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Speech
Money markets and monetary policy normalization
Remarks at the Money Marketeers of New York University, New York City.
Report
Pandemic Lockdown: The Role of Government Commitment
This paper studies lockdown policy in a dynamic economy without government commitment. Lockdown imposes a cap on labor supply, which improves health prospects at the cost of economic output and consumption. A government would like to commit to the extent of future lockdowns in order to guarantee an economic outlook that supports efficient levels of investment into intermediate inputs. However, such a commitment is not credible, since investments are sunk at the time when the government chooses a lockdown. As a result, lockdown under lack of commitment deviates from the optimal policy. Rules ...
Speech
The Federal Reserve’s Market Functioning Purchases: From Supporting to Sustaining
Remarks at SIFMA Webinar.
Speech
Panel remarks at the Brookings Institution
Remarks at The Fed at a crossroads: Where to go next?, Brookings Institution, Washington, D.C.