We formulate the central bank's problem of selecting an optimal long-run inflation rate as the choice of a distorting tax by a planner who wishes to maximize discounted utility for a heterogeneous population of infinitely-lived households in an economy with constant aggregate income. Households...

The deflationary outcome of monetary policy during the Great Depression had two fundamental causes: 1) the Federal Reserve's use of flawed operating guides, and 2) a decision to make preservation of the gold standard the overriding objective of policy. The Great Depression resulted in lasting...

Presented at the Bowling Green Area Chamber of Commerce. February 24, 2011.

Presented at the 2011 European Banking & Financial Forum, Prague, Czech Republic.

Presentation at the 22nd Henry Thornton Lecture, City University Business School, London, England - Nov. 28, 2000

Presentation at the 22nd Henry Thornton Lecture, City University Business School, London, England - Nov. 28, 2000

Macroeconomics Advisers' Quarterly Outlook Meeting, St. Louis, June 11, 2008

Northwest Arkansas Convention Center, Rogers, Ark, June 4, 2008

Since January 1994, the Federal Reserve Board has permitted depository institutions in the United States to implement so-called retail sweep programs. The essence of these programs is computer software that dynamically reclassifies customer deposits between transaction accounts, which are...