Refereed Publications
“Inflation Legacies: Early-Life Crises and Their Impact on Policy Preferences and Money Growth in Africa,” (with Christine O. Strong), Economic Modelling, 2026, 154, 107344. [Replication Files] [Working Paper Version: July 2025]
“Ethnic Politics and Fiscal Dominance: Implications for Currency Union Formation in Sub-Saharan Africa,” (with Christine O. Strong), Journal of African Economies, 2026, 35(1), ejaf015. [Technical Appendix]
“Optimal Fiscal and Monetary Policy in a Model with Government Corruption,” (with Christine O. Strong), Finance Research Letters, 2023, 58(B), 104435. [Working Paper Version: July 2023]
“Modeling the Asymmetric Effects of an Oil Price Shock,” (with Lance J. Bachmeier), International Journal of Central Banking, 2023, 19(3) 1-47, (lead article). [Replication Files]
“How Robust Are Popular Models of Nominal Frictions?” (with Evan F. Koenig), Journal of Money, Credit and Banking, 2018, 50(6), 1299-1342. [Replication Files] [Working Paper Version: August 2017]
“Forward Guidance and the State of the Economy,” (with Alexander W. Richter and Nathan A. Throckmorton), Economic Inquiry, 2017, 55(4), 1593-1624, (lead article). [Working Paper Version: April 2017]
“Monetary Policy, the Tax Code and the Real Effects of Energy Shocks,” (with William T. Gavin and Finn E. Kydland), Review of Economic Dynamics, 2015, 18(3), 694-707. [Replication Files] [Working Paper Version: June 2014]
“The Zero Lower Bound, the Dual Mandate, and Unconventional Dynamics,” (with William T. Gavin, Alexander W. Richter, and Nathan A. Throckmorton), Journal of Economic Dynamics & Control, 2015, 55, 14-38. [Working Paper Version: March 2015]
“U.S. Monetary Policy: A View from Macro Theory,” (with William T. Gavin), Open Economics Review, 2013, 24(1), 33-49. [Working Paper Version: June 2012]
“Monetary Policy and Natural Disasters in a DSGE Model,” (with Michael R. Pakko), Southern Economic Journal, 2011, 77(4), 973-990. [Working Paper Version: March 2010]
“The Signal Extraction Problem Revisited: A Note on Its Impact on a Model of Monetary Policy,” Macroeconomic Dynamics, 2010, 14(3), 405-426. [Working Paper Version: March 2009]
“Output, Inflation, and Interest Rates in an Estimated Optimizing Model of Monetary Policy,” Review of Economic Dynamics, 2009, 12(2), 327-343. [Working Paper Version: November 2006]
“Inflation Risk and Optimal Monetary Policy,” (with William T. Gavin and Michael R. Pakko), Macroeconomic Dynamics, 2009, 13(S1), 58-75.[Working Paper Version: December 2007]
“Sticky Price and Sticky Information Price-Setting Models: What is the Difference?” Economic Inquiry, 2007, 45(4), 770-786. [Working Paper Version: June 2006]
“What is a Realistic Value for Price Adjustment Costs in New Keynesian Models?” (with Yongsheng Wang), Applied Economics Letters, 2007, 14(11), 789-793. [Working Paper Version: December 2005]
“In Search of the Liquidity Effect in a Modern Monetary Model,” Journal of Monetary Economics, 2004, 51(7), 1467-1494. [Technical Appendix] [Working Paper Version: April 2001]
“Results of a Study of Stability of Cointegrating Relations Comprised of Broad Monetary Aggregates,” (with John B. Carlson, Dennis L. Hoffman, and Robert H. Rasche), Journal of Monetary Economics, 2000, 46(2), 345-383. [FRB Cleveland Working Paper #99-17]
Federal Reserve Publications
“Taylor-Type Rules and Total Factor Productivity,” (with William T. Gavin and Michael R. Pakko), Federal Reserve Bank of St. Louis Review, January/February 2012, 94(1), 41-64.
“The Monetary Instrument Matters,” (with William T. Gavin and Michael R. Pakko), Federal Reserve Bank of St. Louis Review, September/October 2005, 87(5), 633-658.
“MZM: A Monetary Aggregate for the 1990s?” (with John B. Carlson), Federal Reserve Bank of Cleveland Economic Review, 1996 Quarter 2, 15-23.
“Where is All the Currency Hiding?” (with John B. Carlson), Federal Reserve Bank of Cleveland Economic Commentary, April 15, 1996.
“M2 Growth in 1995: A Return to Normalcy?” (with John B. Carlson), Federal Reserve Bank of Cleveland Economic Commentary, December 1995.
Working Papers
“Nonlinear Effects of Energy Expenditures on Consumption in a PRANK Model," (with Naafey Sardar and Lance J. Bachmeier).
“The Zero Lower Bound and the Dual Mandate,” (with William T. Gavin).
“Effects of Large Oil Shocks in the Presence of Downward Nominal Wage Rigidity: Evidence using Micro-data,” (with Lance J. Bachmeier and Sidonia McKenzie).