The authors study the welfare cost of inflation in a general equilibrium life-cycle model that includes households that live for many periods, production and capital, simple monetary and financial sectors, and a fairly elaborate government sector. The government’s taxation of capital income is...

The popular new economy theory argues that the U.S. economy can now grow at rates much greater than in the past without igniting higher levels of price inflation. At the core of the new economy paradigm is the belief that the U.S. Economy experienced an innovation in the 1990s that raised its...

Address before AAIM Management Association, St. Louis, Mo., Feb. 20, 2004

Presentation to the AAIM Management Association, St. Louis, Mo. May 11, 2005

comments on the outlook for the U.S. economy and monetary policy at the International Monetary Conference, Washington, D.C., June 5, 2006

a speech at a Finance Committee luncheon of the Executives' Club of Chicago, Chicago, Illinois

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...

According to participants in the Chicago Fed’s annual Automotive Outlook Symposium, solid economic growth is forecasted for the nation this year and in 2012. Inflation is expected to rise in 2011 and then ease in 2012, and the unemployment rate is anticipated to move lower but remain high by...

Remarks before the Dallas Assembly, Dallas, Texas, May 22, 2006 ; "Our globalizing economy is not a vintage car. It is more like a 2006 BMW Z4 roadster, fully equipped and Bluetooth enabled. It is a very complex, highly integrated, technologically advanced and brilliantly engineered vehicle that...