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.

This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome the problems of the National Banking era, in particular an “inelastic” currency and the absence of an effective lender of last resort. As conceived by...

An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model...

April 16, 2012. "Hawks, Doves, Bubbles, and Inflation Targets" Presented at the George S. Eccles Distinguished Lecture, Jon M. Huntsman School of Business, Utah State University.

January 4, 2013. Presentation. "The Global Battle Over Central Bank Independence." NABE Panel Discussion: "Federal Reserve Independence in the Aftermath of the Financial Crisis: Should We Be Worried?" AEA/ASSA Annual Meeting, San Diego, California.

Global Interdependence Center, Philadelphia, PA. June 30, 2009

Delivered at the Swedbank Economic Outlook Seminar, Stockholm, Sweden. May 27, 2010

This paper uses several methods to study the interrelationship among Divisia monetary aggregates, prices, and income, allowing for nonstationary, nonlinearities, asymmetries, and time-varying relationships among the series. We propose a multivariate regime switching unobserved components model...

Making the central bank more independent from political pressures lowers inflation and increases the primary deficit, persistently. In the long-run, however, fiscal considerations are paramount and inflation comes back up to accommodate the higher financial burden of accumulated public debt....

Presentation to the "The Future of the Federal Reserve", Center for Economic Policy Studies (CEPS), Princeton University, Princeton , N.J., April 02, 2005