Remarks at the HSBC Global Investment Seminar, London, October 10, 2006. ; "My point is simply that the committee's wisdom would be enhanced, and the economy would benefit, from having analytical tools to help us build more practicable models than what we currently have to guide our thinking as...

"Monetary policy acts with a lag. I liken it to a good single malt whiskey or perhaps truly great tequila: It takes time before you feel its full effect. The Fed has to be very careful now to add just the right amount of stimulus to the punchbowl without mixing in the potential to juice up...

"Monetary policy acts with a lag. I liken it to a good single malt whiskey or perhaps truly great tequila: It takes time before you feel its full effect. The Fed has to be very careful now to add just the right amount of stimulus to the punchbowl without mixing in the potential to juice up...

Remarks at the HSBC Global Investment Seminar, London, October 10, 2006. ; "My point is simply that the committee's wisdom would be enhanced, and the economy would benefit, from having analytical tools to help us build more practicable models than what we currently have to guide our thinking as...

I develop a simple general equilibrium model that integrates fed watching with central bank opaqueness. With the intergenerational conflict, opaqueness can solve a Ramsey problem. With monetary uncertainty as the only source of randomness, transparency is the welfare maximizing policy. With...