The U.S. economy appears to have experienced a pronounced shift toward higher productivity over the last five years or so. We wish to understand the implications of such shifts for the structure of optimal monetary policy rules in simple dynamic economies. Accordingly, we begin with a standard...

We study the welfare cost of inflation in a general equilibrium life cycle model with growth, costly financial intermediation, and taxes on nominal quantities. We find a stationary equilibrium of the model matches a wide variety of facts about the postwar U.S. economy. We then calculate that the...

Address before AAIM Management Association, St. Louis, Mo., Feb. 20, 2004

Presentation to the AAIM Management Association, St. Louis, Mo. May 11, 2005

Address before AAIM Management Association, St. Louis, Mo., Feb. 20, 2004

Presentation to the AAIM Management Association, St. Louis, Mo. May 11, 2005

This paper presents a model of economic growth based on the life-cycle hypothesis to determine the path of international capital flows as the baby boom passes through the U.S. economy. The model predicts that a baby boom causes a temporary increase in capital flow into the U.S. but the increase...

Given at the 36th Annual Economic Policy Conference, St. Louis. October 20, 2011.

April 18, 2011. Presented at Kentucky Day with the Commissioner, Louisville, Ky.

Delivered at the High Profile Speaker Series, New York Society of Security Analysts, New York City. November 8, 2010.