We investigate the importance of trend inflation and the real-activity gap for explaining observed inflation variation in G7 countries since 1960. Our results are based on a bivariate unobserved-components model of inflation and unemployment in which inflation is decomposed into a stochastic...

We use a general equilibrium finance model that features explicit government purchases of private debts to shed light on some of the principal working mechanisms of the Federal Reserve’s large-scale asset purchases (LSAP) and their macroeconomic effects. Our model predicts that unless private...

Presented at the Bowling Green Area Chamber of Commerce. February 24, 2011.

Presented at Indiana University.

Presented at New Perspectives on Monetary Policy Design. Sponsored by the Bank of Canada and the Centre De Recerca en Economia Internacional. Barcelona, Spain.

October 4, 2012. Presentation. "Price Level Targeting: The Fed Has It About Right." Presented at Economic Club of Memphis, Memphis, Tennessee.

May 30, 2012. "Demographics, Redistribution, and Optimal Inflation," with Carlos Garriga and Christopher J. Waller. Presented by Christopher Waller at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance.

Presented at the 2011 European Banking & Financial Forum, Prague, Czech Republic.

Presented at Adaptive Learning in Macroeconomics. Sponsored by the Centre for International Macroeconomics and Finance (CIMF) and the Faculty of Economics of the University of Cambridge.

May 18, 2011. Delivered at Money Marketeers of New York University, New York, N.Y.