Phuong V. Ngo 

Associate Professor

Department of Economics
Cleveland State University

Home CV Research Teaching



Variance Decomposition Analysis for Nonlinear Economic Models (with Maksim Isakin). January 2020. The Oxford Bulletin of Economics and Statistics (forthcoming). [New Version][Old Version]

Inflation Volatility with Regime Switching (with Maksim Isakin). May 2019. The Oxford Bulletin of Economics and Statistics. [Journal Version]  [Old Version]

Fiscal Multiplers at the Zero Lower Bound: The Role of Government Spending Persistence. April 2019. Macroeconomic Dynamics. [Journal Version]  [Old Version]

Does Calvo Meet Rotermberg at the Zero Lower Bound? (with Jianjun Miao). October 2018. Macroeconomic Dynamics. [Journal Version] [Old Version] 

The Risk of Hitting the Zero Lower Bound and the Optimal Inflation Target. May 2017. Macroeconomic Dynamics, Vol 22 (2) (March 2018), pp. 402 425. (Published online: 02 May 2017). [Journal Version], [Working Paper]  

Household Leverage, Housing Markets, and Macroeconomic Fluctuations. June 2015. Journal of Macroeconomics Vol. 44 (June 2015), p. 191-207. [Journal Version], [Working Paper]  

Optimal Discretionary Monetary Policy in a Micro-Founded Model with a Zero Lower Bound on Nominal Interest Rate. August 2014. Journal of Economic Dynamics and Control, Vol. 45 (August 2014), p. 44-65. [Journal Version], [Working Paper]

Habit Formation in State-Dependent Pricing Models: Implications for the Dynamics of Output and Inflation. June 2014. Economics Letters , Vol. 123, Issue 3 (June 2014), p. 336-340. [Journal Version] [Working Paper]

Working Papers

Risk Premia at the ZLB: A Macroeconomic Interpretation (with Francois Gourio). January 2020. [New Version], [Online Appendix]

Multiplicity in New Keynesian  Models (with Maksim Isakin). December 2019. [New Version][Old Version]

Stock Price Fluctuations and Productivity Growth (with Diego Comin, Mark Gertler, and Ana Maria Santacreu). September 2016. [New Version (coming)], [Old Version] (R&R)

Work in Progress

Inflation Dynamics in New Keynesian Models with Regime Switching (with Maksim Isakin).

Costly Information, Financial Frictions, and Endogenous Growth.

Optimal Inflation with Recursive Prefereces in the Presence of the Zero Lower Bound.

Credit Shocks in a Deleveraging Model with Housing.

Optimal Monetary Policy under the Zero Lower Bound: Commitment or Discretion?

Mortgage Defaults: How Much is Securitization to Blame? (with J. Christina Wang)


A Distributional Analysis of Adopting the FairTax: A comparison of the Current Tax System and the FairTax Plan, (with David Tuerck, Jonathan Haughton, Paul Bachman, Alfonso Sanchez-Penalver), Working Paper, Beacon Hill Institute, 2007. [PDF] 

The Economic Effects of the FairTax: Results from the Beacon Hill Institute CGE Model, (with David Tuerck, Jonathan Haughton, Keshab Bhattarai, Alfonso Sanchez-Penalver), Working Paper, Beacon Hill Institute, 2007. [PDF]