Remarks at the Transatlantic Economic Interdependence and Policy Challenges Conference, Federal Reserve Bank of New …

apparatus. Among the issues we discuss are optimal monetary policy and the welfare gains from macroeconomic stabilization, the …

better guidelines for monetary policy in a deflationary environment, and have desirable properties in normal times when the …

The financial crisis has prompted macroeconomists to think of new policy instruments that could help ensure financial … stability. Policymakers are interested in understanding how these should be set in conjunction with monetary policy. We … contribute to this debate by analyzing how monetary and macroprudential policy should be conducted to reduce the costs of …

market. This paper analyzes what monetary policy should accomplish in such an event. Optimal monetary policy induces higher … the time inconsistency problem. Optimal policy is fairly well approximated by a flexible targeting rule, which stabilizes …

We show that equity markets are typically two-sided and that trades cluster in certain trading intervals for both NYSE …

(sec lending) markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. We … start by explaining the functioning of these markets, and argue that it is crucial to understand the institutional …