The authors study the welfare cost of inflation in a general equilibrium life-cycle model that includes households that live for many periods, production and capital, simple monetary and financial sectors, and a fairly elaborate government sector. The government’s taxation of capital income is...

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...

Presented in London, U.K. Addressed members of various financial institutions on Wednesday at the UBS Macro Dinner in London.

April 18, 2011. Presented at Kentucky Day with the Commissioner, Louisville, Ky.

Presented at CFA Society of St. Louis. November 15, 2011.

Given at the 36th Annual Economic Policy Conference, St. Louis. October 20, 2011.

Presented at the Annual Dealmakers Event, San Diego, California.

Delivered at the High Profile Speaker Series, New York Society of Security Analysts, New York City. November 8, 2010.

Presented at the National Economists Club, Washington D.C. December 2, 2010.

Given at the 36th Annual Economic Policy Conference, St. Louis. October 20, 2011.