President's message.

Presented at Asset Prices, Credit and Macroeconomic Policies, Marseille, France.

Presented at the 19th Symposium of the Society for Nonlinear Dynamics and Econometrics, the Institute for International Economic Policy, Elliott School of International Affairs, The George Washington University, Washington D.C.

Presented in London, U.K. Addressed members of various financial institutions on Wednesday at the UBS Macro Dinner in London.

Presented at the 2011 European Banking & Financial Forum, Prague, Czech Republic.

Delivered at the 48th Winter Institute, St. Cloud State University, St. Cloud, Minnesota.

An earlier version of this article was delivered as a speech to the Money Marketeers of New York University, New York, New York, May 18, 2011.

Quantitative Easing (QE) Conference. 30 June 2011, St. Louis, MO

We study a stylized theory of the volatility reduction in the U.S. after 1984?the Great Moderation?which attributes part of the stabilization to less volatile shocks and another part to more difficult inference on the part of Bayesian households attempting to learn the latent state of the...