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The Administration’s plan for financial regulatory reform would grant the Federal Reserve significant new powers—more powers than ever before in American history. The Federal Reserve would have the ...
The recent increase came about as a direct result of the Fed’s decision to purchase securities and make loans to certain sectors and financial institutions. More specifically, the Fed financed these...
These remarks examine the implications of the global financial crisis for monetary policy. I speak mainly from the perspective of monetary policy in the United States where I have done most of my re...
Does the Crisis Experience Call for a New Paradigm in Monetary Policy?
I am honored to give this lecture in memory of L.K. Jha. It is a particular privilege to deliver it at this Platinum Jubilee celebration of the Reserve Bank of India. L. K. Jha was a truly outstandi...
Trade-offs in Monetary Policy     Trade-offs  Monetary Policy       2015/8/3
Trade-offs in Monetary Policy.
Commentary: Monetary Policy after the Fall.
A number of years ago I proposed a simple rule as a guideline for monetary policy.1 I made no suggestion then that the rule should be written into law, or even that it be used to monitor policy, or ...
This paper focuses on simple normative rules for monetary policy that central banks can use to guide their interest rate decisions. Such rules were first derived from research on empirical monetary ...
This lecture examines monetary policy during the past three decades. It documents two contrasting eras: first a Rules-Based Era from 1985 to 2003 and second an Ad Hoc Era from 2003 to the present. D...
Michael Woodford’s chapter is fi lled with fascinating ideas and insights, each carefully explained. Most importantly, he proposes an ambitious future research program with the specifi c practical p...
Considering the overall performance of the American economy, the past 30 years divide naturally into two parts. During the first part—roughly the first two-thirds—economic performance was quite goo...
Many researchers have used federal funds futures rates as measures of financial markets’ expectations of future monetary policy. However, to the extent that federal funds futures reflect...
This paper studies monetary-policy shocks, deŽ ned from federal funds target movements relative to daily interest-rate data. These shocks are nearly ideal measures of unexpected movements in mo...
It’s a pleasure to read and discuss this very nice and well-written paper by NikolskoRzhevskyy, Papell and Prodan. Let me begin with a summary of what the paper does, and then discuss some of the is...

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