Historical data and model simulations support the following conclusion: Inflation is low during stock market booms, so an interest rate rule that is too narrowly focused on inflation destabilizes asset markets and the broader economy. Adjustments to the interest rate rule can remove this source...

In August 1763, northern Europe experienced a financial crisis with numerous parallels to the 2008 Lehman Brothers episode. The 1763 crisis was sparked by the failure of a major provider of acceptance loans, a form of securitized credit resembling modern asset-backed commercial paper. The...

Remarks at the Rotary Club of Nashville, Nashville, Tennessee, July 20, 2009

Remarks for the Urban Land Institute at the Emerging Trends in Real Estate Conference, Atlanta, Georgia, November 10, 2009

Remarks at the Chattanooga Area Chamber of Commerce, Chattanooga, Tennessee, August 26, 2009

Remarks at the University of Miami, Coral Gables, Fla., October 22, 2009

Remarks at the University of South Alabama, Mitchell College of Business Center for Real Estate Studies, Coastal Economy Outlook conference, Mobile, Alabama, September 30, 2009

Remarks at the World Affairs Council of Jacksonville, Jacksonville, Florida, September 10, 2009

Remarks at the Georgia Bankers Association's Annual Convention, Atlanta, Georgia, June 15, 2009