Previous macro-finance term structure models (MTSMs) imply that macroeconomic state variables are spanned by (i.e., perfectly correlated with) model-implied bond yields. However, this theoretical implication appears inconsistent with regressions showing that much macroeconomic variation is...

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

Speech before an Australian Business Economists luncheon, Sydney, Australia via satellite link from San Francisco, March 15, 2006