This paper studies the (potential) weak identification of these relationships in the context of a fully specified structural model using Bayesian estimation techniques. We trace the problems to sample size, rather than misspecification bias. We conclude that standard macroeconomic time series...

Central bank independence has never been more important, ensuring that central bankers are able to deliver on their mandates.

It has long been known that free trade contributes to higher standards of living over time.

The cross-section distribution of U.S. import prices exhibits some of the fat-tailed characteristics that are well documented for the cross-section distribution of U.S. consumer prices. This suggests that limited-influence estimators of core import price inflation might outperform headline or...

This essay reviews some of the issues we see as crucial to advancing our understanding of globalization's implications for U.S. monetary policy and highlights some of the research we have been doing to shed light on these issues.