In this paper the author discusses the possibility that the U.S. economy may become enmeshed in a Japanese-style deflationary outcome within the next several years. To frame the discussion, the author relies on an analysis that emphasizes two possible long-run steady states for the economy: one...

President's Message.

July 12, 2013. Presentation. "Recent Developments in Monetary Policy." Global Interdependence Center's 5th Annual Rocky Mountain Economic Summit, Jackson Hole, Wyoming.

August 15, 2013. Presentation. "An Update on the Tapering Debate." Louisville, Kentucky.

August 2, 2013. Presentation. "The Tapering Debate." 2013 Municipal Finance Conference, Boston, Massachusetts

President's Message.

The authors study the interaction among population demographics, the desire for intergenerational redistribution of resources in the economy, and the optimal inflation rate in a deterministic life cycle economy with capital. Young cohorts initially have no assets and wages are the main source of...

October 4, 2012. Presentation. "Price Level Targeting: The Fed Has It About Right." Presented at Economic Club of Memphis, Memphis, Tennessee.