Foreword / Esther L. George -- Introduction / Troy Davig -- The moderators : Peter Blair Henry, Kristin J. Forbes -- Opening remarks / Janet L. Yellen -- Pass-through efficiency in the Fed's new monetary policy setting / Darrell Duffie, Arvind Krishnamurthy ; Commentary / Minouche Shafik -- The...

Can increased uncertainty about the future cause a contraction in output and its components? This paper examines the role of uncertainty shocks in a one-sector, representative-agent,dynamic, stochastic general-equilibrium model. When prices are flexible, uncertainty shocks are not capable of...

At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this setting, an increase in uncertainty about future shocks causes significant contractions in the economy and may lead to non-existence of an equilibrium. The form of the monetary...

Economic policy for the information economy: a summary of the Bank's 2001 economic symposium / Craig S. Hakkio -- Opening remarks / Alan Greenspan -- The "new economy": background, historical perspective, questions, and speculations / J. Bradford DeLong and Lawrence H. Summers. Commentary /...