Bullard on R-Star: The Natural Real Rate of Interest: a presentation at the 34th Annual National Association for Business Economics (NABE) Economic Policy Conference, Washington, D.C.
St. Louis Fed President James Bullard discussed the natural real rate of interest (commonly called r*) and its implications for the Fed?s policy rate at the NABE Economic Policy Conference in Washington, D.C. He presented a regime-switching view of the issues around the natural real rate of interest, which he called r-dagger (r?) to emphasize that these estimates use an alternative methodology. Bullard considered three factors that can influence the natural rate and noted that the U.S. is currently in a regime (or state) of low productivity growth, appears to be in a low-growth state for the ...
U.S. monetary policy and the path to normalization
Presented in London, U.K. Addressed members of various financial institutions on Wednesday at the UBS Macro Dinner in London.
The Role of the Fed’s Balance Sheet for the U.S. Monetary Policy Outlook in 2017 : a presentation at Spring 2017 GWU Alumni Lecture in Economics, George Washington University, Washington, D.C. February 28, 2017.
Now may be a good time for the Federal Open Market Committee (FOMC) to begin allowing the balance sheet to normalize by ending reinvestment, St. Louis Fed President James Bullard said at George Washington University in Washington, D.C. He noted that current FOMC policy is distorting the yield curve and that ending reinvestment may allow for a more natural adjustment of rates across the yield curve as normalization proceeds. He also suggested acting now, during relatively good times, in case the Fed must resort to using the balance sheet as a monetary policy tool in a future downturn, as it ...
Allan Meltzer and the Search for a Nominal Anchor
The author examines Allan Meltzer?s career in terms of the search of a nominal anchor for the U.S. Inflation targeting has provided a nominal anchor, in line with Meltzer?s view of inflation as a monetary phenomenon.
The FOMC in 1991: an elusive recovery
The State of the Debate on \\"Too Big to Fail\\"
Understanding the inflation targeting debate
James Bullard Discusses Nominal GDP Targeting
This article features excerpts from a Timely Topics podcast in which the St. Louis Fed president shares some thoughts on nominal GDP targeting.