Presentation to the Rotary Club of Seattle, Seattle, Washington, September 6, 2011

Presentation to the Association of Trade and Forfaiting in the Americas, San Francisco, May 22, 2014

Presentation to the Deutsche Bundesbank Conference, Eltville am Rhein, Germany, June 5, 2014

Presentation to the Utah and Montana Bankers Association, Sun Valley, Idaho, June 30, 2014

Presentation to Business and Community Leaders, Las Vegas, Nevada, October 9, 2014

In standard macroeconomic models, the two objectives in the Federal Reserve’s dual mandate—full employment and price stability—are closely intertwined. We motivate and estimate an alternative model in which long-term unemployment varies endogenously over the business cycle but does not...

Presentation to the Money Marketeers of New York University, New York, New York, February 19, 2014

Speech to Seattle University Albers School of Business, Seattle, Washington, March 5, 2014

This paper examines the robustness characteristics of optimal control policies derived under the assumption of rational expectations to alternative models of expectations formation and uncertainty about the natural rates of interest and unemployment. We assume that agents have imperfect...

In theory, monetary policies that target the price level, as opposed to the inflation rate, should be highly effective at stabilizing the economy and avoiding deflation in the presence of the zero lower bound on nominal interest rates. With such a policy, if the short-term interest rate is...