remarks at the U.S. Monetary Policy Forum, New York, New York, February 25, 2011 …

remarks at the 2011 International Conference: Real and Financial Linkage and Monetary Policy, Bank of Japan, Tokyo …

We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which … prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the … only available sources of government revenue are distorting taxes (so that the fiscal consequences of monetary policy must …

forward-looking macroeconomic model and simulates the effects of the announcement of a multistaged reduction in the fiscal …

Heterogeneity between unemployed and employed individuals matters for optimal fiscal policy. This paper considers the … capital tax is typically non-zero because it is used to indirectly mitigate an externality along the extensive labor margin …, we show that the optimal capital income tax is still non-zero. We also show that labor adjustment along the intensive …

temporary money based program (MB)--this paper considers a third stabilization policy consisting of a temporary money based … costs except in two cases; when the policy change is very temporary, MBR programs do better, while for high values of the …

fiscal policy in the major industrial countries has become more or less expansive over time. This paper compares these … fundamental ways: (1) the OECD includes fiscal drag under the presumption that it is part of the "structure" of fiscal policy …Both the OECD and the IMF periodically estimate and publish measures of fiscal impulse to gauge the extent to which …

This paper reviews empirical evidence about the effects of changes in U.S. monetary policy and fiscal policy that has … foreign economic variables of a significant U.S. fiscal contraction. The quantitative implications of both alternative fiscal … spending and tax actions, and alternative treatments of expectations (adaptive versus rational) are analyzed. ; The results …

Coordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a … number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an … attempt to help fill this gap. The paper considers the quantitative importance of the coordination of fiscal and monetary …