Ricardo Reis

Ricardo Reis is an economist affiliated with Columbia University, specializing in macroeconomics and monetary policy. His research focuses on Keynesian economics frameworks, price and wage rigidity, and the application of economic models to real-world policy decisions. He has contributed significantly to understanding how macroeconomic theories can be effectively taught to undergraduate students while maintaining relevance to contemporary economic challenges.

Reis's research interests center on the theoretical foundations of macroeconomics, particularly examining why prices don't adjust as quickly as traditional economic models would predict. His work bridges the gap between classical and Keynesian perspectives, exploring how information costs and processing limitations affect price setting behavior in modern economies. He has investigated the role of sticky prices and wages in business cycle fluctuations, analyzing how these phenomena influence the effectiveness of monetary and fiscal policy interventions.

As a new-monetarist economist, Reis has examined the limitations of traditional IS-LM models while recognizing their pedagogical value in teaching general equilibrium concepts to undergraduate students. His research suggests that the modern explanation for price rigidity lies not in physical menu costs but in the cognitive costs of processing economic information and making optimal pricing decisions.

Reis has analyzed historical economic events, particularly the Great Depression, to extract lessons relevant to contemporary economic crises. He emphasizes the importance of maintaining banking system stability, avoiding protectionist measures during downturns, and understanding the limitations of fiscal stimulus policies. His work suggests that while aggregate demand policies can be effective, their quantitative impact remains subject to significant uncertainty.