A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an...

How effective are "simple" monetary policy rules at stabilizing the economy? This paper explores the characteristics and performance of monetary policy rules designed to minimize fluctuations in inflation, output, and interest rates using the Federal Reserve Board's large-scale FRB/US...

This paper considers the joint problem of model estimation and implementation of monetary policy in the face of uncertainty regarding the process of structural change in the economy. I model unobserved structural change through time variation in the natural rates of interest and unemployment. I...

Presentation to the Rotary Club of Seattle, Seattle, Washington, September 6, 2011

Presentation to the Swiss National Bank Research Conference, Zurich, Switzerland, September 23, 2011

Presentation to the International Monetary Fund Annual Research Conference, Washington, D.C., November 11, 2011