Paul Shea\u2019s primary research interests lie within macroeconomic theory. He is especially interested in the macroeconomic effects of incomplete or faulty information. Two recent papers examine how speculative bubbles can destabilize either the aggregate economy or asset prices. Another paper finds that if firms are averse to inflation risk, then monetary policy should seek to prevent inflation so that firms do not engage in excessive levels of financial activity. He occasionally writes papers in microeconomics on such topics as how bookies set point spreads, how juries quantify reasonable doubt in criminal trials, and why dueling persisted in the Antebellum South.<\/p>\n
He has taught classes in macroeconomic theory at several different levels, and especially enjoys teaching a small seminar that focuses on the recent macroeconomic downturn.<\/p>\n
Education:<\/strong><\/span> Fields of Interest:<\/strong><\/span> Selected publications:<\/strong><\/span> \u201cA Note on Bubbles, Worthless Assets, and the Curious Case of General Motors.\u201d 2014. Macroeconomic Dynamics, Vol. 18(1), 244-254 . with Tom Ahn and Jeremy Sandford.<\/p>\n \u201cOptimal Setting of Point Spreads.\u201d 2013. Economica. Vol. 80 (317): 149-170. with Jeremy Sandford.<\/p>\n \u201cAdaptive Learning with a Unit Root: An Application to the Current Account.\u201d 2010. Journal of Economic Dynamics and Control, Vlo. 34 (2): 179-190. with Ron Davies.<\/p>\n <\/p>\n","protected":false},"author":701,"featured_media":0,"template":"","class_list":["post-209","faculty-profile","type-faculty-profile","status-publish","hentry","expertise-macroeconomics","expertise-specific-bounded-rationality","expertise-specific-informational-restrictions-and-asymmetries","expertise-specific-multiple-equilibria","what-i-teach-macroeconomics","what-i-teach-specific-applied-macroeconomics","what-i-teach-specific-macroeconomic-policy","what-i-teach-specific-macroeconomic-theory","what-i-teach-specific-time-series-econometrics"],"_links":{"self":[{"href":"https:\/\/www.bates.edu\/faculty\/wp-json\/wp\/v2\/faculty-profile\/209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bates.edu\/faculty\/wp-json\/wp\/v2\/faculty-profile"}],"about":[{"href":"https:\/\/www.bates.edu\/faculty\/wp-json\/wp\/v2\/types\/faculty-profile"}],"author":[{"embeddable":true,"href":"https:\/\/www.bates.edu\/faculty\/wp-json\/wp\/v2\/users\/701"}],"version-history":[{"count":5,"href":"https:\/\/www.bates.edu\/faculty\/wp-json\/wp\/v2\/faculty-profile\/209\/revisions"}],"predecessor-version":[{"id":894,"href":"https:\/\/www.bates.edu\/faculty\/wp-json\/wp\/v2\/faculty-profile\/209\/revisions\/894"}],"wp:attachment":[{"href":"https:\/\/www.bates.edu\/faculty\/wp-json\/wp\/v2\/media?parent=209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nPh.D. in Economics, University of Oregon
\nB.A. in Economics, Cornell University<\/p>\n
\nMacroeconomics, Monetary Economics, Time-Series Econometrics<\/p>\n
\n\u201cLearning By Doing, Short-Sightedness, and Indeterminacy.\u201d 2013. Economic Journal, Vol. 123(569): 738-763.<\/p>\n