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Bank:Federal Reserve Bank of Minneapolis 

Discussion Paper
Reforming the European Monetary Union

We offer a theoretically based narrative that attempts to account both for the formation of the European Monetary Union (EMU) and for the challenges it has faced. Lack of commitment to policy plays a central role in this narrative and leads to four policy implications for EMU redesign.
Economic Policy Paper , Paper 17-3

Discussion Paper
Expectationally-driven market volatility: an experimental study

We study the existence and robustness of expectationally-driven price volatility in experimental overlapping generation economies. In the theoretical model under study there exist pure sunspot equilibria which can be learned if agents use some adaptive learning rules. Our data show the existence of expectationally-driven cycles, but only after subjects have been exposed to a sequence of real shocks and learned a real cycle. In this sense, we show evidence of path-dependent price volatility.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 73

Journal Article
District economy to expand modestly

Fedgazette , Volume 15 , Issue Jan , Pages 8-11

Journal Article
The research literature on Wal-Mart: Some frowns, some smiley faces

Fedgazette , Volume 20 , Issue Jan , Pages 6-7

Journal Article
Shocked, only not: false positive cases of employment decline

Fedgazette , Volume 17 , Issue Nov , Pages 8

Journal Article
A primer on bank consolidation in the Ninth District

Fedgazette , Issue Jan , Pages 12-13

Journal Article
District conditions / a midyear report

Quarterly Review , Volume 7 , Issue Spr

Journal Article
On economic literacy

The Region , Volume 13 , Issue Jun , Pages 14-17

Journal Article
A modest proposal for meaningful deposit insurance reform

The Region , Volume 11 , Issue Sep , Pages 2-3, 26

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