Search Results
Journal Article
Soft landings on a bumpy runway
Our case study of the 1995 economic slowdown reveals that part of the widespread deterioration in economic indicators was predictable in light of 1994 monetary policy actions. But it was also partly unanticipated due to a modest adverse supply shock in the first quarter of 1995.
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 ...
Speech
Unprecedented Times in our Economy
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Fond du Lac Area Association of Commerce Fond du Lac, WI
Working Paper
Data revisions and the identification of monetary policy shocks
Monetary policy research using time series methods has been criticized for using more information than the Federal Reserve had available in setting policy. To quantify the role of this criticism, we propose a method to estimate a VAR with real-time data while accounting for the latent nature of many economic variables, such as output. Our estimated monetary policy shocks are closely correlated with a typically estimated measure. The impulse response functions are broadly similar across the methods. Our evidence suggests that the use of revised data in VAR analyses of monetary policy shocks ...
Speech
Monetary Policy in Times of Financial Stress
Remarks by Charles L. Evans President and Chief Executive Officer, Federal Reserve Bank of Chicago New York Association for Business Economics Harvard Club New York, New York
Working Paper
The post-war U.S. Phillips curve: a comment
Working Paper
A policymaker's guide to indicators of economic activity
Speech
Comments to the U.S. Monetary Policy Forum
Remarks by Charles L. Evans President and Chief Executive Officer Federal Reserve Bank of Chicago U.S. Monetary Policy Forum University Club of New York New York, New York