This paper explores how exogenous impulses to monetary policy affect the yield curve for nominally risk-free bonds. We identify monetary policy shocks using three distinct variants of the identified VAR methodology. All three approaches imply similar patterns for the effect of monetary policy...

Remarks at the Swiss National Bank Research Conference, Zurich, Switzerland, September 19, 2008

We present a model embodying moderate amounts of nominal rigidities which accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these...

A speech delivered on January 15, 2014, at the Corridor Economic Forecast Luncheon in Coralville, IA.

A speech delivered on February 4, 2014, at the Detroit Economic Club in Detroit, MI.