Monetary Policy

Articles, Presentations & Podcasts

• Monetary and Fiscal Theories of the Price Level, March 3, 2025.

• Whither U.S. Inflation & Interest Rates? Miami, April 4, 2024. Earlier version. Miami, March 6, 2024.

• Blog post: Does High-Interest Policy Constitute Fiscal Stimulus? MacroMania, February 9, 2024.

• Blog post: Constrained-Efficient Inflation. MacroMania, July 17, 2023.

• Welfare-Enhancing Inflation & Liquidity Premia (w/ Fernando Martin). Review of Economic Dynamics, 2023. (WP version, 2023).

• U.S. Monetary & Fiscal Policy. Seoul, December 11, 2023.

• U.S. Inflation Since C-19. Dubrovnik, May 27, 2023.

• Blog post: There's No Free Lunch or How I Stopped Worrying and Learned to Love Inflation. MacroMania, March 18, 2023.

• Understanding U.S. Monetary Policy. Miami, September 24, 2022.

• Blog post: The Inflation Blame Game. MacroMania, January 29, 2022.

• Panel Discussion: Macroeconomic Consequences of the Pandemic, w/ Beata Javorcik & Ricardo Reis, hosted by Diane Coyle, August 21, 2021.

• Is it Time for Some Unpleasant Monetarist Arithmetic? FRB Atlanta, March 15, 2021.
  Related paper: FRB St. Louis Review, 2021.
  Related blog post: MacroMania, March 4, 2021.

• Flexible Inflation Targeting in Canada. Montreal, September 22-25, 2020.
  Video: Choosing the Right Target: A Panel Discussion Discussing the Options.

• Hot  Money for a Cold Economy  (in memory of Silvio Gesell).  FRB St. Louis  Working Paper, 2020.
  FRB St. Louis Timely Topics  Podcast:  C-19 and Hot Money Credits, July 15, 2020.

• The Spirit of St. Louis:  A View From Inside the Fed.  Real Vision Podcast with Pedro Da Costa, July 2020.

• Blog post: The Fed's New Monetary Policy Framework.  MacroMania,  2020.
  
  

• Why the Fed Should Create a Standing Repo Facility (w/ Jane Ihrig).
  Standing  Repo  Facility  established July  28, 2021.
  Standing Repo Facility,  Future of CBDC  & Plumbing Issues  in Monetary Policy. Macro Musings Podcast w/ David Beckworth, June  7, 2021.
  Notes on a Standing Repo Facility. June 18, 2020.
  Cato Conference on A Fed for the Next Time. June 23, 2020.
  Finadium Rates & Repo Conference, NYC, November 4, 2019.
  FRB Kansas City, August 8, 2019.
  FRB New York, August 2, 2019.
  Standing Repo Facility, Safe Asset Shortage & Lowflation. Macro Musings Podcast with David Beckworth, May 6, 2019.
  Why the Fed Should Create a Standing Repo Facility: A Follow Up. On the Economy Blog FRB St. Louis, April 19, 2019.
  Why the Fed Should Create a Standing Repo Facility. On the Economy Blog FRB St. Louis, March 6, 2019.
  
  

• Assessing Global Economic and Political Developments. OMFIF Panel, St. Louis, July 8-10, 2019.

• Understanding Lowflation (w/ Andrew Spewak). FRB St. Louis Review, 2019.

• Blog post: A Conversation with Eric Tymoigne on MMT. MacroMania, 2019.

• Blog post: Does the Fed Have a Symmetric Inflation Target? MacroMania, 2018.

• Blog post: What Anchors Inflation? MacroMania, 2018.

