From the New York Times bestselling author of This Time Is Different, “a fascinating and important book” (Ben Bernanke) about the surprising reasons why paper money lies at the heart of many of the world’s most difficult problemsThe world is drowning in cash—and it’s making us poorer...

Should inflation be thought of as "just another tax?" The theoretical basis for doing so dates back to Phelps (1973) and has been greatly refined ever since. Since optimal taxation minimizes the deadweight loss by equalizing the marginal distortions of all available taxes, including the...

In locally linearized dynamic stochastic rational-expectations models, I introduce the concepts of feasible paths (paths on which the policy instrument can be expressed as a function of the policymaker's observation set) and implementable paths (paths that can be obtained, in a minimally robust...