Remarks at New York University's Stern School of Business, New York City.

Presented at the Bowling Green Area Chamber of Commerce. February 24, 2011.

This paper develops a model of the term structures of nominal and real interest rates driven by state variables representing the short-term real interest rate, expected inflation, inflation’s central tendency, and four volatility factors that follow GARCH processes. We derive analytical...

DSGE models are a prominent tool for forecasting at central banks and the competitive forecasting performance of these models relative to alternatives--including official forecasts--has been documented. When evaluating DSGE models on an absolute basis, however, we find that the benchmark...

In a panel discussion at the University of Akron in Akron, Ohio, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto gave a brief overview of her current outlook for the economic recovery and for inflation.

Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.

Despite U.S. fiscal problems, the Fed appears to still retain excellent inflation credibility with financial markets… Although confidence in the Fed might explain the quiescence of inflation expectations, the structure of U.S. government debt may be more important… [I]nflating away the U.S....

Remarks before the Society of Business Economists, London, England, March 4, 2008. ; "At present, we simply do not have the ability to adequately account for the impact globalization has on the gearing of our domestic economy. Absent that capacity, we cannot, in my opinion, confidently assume...

Remarks given to a conference organized by the Federal Reserve Banks of Dallas and Cleveland, Dallas, Texas, May 24, 2007 ; "One of our main criticisms here at the Dallas Fed of much of the core inflation literature is that it lacks theoretical coherence. It reminds me of the time-honored saying...

Remarks before the Global Interdependence Center, Philadelphia, Pennsylvania, January 17, 2008. ; "...the FOMC does not intend to just squat and wait should economic data and sound risk management signal that monetary accommodation is required."