In the immediate aftermath of Hurricane Katrina, speculation arose that the Federal Reserve might respond by easing monetary policy. This paper uses a dynamic stochastic general equilibrium (DSGE) model to investigate the appropriate monetary policy response to a natural disaster. We show that...

Interest rates sometimes seem to respond to Federal Reserve policy actions in unexpected ways--for example, falling when the Fed " tightens" monetary policy or rising when the Fed "eases" policy. In this article, Michael R. Pakko and David C. Wheelock attempt to demystify such responses. They...

Presentation to the Ozark Chapter of the Society of Financial Service Professionals, Springfield, Mo., Oct. 6, 2004

Paul Krugman’s essay “Who Was Milton Friedman?” seriously mischaracterizes Friedman’s economics and his legacy. In this paper we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman’s impact...

Address before the Charlotte Economics Club, Charlotte, N.C., Feb. 25, 2004

Presentation at the 22nd Henry Thornton Lecture, City University Business School, London, England - Nov. 28, 2000

Presentation at the Meeting of the Philadelphia Council for Business Economics, Federal Reserve Bank of Philadelphia, Philadelphia - Aug. 6, 1999 ; [See William Poole and Robert H. Rasche, "Perfecting the Market's Knowledge of Monetary Policy," Federal Reserve Bank of St. Louis Working Paper...

Presentation at the 22nd Henry Thornton Lecture, City University Business School, London, England - Nov. 28, 2000

Presentation at the Meeting of the Philadelphia Council for Business Economics, Federal Reserve Bank of Philadelphia, Philadelphia - Aug. 6, 1999 ; [See William Poole and Robert H. Rasche, "Perfecting the Market's Knowledge of Monetary Policy," Federal Reserve Bank of St. Louis Working Paper...

Presentation to the Ozark Chapter of the Society of Financial Service Professionals, Springfield, Mo., Oct. 6, 2004