President's message.

After the current quantitative easing program ends, it would be natural for the FOMC to put monetary policy on hold.

October 4, 2012. Presentation. "Price Level Targeting: The Fed Has It About Right." Presented at Economic Club of Memphis, Memphis, Tennessee.

May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.

Presented at Adaptive Learning in Macroeconomics. Sponsored by the Centre for International Macroeconomics and Finance (CIMF) and the Faculty of Economics of the University of Cambridge.

October 4, 2012. Presentation. "Price Level Targeting: The Fed Has It About Right." Presented at Economic Club of Memphis, Memphis, Tennessee.

October 4, 2012. Presentation. "Price Level Targeting: The Fed Has It About Right." Presented at Economic Club of Memphis, Memphis, Tennessee.

May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.

Presented at Adaptive Learning in Macroeconomics. Sponsored by the Centre for International Macroeconomics and Finance (CIMF) and the Faculty of Economics of the University of Cambridge.

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...