There has been a remarkable increase in the FOMC’s communication over the last decade. Perhaps the most dramatic change was the inclusion of language indicating the possible direction of future policy. One example is the now famous “considerable-period” language that was inserted in August...

Long-term interest rates tend to rise as monetary policymakers increase short-term interest rates. This relationship didn't hold, however, during the recent U.S. monetary policy tightening cycle. Between June 2004 and June 2006, the Federal Open Market Committee increased the federal funds rate...

This article was originally presented as a speech at the Ozark Chapter of the Society of Financial Service Professionals, Springfield, Missouri, October 6, 2004.

Must the FOMC increase its target before inflation, or will inflation increase and cause the FOMC to increase its target?

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks at the University of Chicago Booth School of Business Annual U.S. Monetary Policy Forum, New York City.