This study of the major industrial countries' interbank markets for overnight loans links the behavior of very short-term interest rates to the operating procedures of the countries' central banks. Previous studies have focused on key features of the U.S. federal funds rate's behavior. We find...

In this paper, we investigate a number of issues that have not been completely addressed in previous studies regarding the possible asymmetric effects of monetary policy. Overall, we interpret our results as weak evidence in favor of sticky-wage and sticky-price theories and strong evidence...

Federal Reserve Bank of Dallas, Dallas, Texas (via videoconference),

a speech at the Fourth Conference of the International Research Forum on Monetary Policy, Washington, D.C.

a speech at the Banque de France International Symposium, Paris, France, March 4, 2011