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Speech
Accommodative Monetary Policy and Macroprudential Safeguards
A speech delivered on February 4, 2014, at the Detroit Economic Club in Detroit, MI.
Speech
Discussion on the Current Economy
Remarks by Charles L. Evans, President and Chief Executive, Officer, Federal Reserve Bank of Chicago Economic Club of Indiana Indianapolis, Ind.
Working Paper
Nominal rigidities and the dynamic effects of a shock to monetary policy
We present a model embodying moderate amounts of nominal rigidities which accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average duration three quarters, and variable capital utilization.
Working Paper
A policymaker's guide to indicators of economic activity
Speech
Challenges that the recent financial market turmoil places on our macroeconomic modeling toolkit
Remarks at the Swiss National Bank Research Conference, Zurich, Switzerland, September 19, 2008
Speech
Economic Outlook and Policy Challenges
Remarks by Charles L. Evans, President and Chief Executive Officer,Federal Reserve Bank of Chicago CFA Society of Iowa Des Moines, IA
Speech
Bank of Korea International Conference Panel Comments
Remarks for the Bank of Korea International Conference 2010, June 1, 2010 Seoul, Korea
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 ...
Working Paper
Monetary policy and the term structure of nominal interest rates: evidence and theory
This paper explores how exogenous impulses to monetary policy affect the yield curve for nominally risk-free bonds. We identify monetary policy shocks using three distinct variants of the identified VAR methodology. All three approaches imply similar patterns for the effect of monetary policy shocks on the term structure: A contractionary policy shock induces a pronounced positive but short-lived response in short term interest rates, with a smaller effect on medium-term rates and almost no effect on long term rates. Because of their transitory impact, monetary policy shocks account for a ...