We study an economy in which intermediaries have incentives to issue circulating liabilities as part of an equilibrium. We show that, with arbitrarily small transactions costs, only the liabilities of intermediaries will circulate, and not those of other private sector agents. Therefore, our...

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...

We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. A typical finding in the burgeoning literature in this area is that policymakers should be relatively...

Discussed at the Workshop on Monetary and Macroeconomics. Sponsored by the Federal Reserve Bank of Philadelphia, the Penn Institute of Economic Research, and the International Economic Review.

November 1, 2013. Presentation. "The Tapering Debate: Data and Tools." Financial Forum, St. Louis Regional Chamber.

Delivered at The Global Interdependence Center 2010 International Conference Series, Part II-China "Financial Interdependence in the World's Post-Crisis Capital Markets."

March 2, 2012. Presentation. "The U.S. Economy in the Aftermath of the Financial Crisis." Presented at the Bank of Montreal Lecture in Economics, Simon Fraser University, Vancouver, British Columbia.

July 12, 2013. Presentation. "Recent Developments in Monetary Policy." Global Interdependence Center's 5th Annual Rocky Mountain Economic Summit, Jackson Hole, Wyoming.