w-6 inline-block align-middle text-current" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M255.6 8C397.4 8 504 118.1 504 256c0 147.1-118.5 248-248.4 248C121.6 504 8 394.5 8 256 8 123.1 112.7 8 255.6 8zm.8 44.7C138.2 52.7 52.7 150.6 52.7 256c0 109.8 91.2 202.8 203.7 202.8 103.2.0 202.8-81.1 202.8-202.8.1-113.8-90.2-203.3-202.8-203.3zm94 144.3v42.5H170.1V197h180.3zm0 79.8v42.5H170.1v-42.5h180.3z"/></svg>
307<span class=sr-only>(opens in new tab)</span></a></p><p class="powered-by text-center">© 2026 James Cloyne</p><p class="powered-by text-center text-sm opacity-80 py-1">Made with <a class="underline hover:opacity-100" href="https://hugoblox.com?utm_source=site_footer&utm_medium=referral&utm_campaign=poweredby_oss&utm_content=brand_academic-cv" target=_blank rel=noopener data-hbx=poweredby_brand>Hugo Blox Kit</a>.
308<a class="inline-flex items-center rounded px-2 py-0.5 border border-current ms-2 text-xs hover:opacity-100" href="https://hugoblox.com/templates/academic-cv/start?utm_source=site_footer&amp;utm_medium=referral&amp;utm_campaign=poweredby_oss&amp;utm_content=cta_academic-cv" target=_blank rel=noopener data-hbx=poweredby_cta>Build your site →</a></p></footer></div><div id=hb-notification-container class="fixed top-20 right-4 z-[9999] pointer-events-none" aria-live=polite aria-atomic=true></div>
308<script>(function(){"use strict";function e(){var e,t,n,o,s=document.querySelector("nav.navbar");s&&!s.getAttribute("aria-label")&&s.setAttribute("aria-label","Main navigation"),t=document.querySelector('[x-ref="searchInput"]'),t&&!t.getAttribute("aria-label")&&(t.setAttribute("aria-label","Search"),t.setAttribute("role","searchbox")),n=document.querySelector(".fixed.inset-0"),n&&(n.querySelectorAll("button").forEach(function(e){var t=e.querySelector('path[d*="M6 18L18 6"]');t&&!e.getAttribute("aria-label")&&e.setAttribute("aria-label","Close search")}),e=n.querySelector(".mx-4.overflow-hidden"),e&&!e.getAttribute("role")&&(e.setAttribute("role","dialog"),e.setAttribute("aria-label","Site search"),e.setAttribute("aria-modal","true"))),o={"academicons/google-scholar":"Google Scholar profile (opens in new tab)","academicons/ideas-repec":"IDEAS/RePEC profile (opens in new tab)","academicons/cv":"Download CV PDF (opens in new tab)","hero/envelope":"Send email"},document.querySelectorAll("[aria-label]").forEach(function(e){var t=e.getAttribute("aria-label");o[t]&&e.setAttribute("aria-label",o[t])}),document.querySelectorAll("button[aria-label] svg, a[aria-label] svg").forEach(function(e){e.setAttribute("aria-hidden","true"),e.setAttribute("focusable","false")}),document.querySelectorAll(".flex-shrink-0.w-12.h-12 svg").forEach(function(e){e.setAttribute("aria-hidden","true"),e.setAttribute("focusable","false")}),document.querySelectorAll('a[href]:not([tabindex="-1"]), button:not([tabindex="-1"]), [role="button"]:not([tabindex="-1"])').forEach(function(e){e.getAttribute("tabindex")||e.setAttribute("tabindex","0")}),document.querySelectorAll("section[id]").forEach(function(e){if(e.getAttribute("aria-labelledby")||e.getAttribute("aria-label"))return;var n,t=e.querySelector("h1, h2, h3");if(!t)return;n=t.id||"section-heading-"+e.id,t.id||(t.id=n),e.setAttribute("aria-labelledby",n)})}function t(){if(window.matchMedia&&window.matchMedia("(forced-colors: active)").matches){var e=document.documentElement;e.style.colorScheme="",e.style.forcedColorAdjust="auto"}}function n(){document.querySelectorAll('a[target="_blank"]').forEach(function(e){var t,n=(e.getAttribute("aria-label")||"").toLowerCase(),s=(e.textContent||"").toLowerCase();n.indexOf("opens")===-1&&s.indexOf("opens")===-1&&(e.getAttribute("aria-label")?e.setAttribute("aria-label",e.getAttribute("aria-label")+" (opens in new tab)"):(t=document.createElement("span"),t.className="sr-only",t.textContent=" (opens in new tab)",e.appendChild(t)))})}document.readyState==="loading"?document.addEventListener("DOMContentLoaded",function(){e(),n(),t()}):(e(),n(),t())})()</script>
308</body></html>

Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.