Search Results
Speech
Inflation Targeting: Securing the Anchor
Remarks at The Future of Inflation Targeting, Bank of England, London, U.K.
Speech
Measuring the Natural Rate of Interest: Past, Present, and Future
Remarks at the Thomas Laubach Research Conference, Board of Governors of the Federal Reserve System, Washington, DC.
Speech
The Theory of Average Inflation Targeting
Remarks at Bank of Israel/CEPR Conference on “Inflation: Dynamics, Expectations, and Targeting” (delivered via videoconference).
Speech
Moving toward 'normal' U.S. monetary policy: remarks at the Joint Bank Indonesia-Federal Reserve Bank of New York Central Banking Forum, Nusa Dua, Indonesia
Remarks at the Joint Bank Indonesia-Federal Reserve Bank of New York Central Banking Forum, Nusa Dua, Indonesia.
Speech
The economic outlook: the ‘new normal’ is now: remarks at The Economic Club of New York, New York City
Remarks at The Economic Club of New York, New York City.
Speech
No Man Is an Island
Remarks at 2019 Asia Economic Policy Conference, Federal Reserve Bank of San Francisco, San Francisco, California.
Speech
'Normal' monetary policy in words and deeds: remarks at Columbia University, School of International and Public Affairs, New York City
Remarks at Columbia University, School of International and Public Affairs, New York City.
Speech
The Longer-Run Framework: A Look Ahead
Remarks at the Hoover Institution Monetary Policy Virtual Series: The Road Ahead for Central Banks (delivered via videoconference).
Speech
When the Facts Change…: remarks at the 9th High-Level Conference on the International Monetary System, Zürich, Switzerland
Remarks at the 9th High-Level Conference on the International Monetary System, Zrich, Switzerland.
Working Paper
The Rising Cost of Climate Change: Evidence from the Bond Market
The level of the social discount rate (SDR) is a crucial factor for evaluating the costs ofclimate change. We demonstrate that the equilibrium or steady-state real interest rate isthe fundamental anchor for market-based SDRs. Much recent research has pointed to adecrease in the equilibrium real interest rate since the 1990s. Using new estimates of thisdecline, we document a pronounced downward shift in the entire term structure of SDRsin recent decades. This lower new normal for interest rates and SDRs has substantiallyboosted the estimated economic loss from climate change and the social ...