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Conference Paper
Summary panel: monetary policy at the zero lower bound: balancing the risks
Among the many unusual aspects of life in a very-low-inflation economy that might have been discussed, attention here has focussed on the zero lower bound on nominal interest rates. That was a wise choice, I think, for the conduct of monetary policy at or near zero nominal interest rates raises many questions which economists have not thought much about. Fundamentally, the issue is this: Does an economy with a zero nominal interest rate follow more or less the same economic laws as it does in normal times--except that one variable is stuck at zero? Or is the situation more akin to physics at ...
Conference Paper
Commentary : monetary policy and the well-being of the poor
Conference Paper
Commentary : central banks and financial crises
Conference Paper
Understanding the Greenspan standard