January 10, 2013. Presentation. "The Fed's New Regime and the 2013 Outlook." Wisconsin Economic Forecast Luncheon, Wisconsin Bankers Association. Madison, Wisconsin.

The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of...

May 16, 2012. "The Fed on Pause" Presented at Dialogue with the Fed, Louisville, Kentucky.

Delivered at the 48th Winter Institute, St. Cloud State University, St. Cloud, Minnesota.

Delivered at the Business Today "Weathering the Storm: The Challenges and Opportunities of A Global Slowdown" Conference, New York City, November 22, 2009

Studies of the predictive ability of the Federal Reserve's Beige Book, an anecdotal measure of regional economic conditions, for aggregate output and employment have proven inconclusive. This might be attributed, in part, to the irregular release schedule of the Beige Book. In this paper, we use...

The 2007-2008 financial crises has made it painfully obvious that markets may quickly turn illiquid. Moreover, recent experience has taught us that distress and lack of active trading can jump "around" between seemingly unconnected parts of the financial system contributing to transforming...

This booklet describes the structure and functions of the Federal Reserve System in an easy-to-read format using illustrations that help explain the concepts.

This paper investigates whether the services of the Federal Reserve System improved the efficiency of the system in the United States for collecting checks relative to the efficiency of the system used by banks just prior to the formation of the Federal Reserve. There are two types of evidence...