Can government policies that increase the monopoly power of firms and the militancy of unions increase output? This paper studies this question in a dynamic general equilibrium model with nominal frictions and shows that these policies are expansionary when certain "emergency" conditions apply....

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, Shadow Open Market Committee, March 25, 2011, New York, New York

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, to the Rotary Club of Birmingham, February 23, 2011>

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, Shadow Open Market Committee, March 25, 2011, New York, New York

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, to the Rotary Club of Birmingham, February 23, 2011>

The current recession has deepened because of shrinking credit flows from banks, nonbank lenders and securities markets. This contrasts with the early 1990s, when new bonds and commercial paper cushioned a bank credit crunch, and with the high-tech investment bust of the early 2000s, when steady...

Global economic integration may have made other countries more dependent on each other and weakened their initial responses to U.S. economic fluctuations.

Presentation to the Commonwealth Club of California, San Francisco CA, June 30, 2009

"I envision an output path going forward from here that looks something like a check mark, with the Johnny Mercer effect giving us a near-term snapback from the short, intense downstroke, followed by a transition to a long period of slower growth corresponding to the elongated side of the mark."...

Remarks before the Washington Association of Money Managers, Washington, D.C., May 28, 2009. ; "A keen student of the H.4.1 and the Foreign and International Monetary Authority (FIMA) custody holdings reports of the Fed will detect that foreign official holdings of U.S. Treasuries and agencies...