The real effects of an imperfectly credible disinflation depend critically on the extent of price rigidity. Therefore, the study of how policymakers' credibility affects the outcome of an announced disinflation should include an analysis of the determinants of the frequency of price adjustments....

The global recession of 2008-09 led to monetary and fiscal policy responses by central banks and government authorities that were often unconventional in size and scope. A study of expansionary measures employed during the recession suggests that overall, the policies were likely effective in...

Given the frequency of price changes, the real effects of a monetary shock are smaller if adjusting firms are disproportionately likely to be ones with prices set before the shock. This selection effect is important in a large class of sticky-price models with time-dependent price adjustment. We...

The inflation-indexed bonds the U.S. Treasury plans to issue will reduce the expected borrowing cost if the yield curve reflects a risk premium for inflation. In the United Kingdom, indexed bonds are also used to extract inflationary expectations and thus to guide monetary policy. The bonds will...

Originally appeared in the Federal Reserve Bank of New York Quarterly Review, Autumn 1977

a speech at the Symposium on Liquidity of the National Association of Accountants, New York City, October 30, 1975

originally appeared in the Federal Reserve Bank of Philadelphia Business Review, July/August 1977, p. 3-12

Originally appeared in the Federal Reserve Bank of St. Louis Review, January 1975

Speech at the M.B.A. graduation exercises of the Fordham Graduate School of Business, New York City, June 28, 1978