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Journal Article
The FOMC in 1988: uncertainty's effects on monetary policy
Journal Article
The FOMC in 1989: walking a tightrope
Journal Article
The economic consequences of reducing military spending
Working Paper
When and how much to talk: credibility and flexibility in monetary policy with private information
This paper analyzes how noisy or imprecise announcements might partially remove the inefficiencies resulting from the credibility problem in monetary policy when the presence of non-verifiable private information adds another dimension to that problem. The analysis finds that imprecise or noisy announcements can be a meaningful form of communication only if it is possible to "tie" the hands of the monetary authority somehow. To the extent that it is otherwise efficient for policy to react to the monetary authority?s private information, such announcements can be extremely costly in terms of ...
Journal Article
The causes and consequences of leveraged buyouts
Journal Article
The link between M1 and the monetary base in the 198O's