a speech at the Annual Meeting of the National Association for Business Economics, Denver, Colorado, October 11, 2010

Remarks at the National Association of Business Economists, Washington, DC, March 13, 1996

remarks at the Economic Club of New York, New York, New York, April 11, 2011

a speech at the Banque de France International Symposium, Paris, France, March 4, 2011

The paper asks whether members of central bank decision-making committees should communicate with the public in a collegial manner, by conveying the consensus or majority view of the committee, or in an individualistic way, by providing the diversity of views among the committee members. It...

Presentation at the Federal Reserve Bank of Boston Conference: “Implications of Behavioral Economics for Economic Policy”, Boston, Massachusetts, September 28, 2007

Presentation to the 18th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies—“Meeting the Challenges of the Financial Crisis”

Presentation to the 2009 U.S. Monetary Policy Forum conducted by the University of Chicago Booth School of Business and Brandeis International Business School, New York, NY, February 27, 2009

How and why do politicians’ preferences about monetary policy differ from the interest rates set by independent central banks? Looking at the European Central Bank, the paper shows that politicians, on average, favor significantly lower interest rates. Three factors explain the different...

Just like private companies depend crucially on their ability to reach customers, policymakers must communicate with private agents to be successful--and much of this communication is channeled through the media. This is especially true for central banks because the effectiveness of monetary...