Available Working Papers:
(Published items as indicated)
Monetary Policy in Economies with Little or No Money
Multiple-Solution Indeterminacies in Monetary Policy Analysis
The Unique Minimum State Variable RE Solution is E-Stable in All Well Formulated Linear Models
The Fiscal Theory of the Price Level is Not Learnable
Consistent
Expectations, Rational Expectations, Multiple-Solution Indeterminacies,
and Least-Squares Learnability
The
Non-Optimality of Proposed Monetary Policy Rules Under Timeless-Perspective
Commitment [with Christian Jensen]
Monetary
Policy Analysis (NBER Reporter, Spring 2002, pp. 7-9)
An
Optimizing IS-LM Framework with Endogenous Investment [with Miguel
Casares]
Timeless
Perspective vs. Discretionary Monetary Policy in Forward-Looking Models
[with Edward Nelson]
Should
Monetary Policy Respond Strongly to Output Gaps?
(American Economic Review Papers and Proceedings 91 (May 2001), 258-262)
Monetary
Policy for an Open Economy: An Alternative Framework with Optimizing Agents
and Sticky Prices [with Edward Nelson] (Oxford Review of Economic
Policy 16 (Winter 2000), 74-91.)
Monetary
Policy Analysis in Models Without Money (Federal Reserve Bank
of St. Louis Review 83 (July/August 2001), 145-160)
The
Present and Future of Monetary Policy Rules (International Finance
3 (July 2000), 273-286)
Theoretical
Issues Pertaining to Monetary Unions
Inflation
Targeting and the Liquidity Trap (Inflation Targeting: Design, Performance,
Challenges, ed. by N. Loayza and R. Soto. Central Bank of Chile, 2002)
The
Alleged Instability of Nominal Income Targeting
Issues
in the Design of Monetary Policy Rules (Handbook of Macroeconomics,
Vol 1c, ed. by J.B. Taylor and M. Woodford. North-Holland, 1999)
An
Optimizing IS-LM Specification for Monetary Policy and Business Cycles
Analysis [with Edward Nelson] (Journal of Money, Credit, and
Banking 31 (August 1999, Part 2), 296-316)
Nominal
Income Targeting in an Open-Economy Optimizing Model [with Edward
Nelson] (Journal of Monetary Economics 43 (June 1999), 553-578)
Performance
of Operational Policy Rules in an Estimated Semi-Classical Structural Model
[with Edward Nelson] (Monetary Policy Rules, ed. by John B. Taylor. Univ.
of Chicago Press for NBER, 1999)
Indeterminacy,
Bubbles, and the Fiscal Theory of Price Level Determination (Journal
of Monetary Economics 47 (February 2001), 19-30)
Role
of the Minimal State Variable Criterion in Rational Expectations Models
(International Tax and Public Finance 6 (November 1999), 621-639.
Also, International Finance and Financial Crises: Essays in Honor of Robert
P. Flood, Jr., ed. by Peter Isard, Assaf Razin, and Andrew K. Rose. Kluwer
Academic Press, 1999)
Recent
Developments in Monetary Policy Analysis: The Roles of Theory and Evidence
(Journal of Economic Methodology 6 (July 1999), 171-198.)
Theoretical
Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
(Journal of Money, Credit, and Banking 32 (November 2000, Part 2), 870-904)
Analysis
of the Monetary Transmission Mechanism: Methodological Issues
(The Monetary Transmission Process: Recent Developments and Lessons for
Europe, ed. by Deutsche Bundesbank. Palgrave Publishers, 2001)
Alternative
Monetary Policy Rules: A Comparison with Historical Settings for the United
States, the United Kingdom, and Japan (Federal Reserve Bank of
Richmond Economic Quarterly 86 (Winter 2000), 49-79)
Published Papers Available for Downloading:
Recent Developments in Monetary Policy Analysis: The Roles of Theory and Evidence
Monetary
Policy Analysis in Models Without Money
Recent
Developments in the Analysis of Monetary Policy Rules
Neoclassical
vs. Endogenous Growth Analysis: An Overview
Unit
Roots in Macroeconomic Time Series: Some Critical Issues
Monetary
versus Fiscal Policy Effects: A Review of the Debate
Matlab files for RE calculations:
Explanatory note Software
for RE Analysis
solvek.m
impo.m
sim33p.m
qzswitch.m
reorder.m
autocor.m
modfile1.m
dlsim.m
dimpulse.m
chile4.m
impoch2.m
SOMC Position Papers:
The
United States Deserves a Monetary Standard
Japanese
Monetary Policy Again
The
Wall Street Journal Position on Exchange Rates
Misconceptions Regarding Rules vs. Discretion for Monetary Policy