Tom Holden on monetary policy

In recent years, I’ve become depressed by the state of research in macroeconomics. I find many new research papers to be almost unreadable. Perhaps this reflects the fact that my own work is increasingly outside the mainstream. Thus I was very pleasantly surprised to see a new paper by Tom Holden that embraces many of the themes that I have been emphasizing.  Even better, the paper is extremely well written (unusual for a macro theory paper) and is forthcoming in the highly prestigious journal Econometrica.