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Newsletter
What are the implications of rising commodity prices for inflation and monetary policy?
The recent run-ups in oil and other commodity prices and their implications for inflation and monetary policy have grabbed the attention of many commentators in the media. Clearly, higher prices of food and energy end up in the broadest measures of consumer price inflation, such as the Consumer Price Index. Since the mid-1980s, however, sharp increases and decreases in commodity prices have had little, if any, impact on core inflation, the measure that excludes food and energy prices.
Speech
Some Thoughts on the Current Economic Situation
Remarks for the University Club of Chicago, June 8, 2010 Chicago, IL
Working Paper
Sticky price and limited participation models of money: a comparison
We provide new evidence that models of the monetary transmission mechanism should be consistent with at least the following facts. After a contractionary monetary policy shock, the aggregate price level responds very little, aggregate output falls, interest rates initially rise, real wages decline by a modest amount, and profits fall. We compare the ability of sticky price and limited participation models with frictionless labor markets to account for these facts. The key failing of the sticky price model lies in its conterfactual implications for profits. The limited participation model can ...
Journal Article
Soft landings on a bumpy runway
Our case study of the 1995 economic slowdown reveals that part of the widespread deterioration in economic indicators was predictable in light of 1994 monetary policy actions. But it was also partly unanticipated due to a modest adverse supply shock in the first quarter of 1995.
Speech
Economic Update
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Wisconsin Bankers Association Madison, WI
Speech
Economic Outlook and Policy Challenges
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Rockford Chamber of Commerce Rockford, IL
Speech
Informing the Future of Housing Finance: Lessons from the Recent Past
A speech delivered by Charles Evans before the Indianapolis Neighborhood Housing Partnership Community Breakfast on August 24, 2010 in Indianapolis, Indiana.
Speech
Welcoming Remarks: Thirteenth Annual International Banking Conference
Welcoming remarks delivered by Charles Evans before the Thirteenth Annual International Banking Conference on September 23, 2010, in Chicago, IL.
Conference Paper
Nominal rigidities and the dynamic effects of a shock to monetary policy
We present a model embodying moderate amounts of nominal rigidities which accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average duration three quarters, and variable capital utilization.