Remarks at the State University of New York at New Paltz, New Paltz, New York.

Remarks at the Center for the New Economy 2010 Economic Conference, San Juan, Puerto Rico.

Remarks at the Swiss National Bank-International Monetary Fund Conference, Zurich, Switzerland.

Remarks at the Economic Club of New York, New York City.

Remarks at the Household Debt and Credit Press Briefing, New York City.

Remarks at the University at Buffalo, Buffalo, New York.

In the past few years, the Federal Open Market Committee (FOMC) has been using forward guidance about the federal funds rate in a more explicit way than ever before. This paper explores the market reaction to the forward guidance, with particular focus on the use of calendar dates and economic...

We study early default, defined as serious delinquency or foreclosure in the first year, among nonprime mortgages from the 2001 to 2007 vintages. After documenting a dramatic rise in such defaults and discussing their correlates, we examine two primary explanations: changes in underwriting...

The scale of the recent collapse in asset values and the magnitude of the recession suggest that activities connected to the increase in values over the 2002-07 period--notably, expansion of the financial markets, homebuilding, and real estate--were overstated. If this is true, aggregate U.S....

This paper quantifies the welfare effects of a change in the nominal exchange rate using the example of the beer market. I estimate a structural econometric model that makes it possible to compute manufacturers' and retailers' pass-through of a nominal exchange-rate change, without observing...