The U.S. economy appears to have experienced a pronounced shift toward higher productivity over the last five years or so. We wish to understand the implications of such shifts for the structure of optimal monetary policy rules in simple dynamic economies. Accordingly, we begin with a standard...

April 18, 2011. Presented at Kentucky Day with the Commissioner, Louisville, Ky.

Presented at the Fed Exchange Conference, Rogers, Arkansas

Presented at the National Economists Club, Washington D.C. December 2, 2010.