• On Inflation and the Phillips Curve. Macro Musings Podcast w/ David Beckworth, May 7, 2018.
  Blog post:  A  Monetary-Fiscal Theory of  Inflation. MacroMania, August 6, 2017.
  Blog post: Inflation & Unemployment (Part 1). MacroMania, March 26, 2018.
  Blog post: Inflation & Unemployment (Part 2). MacroMania, March 29, 2018.
  Blog post: The Phillips Curve in Recession & Recovery. MacroMania, June 21, 2019.
  Blog post: Does the Phillips Curve Live in Europe? MacroMania, July 15, 2019.
  Blog post: Blanchard & Farmer on the Phillips Curve. MacroMania, July 27, 2019.

• Does the Yield Curve Really Forecast Recession? (w/ Andrew Spewak). FRB St. Louis Economic Synopses, 2018.

• Monetary Policy with Asset-Backed Money (w/ Aleks Berentsen & Chris Waller). Journal of Economic Theory, 2016. (WP version, 2013). 

• Blog post: The Failure to Inflate Japan. MacroMania, 2016.

• Scarcity of Safe Assets, Inflation, and the Policy Trap (w/ Steve Williamson). Journal of Monetary Economics, 2015. (WP version, 2015). 

• Blog post: Understanding Lowflation, MacroMania, May 3, 2015. 

• Blog post: Low Interest Rate Policy & Secular Stagnation. MacroMania, 2015.

• A Model of U.S. Monetary Policy Before and After the Great Recession, FRB St. Louis Review, 2015.
  
  

• The NeoFisherian Hypothesis.
  Blog post: The NeoFisherian Proposition. MacroMania, 2015.
  Blog post: Fisher without Euler. Macromania, 2015.
  Blog post: NeoFisherism without Rational Expectations. MacroMania, 2015.
  Blog post: Is NeoFisherism Nuts? MacroMania, 2019.
  
  

• Blog post: Lift-Off in a World of Excess Reserves. MacroMania, 2015.

• Optimal Disclosure Policy and Undue Diligence (w/ Aleks Berentsen & Chris Waller). Journal of Economic Theory, 2014. (WP version, 2012). Presentation at FRB Chicago, 2011.

• Quantitative Easing in Japan: Past, Present & Future (w/ Li Li). FRB St. Louis Economic Synopses, 2014.

• Information Disclosure and Exchange Media (w/ Fernando Martin). Review of Economic Dynamics, 2013. (WP version, 2012). 
  Original  version: On the Social Cost of Transparency in Monetary Economies,  2010.
  Blog post: Information Disclosure for the Fed, MacroMania, April 17, 2010.

• Is the Fed Monetizing Government Debt? (w/ Li Li). FRB St. Louis Economic Synopses, 2013.

• Incentive-Feasible Deflation, Journal of Monetary Economics, 2013.

• Liquidity Shocks, Real Interest Rates, and Global Imbalances. FRB St. Louis Review, 2012. 

• Blog post: The Hawkish Nature of the Evans Rule. MacroMania, 2012.

• Blog post: Evil is the Root of All Money. MacroMania, 2012.

• Blog post: Beveridge Curves for 36 U.S. Cities. MacroMania, 2011.

• Essential Interest-Bearing Money, Journal of Economic Theory, 2010.

• The Theory of Money, in Introducing Macroeconomic Analysis: Issues, Questions, and Competing Views, edited by Hassan Bougrine and Mario Seccareccia, Emond Montgomery Publications Limited, Toronto, Canada, 2010.

• Are Inflation Expectations Rational? (w/ Scott Hendry & Kevin Moran). Journal of Monetary Economics, 2008.

• Labour Markets, Liquidity, and Monetary Policy Regimes (w/ Scott Hendry & Kevin Moran). Canadian Journal of Economics, 2004.

• Monetary Policy Regimes and Beliefs (w/ Paul Gomme). International Economic Review, 2003. (WP version 1997). 

• Monetary Implications of the Hayashi-Prescott Hypothesis for Japan. Monetary and Economic Studies, 2003. 

• A Comment on Christiano and Gust's Expectation Hypothesis. Bank of Canada Conference, 2000.