We construct a model in which all consolidated government debt is used in transactions, with money being more widely acceptable. When asset market constraints bind, the model can deliver low real interest rates and positive rates of inflation at the zero lower bound. Optimal monetary policy in...

A model of money, credit, and banking is constructed in which the differential pledgeability of collateral and the scarcity of collateralizable wealth lead to a term premium — an upward-sloping nominal yield curve. Purchases of long-maturity government debt by the central bank are always a...

A dynamic model with credit under limited commitment is constructed, in which limited memory can weaken the effects of punishment for default. This creates an endogenous role for government debt in credit markets, and the economy can be non-Ricardian. Default can occur in equilibrium, and...

The American European Community Association, Brussels, Belgium, April 16, 2007

Presentation to the Missouri Bankers Association Senior Bank Management Conference, Acapulco, Mexico - Jan. 15, 2001

Global Interdependence Center, Annual Black Tie Gala in Celebration of Greece, Philadelphia, Penn., July 25, 2007

Remarks prepared for 16th Annual Monetary Conference, Cato Institute, Washington, D.C. - Oct. 22, 1998

Presentation at the University of Missouri-Columbia - Nov. 4, 1999

European Economics & Financial Centre Conference, London, Sept. 6, 2007

Presentation at the Annual Global Student Investment Forum - R.I.S.E. VI (Redefining Investment Strategy Education) University of Dayton, Dayton, Ohio, March 30, 2006