Bio
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.
Affiliations
- Research Associate, National Bureau of Economic Research
- Research Fellow, Centre for Economic Policy Research, Institute for Fiscal Studies, CESifo
Associate Editor
- American Economic Review
- Journal of Economic Dynamics and Control
- International Journal of Central Banking
Research Interests
Macroeconomics
Monetary Policy
Fiscal Policy
Public Finance
Economic History
Working Papers
(2025).
Asset Prices and Credit with Diagnostic Expectations.
Federal Reserve Bank of San Francisco Working Paper 2025-15.
(2025).
Monetary and Financial Spillovers: New Historical Evidence from Germany.
NBER Working Paper 30485.
(2025).
Short-Term Tax Cuts, Long-Term Stimulus.
NBER Working Paper 30246.
(2023).
State-Dependent Local Projections: Understanding Impulse Response Heterogeneity.
NBER Working Paper 30971.
Publications
(2025).
Are Tax Cuts Contractionary at the Zero Lower Bound? Evidence from a Century of Data.
Journal of Political Economy Volume 133:2, 568-603.
(2025).
Who Gains from Corporate Tax Cuts?.
Journal of Monetary Economics Volume 149, January, 103722.
(2024).
Taxes and Growth: New Narrative Evidence from Interwar Britain.
Review of Economic Studies, Volume 91(4), 388-423.
(2023).
Monetary Policy, Corporate Finance, and Investment.
Journal of the European Economic Association, Volume 21(6), 2586-2634.
(2023).
Do Tax Increases Tame Inflation?.
American Economic Association Papers and Proceedings, Volume 113, 377-381.
(2020).
Firms' Price, Cost and Activity Expectations: Evidence from Micro Data.
Economic Journal, Volume 130(627), 555-586.
(2020).
Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches.
Review of Economic Studies, Volume 87(2), 656-690.
(2020).
Monetary Policy when Households Have Debt: New Evidence on the Transmission Mechanism.
Review of Economic Studies, Volume 87(1), 102-129.
(2019).
The Effect of House Prices on Household Borrowing: A New Approach.
American Economic Review, Volume 109(6), 2104-2136.
(2017).
Household Debt and the Dynamic Effects of Income Tax Changes.
Review of Economic Studies, Volume 84(1), 45-81.
(2016).
The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom.
American Economic Journal: Macroeconomics, Volume 8(4), 75-102.
(2016).
The Effect of Unconventional Monetary Policy on Inflation Expectations: Evidence
from Firms in the UK
.
International Journal of Central Banking, Volume 12(3), 161-195.
(2015).
An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE.
The Manchester School, Volume 83(S1), 51-82.
(2013).
Discretionary Tax Changes and the Macroeconomy: New Narrative Evidence from the United Kingdom.
American Economic Review, Volume 103(4), 1507-1528.
Book Chapters and Edited Volumes
(2024).
Heterogeneous Agent Macroeconomics: Origins, Progress and Challenges.
In Macroeconomics: Institutions, Instability and Inequality, Carlin, W. and Soskice, D. (Eds). Oxford University Press.
(2021).
Special Issue on the 50th Anniversary of IFS.
Fiscal Studies Volume 40(4), 445-449.
(2020).
The COVID-19 Economic Crisis.
Fiscal Studies Volume 41(3), 489-492.
(2020).
COVID-19 and the Economy.
Fiscal Studies Volume 41(2), 257-258.
(2018).
Brexit: New Evidence and Policy Perspectives.
Fiscal Studies, Volume 39(4), 549-553.
(2016).
The Analysis of Money and Credit During the Financial Crisis.
In Monetary Analysis at Central Banks, Cobham, D. (Ed), Palgrave-Macmillan.
Other Manuscripts
Contact Details
James Cloyne
Department of Economics
University of California Davis
One Shields Avenue
Davis, California 95616
Email: jcloyne@ucdavis.edu
Gmail: james.cloyne.econ@gmail.com