The primary goal of Federal Reserve monetary policy is to foster maximum sustainable growth in the U.S. economy by achieving price stability over time. Although considerable progress toward price stability has been made since the early 1980s, inflation remains above the level most analysts would...

May 6, 2011. Presented at Arkansas Day with the Bank Commissioner, Little Rock, Ark.

May 24, 2011. Presented at the 2011 Joint Meeting of the Cape Girardeau and Jackson Rotary Clubs, Cape Girardeau, Mo.

May 24, 2011. Presented at the 2011 Joint Meeting of the Cape Girardeau and Jackson Rotary Clubs, Cape Girardeau, Mo.

The Federal Reserve has made significant changes in its predisposition to release information over time. This paper reports the results of experimental asset markets designed to investigate how the public disclosure of uncertain information affects market and individual outcomes. In one set of...

We formulate the central bank's problem of selecting an optimal long-run inflation rate as the choice of a distorting tax by a planner who wishes to maximize discounted utility for a heterogeneous population of infinitely-lived households in an economy with constant aggregate income. Households...