Federal Reserve Bank of Dallas, Dallas, Texas (via videoconference),

a speech at the Fourth Conference of the International Research Forum on Monetary Policy, Washington, D.C.

a speech at the Banque de France International Symposium, Paris, France, March 4, 2011

This paper compares discretionary monetary policy under two Phillips curves. Previous work uses a Phillips curve consistent with "Neoclassical" models of price adjustment. Sticky price models imply a "New-Keynesian" Phillips curve based on staggered price setting that delivers familiar results...

This paper demonstrates that money can play an important role as an information variable and may result in major improvements in current output estimates. However, the specific nature of this role depends on the magnitude of the output measurement error relative to the money demand shock. In...