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We first document a large secular shift in the estimated response of the entire term structure of interest
rates to inflation and output in the United States. The shift occurred in the early 1980s. W...
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 ...
To honor Martin Feldstein抯 distinguished leadership and extraordinary
contributions to the National Bureau of Economic Research,
the Feldstein Lecture addresses an important question in applied econ...
Monetary Policy and the Recent Extraordinary Measures Taken by the Federal Reserve
Monetary Policy Recent Extraordinary Measures
2015/8/3
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...
The Lack of an Empirical Rationale for a Revival of Discretionary Fiscal Policy
Empirical Rationale Discretionary Fiscal Policy
2015/8/3
A decade ago in a paper, “Reassessing
Discretionary Fiscal Policy,” published in the
Journal of Economic Perspectives, I concluded
that “in the current context of the US economy, it
seems best to ...
Remarks at a Panel on the Monetary Policy Implications of the Global Crisis
Monetary Policy Global Crisis
2015/8/3
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?
New Paradigm Monetary Policy
2015/8/3
Does the Crisis Experience Call for a New Paradigm in Monetary Policy?
Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis
Macroeconomic Policy Financial Crisis
2015/8/3
This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons
for future macroeconomic policy. It shows that policy deviated from what had worked well in the
...
Lessons from the Financial Crisis for Monetary Policy in Emerging Markets
Monetary Policy Emerging Markets
2015/8/3
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.
Commentary: Monetary Policy after the Fall.
Aldrich blamed the Federal Reserve’s easy-money policies of the 1920s
for helping to cause the Great Depression. In the late ’40s, he was concerned
that the Fed would monetize the enormous World War...
This lecture starts with a review of historical trends in the balance between rules
and discretion: first toward more discretionary policies in the 1960s and 1970s;
second toward more rules-based po...
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 ...