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Keywords:Monetary Policy 

Consumers’ and Economists’ Differing Inflation Views Can Complicate Policymaking

Economists and consumers likely think of different concepts when they consider inflation. Economists typically focus on the underlying trend that monetary policy can steer. U.S. consumers appear to think instead about unpredictable changes in prices most relevant to their regular decision-making.
Dallas Fed Economics

Journal Article
Why Has Inflation Persistence Declined?

Macro Bulletin

Speech
The Outlook for the Economy and Monetary Policy; 02.13.19; University of Kentucky Gatton College of Business and Economics, 2019 Economic Outlook Conference, Lexington, KY

The Cleveland Fed is one of 12 regional Reserve Banks distributed across the country that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. This regional structure helps us to collect information from around the country so that our monetary policy decisions can take into account the diversity of the American economy and its people. I am very grateful for the many contacts throughout our District who generously share with us their insights into business activity, labor markets, and financial conditions. This timely information is collected through our ...
Speech , Paper 105

Fed’s New Inflation Targeting Policy Seeks to Maintain Well-Anchored Expectations

The Fed’s evolving understanding of the economy and its reassessment of the natural rate of interest have led to arguably the most significant policy change since 2012.
Dallas Fed Economics

Working Paper
Supply and demand shifts of shorts before Fed announcements during QE1–QE3

Cohen, Diether, and Malloy (Journal of Finance, 2007), find that shifts in the demand curve predict negative stock returns. We use their approach to examine changes in supply and demand at the time of FOMC announcements. We show that shifts in the demand for borrowing Treasuries and agencies predict quantitative easing. A reduction in the quantity demanded at all points along the demand curve predicts expansionary quantitative easing announcements.
Working Papers , Paper 2020-051

Remarks for Hoover Institution Monetary Policy Conference

In his remarks given on May 3, 2019, at “Strategies for Monetary Policy: A Policy Conference” hosted by the Hoover Institution, President Rob Kaplan discusses some of the potential issues raised by recent weakness in headline and core inflation measures.
Dallas Fed Economics

Global Perspectives: John B. Taylor on the Taylor Rule, Accommodative Policy, Low Interest Rates and Expanded Central Bank Mandates

Taylor and Dallas Fed President Robert S. Kaplan discussed the origins of the Taylor Rule, the dangers of holding monetary policy too accommodative for too long, the distributional effects of low interest rates and expanded central bank mandates.
Dallas Fed Economics

Discussion Paper
The Macro Effects of the Recent Swing in Financial Conditions

Credit conditions tightened considerably in the second half of 2015 and U.S. growth slowed. We estimate the extent to which tighter credit conditions last year were responsible for the slowdown using the FRBNY DSGE model. We find that growth would have slowed substantially more had the Federal Reserve not delayed liftoff in the federal funds rate.
Liberty Street Economics , Paper 20160525

Working Paper
Optimal Monetary Policy under Negative Interest Rate

In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held doctrine of the zero lower bound on nominal interest rate, how is a negative interest rate (NIR) policy possible? (ii) Will NIR be effective in stimulating aggregate demand? (iii) Are there any new theoretical issues emerging under NIR policies? This article builds a model to show that (i) money ...
Working Papers , Paper 2017-19

Global Perspectives: Donald Kohn on Greenspan and Bernanke, the Global Financial Crisis and the COVID-19 Challenge

Kohn and Dallas Fed President Rob Kaplan discussed Kohn’s career at the Fed, his experience during the Global Financial Crisis and his thoughts on the Fed’s reaction to the current crisis.
Dallas Fed Economics

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