This paper investigates the effectiveness of forward guidance for the central banks of four countries: New Zealand, Norway, Sweden, and the United States. We test whether forward guidance improved market participants’ ability to forecast future short-term and long-term rates. We find that...

Presentation to the "The Future of the Federal Reserve", Center for Economic Policy Studies (CEPS), Princeton University, Princeton , N.J., April 02, 2005

Corporate governance practices differ greatly in the United States and Germany. This paper describes the main institutional features of the German corporate governance system, focusing on universal banks and codetermination. The paper also summarizes existing empirical evidence that has...

This paper presents the results of a survey of monetary authorities with respect to foreign exchange intervention. The survey offers evidence on new issues that would otherwise be difficult to investigate, such as response times, non-foreign exchange factors in intervention and profitability....

We model competition in local deposit markets between for-profit and not-for-profit financial institutions. For-profit retail banks may offer a superior bundle of financial services, but not-for-profit (occupational) credit unions enjoy sponsor subsidies that allow them to capture a share of the...

This paper characterizes the temporal pattern of trading rule returns and official intervention for Australian, German, Swiss and U.S. data to investigate whether intervention generates technical trading rule profits. High frequency data show that abnormally high trading rule returns precede...

Presentation at the Philadelphia Fed Policy Forum, Philadelphia - Nov. 30, 2001

Presentation at the Celebration of George Borts' 50th Year as Professor of Economics at Brown University, Brown University, Providence, R.I. - Oct. 14, 2000

Presentation to the First Conference of the Monetary Stability Foundation at the Regional Office of Deutsche Bundesbank, Frankfurt, Germany - Dec. 5, 2002

Presentation to the "The Future of the Federal Reserve", Center for Economic Policy Studies (CEPS), Princeton University, Princeton , N.J., April 02, 2005