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We formulate the central bank’s problem of selecting an optimal long-run inflation rate as the choice of a distorting … equivalent to choosing inflation and nominal interest rates consistent with a resource constraint, and with an incentive … the optimum inflation rate is positive, because inflation reduces the value of the outside option for credit agents and …
Persistent link: https://www.econbiz.de/10010585881
February 6, 2012. Speech. "Inflation Targeting in the USA." Delivered at the Union League Club of Chicago, Breakfast@65 …
Persistent link: https://www.econbiz.de/10010727287
April 16, 2012. "Hawks, Doves, Bubbles, and Inflation Targets" Presented at the George S. Eccles Distinguished Lecture …
Persistent link: https://www.econbiz.de/10010727321
May 24, 2011. Presented at the 2011 Joint Meeting of the Cape Girardeau and Jackson Rotary Clubs, Cape Girardeau, Mo.
Persistent link: https://www.econbiz.de/10010727356
We study an economy in which intermediaries have incentives to issue circulating liabilities as part of an equilibrium. We show that, with arbitrarily small transactions costs, only the liabilities of intermediaries will circulate, and not those of other private sector agents. Therefore, our...
Persistent link: https://www.econbiz.de/10005360537
monetary policy for a given inflation target and a given level of productivity. We augment this model with regime switching in …
Persistent link: https://www.econbiz.de/10005360622
variables other than inflation. …
Persistent link: https://www.econbiz.de/10005352838
Discussed at the Workshop on Monetary and Macroeconomics. Sponsored by the Federal Reserve Bank of Philadelphia, the Penn Institute of Economic Research, and the International Economic Review.
Persistent link: https://www.econbiz.de/10010727285
November 1, 2013. Presentation. "The Tapering Debate: Data and Tools." Financial Forum, St. Louis Regional Chamber.
Persistent link: https://www.econbiz.de/10010727286
Delivered at The Global Interdependence Center 2010 International Conference Series, Part II-China "Financial …
Persistent link: https://www.econbiz.de/10010727291