This paper advocates a new way of thinking about goods trade in an open economy macro model. It develops a simple method for analyzing trade costs that are heterogeneous among a continuum of goods, and it explores how these costs determine the endogenous decision by a seller of whether to trade...

We estimate a model with latent factors that summarize the yield curve (namely, level, slope, and curvature) as well as observable macroeconomic variables (real activity, inflation, and the stance of monetary policy). Our goal is to provide a characterization of the dynamic interactions between...

This paper develops a small forward-looking macroeconomic model where the Federal Reserve estimates the level of potential output in real time by running a regression on past output data. The Fed's perceived output gap is used as an input to the monetary policy rule while the true output gap...

We use a micro-founded macroeconometric modeling framework to investigate the design of monetary policy when the central bank faces uncertainty about the true structure of the economy. We apply Bayesian methods to estimate the parameters of the baseline specification using postwar U.S. data and...

This paper develops a small forward-looking macroeconomic model where the Federal Reserve estimates the level of potential output in real time by running a regression on past output data. The Fed's perceived output gap is used as an input to the monetary policy rule while the true output gap...

Presentation to the California Chamber of Commerce, San Francisco, CA, December 2, 2005

Presentation to the California Bankers Association, 121st Annual Convention, Dana Point, CA, May 4, 2012

Speech at Sacramento State University’s College of Business Administration Executive Speaker Series, Co-hosted with the Chartered Financial Analysts Society of Sacramento, Sacramento, California, February 23, 2007. ; President Janet L. Yellen presented similar remarks to the Silicon Valley...

Speech to the Silicon Valley Leadership Group, Santa Clara, California, February 21, 2007

Speech to the Money Marketeers of New York University, New York, New York, April 26, 2007