Other
On the Welfare Cost of Inflation and the Recent Behavior of Money Demand, Working Papers in Economics (2007)
Post-1980 U.S. data trace out a stable long-run money demand relationship of Cagan's semi-log form...
Productivity and U.S. Macroeconomic Performance: Interpreting the Past and Predicting the Future with a Two-Sector Real Business Cycle Model (with Scott Schuh), Working Papers in Economics (2006)
A two-sector real business cycle model, estimated with postwar U.S. data, identifies shocks to the...
The Monetary Transmission Mechanism, Working Papers in Economics (2005)
The monetary transmission mechanism describes how policy-induced changes in the nominal money stock or the...
Changes in the Federal Reserve's Inflation Target: Causes and Consequences, Working Papers in Economics (2005)
This paper estimates a New Keynesian model to draw inferences about the behavior of the...
Heterogeneity and Redistribution: By Monetary or Fiscal Means?, Working Papers in Economics (2004)
In models with heterogeneous agents, issues of distribution and redistribution jump to the fore, raising...
The Own-Price of Money and a New Channel of Monetary Transmission (with Michael T. Belongia), Working Papers in Economics (2002)
Traditionally, the effects of monetary policy actions on output are thought to be transmitted via...
Technology Shocks in the New Keynesian Model, Working Papers in Economics (2002)
In a New Keynesian model, technology and cost-push shocks compete as terms that stochastically shift...
"Rules Rather Than Discretion" After Twenty Five Years: What Have We Learned? What More Can We Learn?, Working Papers in Economics (2002)
Kydland and Prescott first identified the inflationary bias that results when a central bank does...
Endogenous Money or Sticky Prices?, Working Papers in Economics (2001)
What explains the correlations between nominal and real variables in the postwar US data? Are...
The Real Balance Effect, Working Papers in Economics (2001)
This paper extends a conventional cash-in-advance model to incorporate a real balance effect of the...
Implementing the Friedman Rule, Working Papers in Economics (2000)
In cash-in-advance models, necessary and sufficient conditions for the existence of an equilibrium with zero...
Money's Role in the Monetary Business Cycle, Working Papers in Economics (2000)
A small, structural model of the monetary business cycle implies that real money balances enter...
Expectations, Credibility, and Time-Consistent Monetary Policy, Working Papers in Economics (1999)
This paper addresses the problem of multiple equilibria in a model of time-consistent monetary policy....
Sticky-Price Models of the Business Cycle: Specification and Stability, Working Papers in Economics (1999)
This paper focuses on the specification and stability of a dynamic, stochastic, general equilibrium model...
A Method for Taking Models to the Data, Working Papers in Economics (1999)
This paper develops a method for combining the power of a dynamic, stochastic, general equilibrium...
Interest Rates, Inflation, and Federal Reserve Policy Since 1980, Working Papers in Economics (1999)
This paper characterizes Federal Reserve policy since 1980 as one that actively manages short-term nominal...
Does the Time-Consistency Problem Explain the Behavior of Inflation in the United States?, Working Papers in Economics (1998)
This paper derives the restrictions imposed by Barro and Gordon's theory of time-consistent monetary policy...