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Keywords:Macroeconomics 

Journal Article
Getting back on track: macroeconomic policy lessons from the financial crisis

This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons for future macroeconomic policy. It shows that policy deviated from what had worked well in the previous two decades by becoming more interventionist, less rules-based, and less predictable. The policy implications are thus that policy should ?get back on track.? The article is a modified version of a presentation given at the Federal Reserve Bank of Philadelphia?s policy forum ?Policy Lessons from the Economic and Financial Crisis,? December 4, 2009. The presentation was made during a panel ...
Review , Volume 92 , Issue May

Journal Article
Information, sticky prices and macroeconomic foundations : commentary

Review , Issue May , Pages 119-124

Journal Article
Macroeconomic implications of changes in the term premium

Linearized New Keynesian models and empirical no-arbitrage macro-finance models offer little insight regarding the implications of changes in bond term premiums for economic activity. This paper investigates these implications using both a structural model and a reduced-form framework. The authors show that there is no structural relationship running from the term premium to economic activity, but a reduced-form empirical analysis does suggest that a decline in the term premium has typically been associated with stimulus to real economic activity, which contradicts earlier results in the ...
Review , Volume 89 , Issue Jul , Pages 241-270

Working Paper
The poor, the rich and the enforcer: institutional choice and growth

We study economies where improving the quality of institutions ? modeled as improving contract enforcement ? requires resources, but enables trade that raises output by reducing the dispersion of marginal products of capital. We find that in this type of environment it is optimal to combine institutional building with endowment redistribution, and that more ex-ante dispersion in marginal products increases the incentives to invest in enforcement. In addition, we show that institutional investments lead over time to a progressive reduction in inequality. Finally, the framework we describe ...
Working Papers , Paper 0801

Working Paper
The stock market and monetary policy: the role of macroeconomic states

Working Papers , Paper 9516

Conference Paper
Are banking supervisory data useful for macroeconomic forecasts?

Proceedings , Paper 825

Speech
Discussion of Fabio Milani, "Learning and time-varying macroeconomic volatility."

Discussed at International Research Forum on Monetary Policy. Sponsored by the European Central Bank, the Federal Reserve Board of Governors, the BMW Center for German and European Studies at Georgetown University, and the Center for Financial Studies at the Johann Wolfgang Goethe-University.
Speech

Conference Paper
Information, sticky prices and macroeconomic foundations.

Proceedings , Issue May , Pages 101-118

Discussion Paper
Searching for Higher Wages

Since the peak of the recession, the unemployment rate has fallen by almost 5 percentage points, and observers continue to focus on whether and when this decline will lead to robust wage growth. Typically, in the wake of such a decline, real wages grow since there is more competition for workers among potential employers. While this relationship has historically been quite informative, real wage growth more recently has not been commensurate with observed declines in the unemployment rate.
Liberty Street Economics , Paper 20150902

Journal Article
Monetary and fiscal actions in macroeconomic models

Review , Volume 56 , Issue Jan , Pages 8-18

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