A Reconsideration of Money Growth Rules (co-authored with Michael T. Belongia), Working Paper 976, March 2019
Monetary Policy Lessons from the Greenbook (co-authored with Michael T. Belongia), Working Paper 955, July 2018
Allan Meltzer's Model of the Transmission Mechanism and Its Implications for Today, Working Paper 938, November 2017
The Demand for Divisia Money: Theory and Evidence (co-authored with Michael T. Belongia), Working Paper 937, November 2017
Money Multiplier Shocks (co-authored with Luca Benati), Working Paper 933, August 2017
A Classical View of the Business Cycle (co-authored with Michael T. Belongia), Working Paper 921, November 2016
Targeting Constant Money Growth at the Zero Lower Bound (co-authored with Michael T. Belongia), Working Paper 913, May 2016
Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money (co-authored with Michael T. Belongia), Working Paper 911, May 2016
The Evolution of US Monetary Policy: 2000 - 2007 (co-authored with Michael T. Belongia), Working Paper 882, August 2015
Monetary Policy, Bond Risk Premia, and the Economy, Working Paper 852, February 2014
Instability: Monetary and Real (co-authored with Michael T. Belongia), Working Paper 830, August 2013
A "Working" Solution to the Question of Nominal GDP Targeting (co-authored with Michael T. Belongia), Working Paper 802, June 2012
Quantitative Easing: Interest Rates and Money in the Measurement of Monetary Policy (co-authored with Michael T. Belongia), Working Paper 801, June 2012
The Macroeconomic Effects of Interest on Reserves, Working Paper 772, February 2011
Theology, Economics, and Economic Development, Working Paper 763, November 2010
The Barnett Critique After Three Decades: A New Keynesian Analysis (co-authored with Michael T. Belongia), Working Paper 736, April 2010
A New Keynesian Perspective on the Great Recession, Working Paper 735, April 2010
Stochastic Growth in the United States and Euro Area, Working Paper 713, September 2009
On the Welfare Cost of Inflation and the Recent Behavior of Money Demand, Working Paper 662, April 2007
Productivity and U.S. Macroeconomic Performance: Interpreting the Past and Predicting the Future with a Two-Sector Real Business Cycle Model (co-authored with Scott Schuh), Working Paper 642, April 2006
The Monetary Transmission Mechanism, Working Paper 628, October 2005
Changes in the Federal Reserve's Inflation Target: Causes and Consequences, Working Paper 607, January 2005
Heterogeneity and Redistribution: By Monetary or Fiscal Means?, Working Paper 595, May 2004
The Own-Price of Money and a New Channel of Monetary Transmission (co-authored with Michael T. Belongia), Working Paper 544, October 2002
Technology Shocks in the New Keynesian Model, Working Paper 536, August 2002
"Rules Rather Than Discretion" After Twenty Five Years: What Have We Learned? What More Can We Learn?, Working Paper 530, April 2002
Endogenous Money or Sticky Prices? Working Paper 499, June 2001
The Real Balance Effect, Working Paper 491, February 2001
Implementing the Friedman Rule, Working Paper 460, June 2000
Money's Role in the Monetary Business Cycle, Working Paper 458, April 2000
Sticky-Price Models of the Business Cycle: Specification and Stability, Working Paper 426, July 1999
Expectations, Credibility, and Time-Consistent Monetary Policy, Working Paper 425, July 1999
A Method for Taking Models to the Data, Working Paper 421, April 1999
Interest Rates, Inflation, and Federal Reserve Policy Since 1980, Working Paper 419, February 1999
Does the Time-Consistency Problem Explain the Behavior of Inflation in the United States?, Working Paper 415, November 1998
Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money (co-authored with Michael T. Belongia), Working Paper 23157, February 2017
The Evolution of U.S. Monetary Policy: 2000-2007 (co-authored with Michael T. Belongia), Working Paper 22693, September 2016
Money and Output: Friedman and Schwartz Revisited (co-authored with Michael T. Belongia), Working Paper 21796, December 2015
Monetary Policy, Bond Risk Premia, and the Economy, Working Paper 21576, September 2015
Interest Rates and Money in the Measurement of Monetary Policy (co-authored with Michael T. Belongia), Working Paper 20134, May 2014
