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Speech
Bank of Korea International Conference Panel Comments
Remarks for the Bank of Korea International Conference 2010, June 1, 2010 Seoul, Korea
Speech
Accommodative Monetary Policy and Macroprudential Safeguards
A speech delivered on February 4, 2014, at the Detroit Economic Club in Detroit, MI.
Journal Article
Interest rate shocks and the dollar
Speech
Remarks at the Summit REO and Vacant Properties: Strategies for Neighborhood Stabilization
A speech delivered by Charles Evans before the Summit on REO and Vacant Property Strategies for Neighborhood Stabilization on September 1, 2010, in Washington, DC.
Discussion Paper
Seasonality and equilibrium business cycle theories
Barksy-Miron [1989] find that the postwar U.S. economy exhibits a regular seasonal cycle, as well as the business cycle phenomenon. Are these findings consistent with current equilibrium business cycle theories as surveyed by Prescott [1986]? We consider a dynamic, stochastic equilibrium business cycle model which includes deterministic seasonals and nontime-separable preferences. We show how to compute a perfect foresight seasonal equilibrium path for this economy. An approximation to the stochastic equilibrium is calculated. Using postwar U.S. data, GMM estimates of the structural ...
Speech
Recurring Themes for the New Year
A speech delivered on January 15, 2014, at the Corridor Economic Forecast Luncheon in Coralville, IA.
Working Paper
Money, sticky wages, and the Great Depression
This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is surprisingly successful in accounting for the behavior of major macroaggregates and real wages during the downturn phase of the Depression, i.e., from 1929:3 through mid-1933. Our analysis provides support for the hypothesis that a monetary contraction operating through a sticky wage channel played a ...
Working Paper
Macroeconomic effects of Federal Reserve forward guidance
A large output gap accompanied by stable inflation close to its target calls for further monetary accommodation, but the zero lower bound on interest rates has robbed the Federal Open Market Committee (FOMC) of the usual tool for its provision. We examine how public statements of FOMC intentions?forward guidance?can substitute for lower rates at the zero bound. We distinguish between Odyssean forward guidance, which publicly commits the FOMC to a future action, and Delphic forward guidance, which merely forecasts macroeconomic performance and likely monetary policy actions. Others have shown ...
Speech
Some Thoughts on the Current Economic Situation
Remarks for the University Club of Chicago, June 8, 2010 Chicago, IL
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.