The new edition of a comprehensive treatment of monetary economics, including the first
extensive coverage of the effective lower bound on nominal interest rates. This textbook …

Inflation targeting is a monetary-policy strategy characterized by an announced numerical
inflation target, an implementation of monetary policy that gives a major role to an inflation …

I consider the desirability of the observed tendency of central banks to adjust interest rates
only gradually in response to changes in economic conditions. I show, in the context of a …

It is argued that inflation targeting is best understood as a commitment to a targeting rule
rather than an instrument rule, either a general targeting rule (explicit objectives for …

This paper considers the desirability of the observed tendency of central banks to adjust
interest rates only gradually in response to changes in economic conditions. It shows, in the …

This article presents a model of quantitative easing (QE) at the zero lower bound (ZLB) on
the short-term nominal interest rate. QE, which reduces the maturity of government debt, is …

Ignoring the existence of the zero lower bound on nominal interest rates one considerably
understates the value of monetary commitment in New Keynesian models. A stochastic …

We construct and estimate a tractable model of macroeconomic and yield curve dynamics.
Bond yields are affine in the state variables of a forward-looking macromodel, and are …

In recent years, many central banks have adopted inflation-targeting frameworks for the
conduct of monetary policy. These have proven in a number of countries to be effective …

This paper studies noncooperative games between a monetary authority and a
macroprudential regulator whose objectives are a subset of those in the social loss function …