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Author:Bullard, James B. 

Working Paper
Learning and excess volatility

We introduce adaptive learning behavior into a general equilibrium lifecycle economy with capital accumulation. Agents form forecasts of the rate of return to capital assets using least squares autoregressions on past data. We show that, in contrast to the perfect foresight dynamics, the dynamical system under learning possesses equilibria characterized by persistent excess volatility in returns to capital. We explore a quantitative case for these learning equilibria. We use an evolutionary search algorithm to calibrate a version of the system under learning and show that this system can ...
Working Papers , Paper 1998-016

\"Classic Policy Benchmarks for Heterogeneous-Agent Economies,\" Modelling the Macroeconomy in Risky Times, National Institute of Economic and Social Research, St. Louis, Mo.

Presented at Modelling the Macroeconomy in Risky Times, National Institute of Economic and Social Research, St. Louis, Mo.
Speech , Paper 343

Welcoming Remarks: Fed Listens

St. Louis Fed President James Bullard welcomed Federal Reserve Governor Michelle ?Miki? Bowman, members of the St. Louis Fed?s advisory councils, members of the media and others to the Bank?s Fed Listens meeting. This meeting is part of the FOMC?s comprehensive review of its monetary policy strategy, tools and communications.
Speech , Paper 351

Three funerals and a wedding

Regional Economic Summit, Evansville, Ind., Nov. 20, 2008
Speech , Paper 138

Welcoming remarks

May 8, 2014. Welcoming Remarks. Given at the Research Symposium: The Balance Sheets of Younger Americans, Federal Reserve Bank of St. Louis.
Speech , Paper 232

Journal Article
Panel discussion

Review , Volume 91 , Issue Jul , Pages 383-395

\"Optimal Monetary Policy for the Masses,\" 28th Annual Hyman P. Minsky Conference, Levy Economics Institute of Bard College, Annandale-on-Hudson, N.Y.

In a presentation at the 28th Annual Hyman P. Minsky Conference in Annandale-on-Hudson, N.Y., St. Louis Fed President James Bullard discussed his working paper on whether monetary policy can be conducted in a way that benefits all households even in a world with substantial income, financial wealth and consumption inequality. In the paper, nominal GDP targeting constitutes ?optimal monetary policy for the masses,? he said.
Speech , Paper 337

Monetary policy and the U.S. economy in 2012

15th Annual Credit Suisse Asian Investment Conference,> Hong Kong, March 23, 2012
Speech , Paper 194

Journal Article
Demographics, redistribution, and optimal inflation

The authors study the interaction among population demographics, the desire for intergenerational redistribution of resources in the economy, and the optimal inflation rate in a deterministic life cycle economy with capital. Young cohorts initially have no assets and wages are the main source of income; these cohorts prefer relatively low real interest rates, relatively high wages, and relatively high rates of inflation. Older cohorts work less and prefer higher rates of return from their savings, relatively low wages, and relatively low inflation. In the absence of intergenerational ...
Review , Issue Nov , Pages 419-440

A perspective on the U.S. economy

Northwest Arkansas Convention Center, Rogers, Ark, June 4, 2008
Speech , Paper 129



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