This article demonstrates that a fiscal expansion can induce both a short- and long-run depreciation of a currency and, by parallel arguments, fiscal contraction can induce short- and long-run appreciation. This possibility hinges on a country being a debtor with at least some of its debt...

We create a novel measure of job search effort starting in 1994 by exploiting the overlap between the Current Population Survey and the American Time Use Survey. We examine the cyclical behavior of aggregate job search effort using time series and cross-state variation and find that it is...

This paper empirically investigates banks’ investment allocations over the recent business cycle. I identify unsolicited deposit shocks resulting from unconventional energy development and estimate bank allocations of these deposits. In the pre-recession period, banks lend 38 percent of...

Remarks at the University of Chicago Booth School of Business Annual U.S. Monetary Policy Forum, New York City.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong

Remarks at the IIF Annual Meeting of Latin America Chief Executives, Santiago, Chile.

Remarks by President Dudley at the Foreign Policy Association Corporate Dinner, New York City.

Remarks at The Economic Club of New York, New York City.