This paper analyzes how changes in monetary policy regimes influence the business cycle in a small open economy. We estimate a dynamic stochastic general equilibrium (DSGE) model on Swedish data, explicitly taking into account the 1993 monetary regime change, from exchange rate targeting to...

The effects of asset purchase programs on macroeconomic variables are likely to be moderate. We reach this conclusion after simulating the impact of the Federal Reserve’s second large-scale asset purchase program (LSAP II) in a DSGE model enriched with a preferred habitat framework and...

The inflation-indexed bonds the U.S. Treasury plans to issue will reduce the expected borrowing cost if the yield curve reflects a risk premium for inflation. In the United Kingdom, indexed bonds are also used to extract inflationary expectations and thus to guide monetary policy. The bonds will...

Originally appeared in the Federal Reserve Bank of New York Quarterly Review, Autumn 1977

a speech at the Symposium on Liquidity of the National Association of Accountants, New York City, October 30, 1975

originally appeared in the Federal Reserve Bank of Philadelphia Business Review, July/August 1977, p. 3-12

Originally appeared in the Federal Reserve Bank of St. Louis Review, January 1975

Speech at the M.B.A. graduation exercises of the Fordham Graduate School of Business, New York City, June 28, 1978

Originally appeared in the Federal Reserve Bank of Richmond Economic Review, Sept/Oct 1977