The general monetary policy strategy of “forecast targeting” allows the Federal Reserve to
respond flexibly to all relevant information in achieving its dual mandate of maximum …

The first book-length work on market monetarism, written by its leading scholar. Is it possible
that the consensus around what caused the 2008 Great Recession is almost entirely wrong …

In this paper, I make the case for a nominal GDP level target in the United States. I begin by
arguing that the Federal Reserve's current flexible average inflation targeting regime is …

We study a DSGE model with “massive” heterogeneity, enough to approach Gini coefficients
for income, wealth, and consumption in the US data. The economy features three aggregate …

Abstract Since the Global Financial Crisis, a lively debate has emerged regarding the
monetary policy rule the central bank of a small open economy (SOE) follows and should …

At the November 2011 Federal Open Market Committee (FOMC) meeting, the FOMC
discussed the potential benefits of nominal gross domestic product (NGDP) targeting. A …

This paper examines the relationship between deflation, real output, and bank panics in the
United States during the National Banking era from 1868 to 1913, a period marked by …

The evidence suggests that monetary policy transmission is asymmetric over the business
cycle. Interacting financing frictions with a preference for liquidity provides an explanation for …

We study nominal gross domestic product (GDP) targeting as optimal monetary policy in a
model with a credit market friction following Azariadis et al.(2018), henceforth ABSS. We …

Since the Global Financial Crisis, a lively debate has emerged regarding the monetary
policy rule the central bank of a small open economy (SOE) follows and should follow. By …