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Concluding remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis
Remarks at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota.
Money markets after liftoff: assessment to date and the road ahead
Remarks at the 70th Anniversary Celebration of the School of International and Public Affairs at Columbia University, New York City.
Is there room for more monetary cooperation?: panel discussion remarks at the Global Financial Stability in a New Monetary Environment conference, Paris, France
Panel discussion remarks at the Global Financial Stability in a New Monetary Environment conference, Paris, France.
How to escape a liquidity trap with interest rate rules
I study how central banks should communicate monetary policy in liquidity trap scenarios in which the zero lower bound on nominal interest rates is binding. Using a standard New Keynesian model, I argue that the key to anchoring expectations and preventing self-fulfilling deflationary spirals is to promise to keep nominal interest rates pegged at zero for a length of time that depends on the state of the economy. I derive necessary and sufficient conditions for this type of state-contingent forward guidance to implement the welfare-maximizing equilibrium as a globally determinate (that is, ...
Living Life Near the ZLB
Remarks at 2019 Annual Meeting of the Central Bank Research Association (CEBRA), New York City.