2006 Streich Family Lectureship on Free Enterprise, Midwestern State University, Wichita Falls, Texas, April 4, 2006 ; "Globalization is almost surely part of the explanation of the decline in inflation and output volatility that we've seen in many countries in recent years."

Many central banks have come to rely on dynamic stochastic general equilibrium, or DSGE, models to inform their economic outlook and to help formulate their policy strategies. But while their use is familiar to policymakers and academics, these models are typically not well known outside these...

Recently released data on economic forecasts made by voting and nonvoting members of the FOMC suggest that there is more disagreement than the voting record indicates.

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks at the 2010 Institute of International Finance Annual Membership Meeting, Washington, D.C.

This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its...

We construct an open-economy DSGE model with a banking sector to analyse the impact of the recent credit crunch on a small open economy. In our model the banking sector operates under monopolistic competition, collects deposits and grants collateralized loans. Collateral effects amplify monetary...

The recent financial crisis has highlighted the limits of the "originate to distribute" model of banking, but its nexus with the macroeconomy and monetary policy remains unexplored. I build a DSGE model with banks (along the lines of Holmström and Tirole [28] and Parlour and Plantin [39]) and...

Several recent papers are devoted to the examination of the central banker?s behaviour in an uncertain economic environment. This paper proposes, from a central banker?s point of view, a synthesis of the main sources of uncertainty as well as an illustration of their effects within an analytical...

Microeconomic price rigidity is one of the main assumptions of the neo-keynesian macroeconomic models. Firms are not able to adjust continuously their prices. In this paper, we make a synthesis of the main microeconomic price setting theoretical models and of their empirical counterparts. Price...