The Macroeconomic Effects of Interest on Reserves, Working Paper 18409, September 2012
The Barnett Critique After Three Decades: A New Keynesian Analysis (co-authored with Michael T. Belongia), Working Paper 17885, March 2012
Stochastic Growth in the United States and Euro Area, Working Paper 16681, January 2011
A New Keynesian Perspective on the Great Recession, Working Paper 16420, September 2010
On the Welfare Cost of Inflation and the Recent Behavior of Money Demand, Working Paper 14098, June 2008
Productivity and U.S. Macroeconomic Performance: Interpreting the Past and Predicting the Future with a Two-Sector Real Business Cycle Model (co-authored with Scott Schuh), Working Paper 13532, October 2007
Changes in the Federal Reserve's Inflation Target: Causes and Consequences, Working Paper 12492, August 2006
Technology Shocks in the New Keynesian Model, Working Paper 10309, February 2004
Endogenous Money or Sticky Prices?, Working Paper 9390, December 2002
The Own-Price of Money and a New Channel of Monetary Transmission (co-authored with Michael T. Belongia), Working Paper 9341, November 2002
Implementing the Friedman Rule, Working Paper 8821, March 2002
The Real Balance Effect, Working Paper 8136, February 2001
Money's Role in the Monetary Business Cycle, Working Paper 8115, February 2001
Sticky-Price Models of the Business Cycle: Specification and Stability, Working Paper 7511, January 2000
Expectations, Credibility, and Time-Consistent Monetary Policy, Working Paper 7234, July 1999
The Continuing Case for Nominal GDP Level Targeting, April 2022
Substantial Progress, Transitory vs Persistent, and the Appropriate Calibration of Monetary Policy (co-authored with Mickey Levy), October 2021
Valse Hot? The Recovery and the Risks Ahead, June 2021
End Interest on Bank Reserves, September 2020
The Time is Right for Nominal GDP Level Targeting, June 2020
Monetary Policy Rules: SOMC History and a Recent Case Study, March 2020
Monetary Policy Implementation: Making Better and More Consistent Use of the Federal Reserve's Balance Sheet, March 2019
Economic Conditions and Policy Strategies: A Monetarist View, October 2018
Interest on Reserves: History and Rationale, Complications and Risks, March 2018
A Monetarist View of Policy Renormalization, September 2017
A Strategy for Normalizing Monetary Policy (co-authored with Mickey Levy), April 2017
Could The Fed Do More to Please the Public?, October 2016
Why Has Nominal Income Growth Been So Slow?, April 2016
The Classical Theory of Inflation and Its Uses Today, November 2014
Shifting Perspectives on the Dual Mandate, March 2014
Is the Fed's Exit on Track? Assessing the Indicators, September 2013
Refocusing the Fed, November 2012
Innovations to Federal Reserve Strategy: Opportunities Seized and Opportunities Lost, April 2012
What the Political System Can Do to Help the Fed, October 2011
The Monetary Transmission Mechanism, Working Paper 06-01, January 2006
Changes in the Federal Reserve's Inflation Target: Causes and Consequences, Working Paper 05-13, August 2005
The Liquidity Trap, the Real Balance Effect, and the Friedman Rule, Working Paper 05-3, January 2005
A Method for Taking Models to the Data, Working Paper 9903, June 1999
Expectations, Credibility, and Time-Consistent Monetary Policy, Working Paper 9812, August 1998
Customer Flows, Countercyclical Markups, and the Persistent Effects of Monetary Shocks, Working Paper 95-4, September 1995
Optimal Disinflationary Paths, Working Paper 95-1, January 1995
Money and the Gain from Enduring Relationships in the Turnpike Model, Working Paper 94-7, June 1994
The Welfare Cost of Inflation in General Equilibrium (co-authored with Michael Dotsey), Working Paper 94-4, March 1994
Liquidity Effects and Transaction Technologies (co-authored with Michael Dotsey), Working Paper 93-1, February 1993
Endogenous Financial Innovation and the Demand for Money, Working Paper 92-3, December 1992
Using the Permanent Income Hypothesis for Forecasting, Economic Quarterly, Winter 1995
Two Perspectives on Growth and Taxes, Economic Quarterly, Winter 1994
Price Stability Under Long-Run Monetary Targeting, Economic Quarterly, Winter 1993
Financial Evolution and the Long-Run Behavior of Velocity: New Evidence from U.S. Regional Data, Economic Review, November/December 1991