Journal Publications

"A Critique of Proposals to Raise the Fed’s Inflation Target"
The Cato Journal, Fall 2016, Vol. 36, No. 3, pp. 557-572

"The Zero Lower Bound, the Dual Mandate, and Unconventional Dynamics"
with  Benjamin D. Keen,  Alexander Richter, and  Nathaniel Throckmorton
Journal of Economic Dynamics & Control, June 2015, Vol. 55, pp. 14-38
Working Paper
https://doi.org/10.1016/j.jedc.2015.03.007

"Monetary Policy, the Tax Code, and the Real Effects of Energy Shocks"
with  Benjamin D. Keen and  Finn E. Kydland
Review of Economic Dynamics, July 2015, Vol. 18, No. 3, pp. 694-707
Working Paper
https://doi.org/10.1016/j.red.2014.07.003

"U.S. Monetary Policy: A View from Macro Theory"
with  Benjamin D. Keen
Open Economies Review, February 2013, Vol. 24, No. 1, pp. 33-49
Working Paper
https://doi.org/10.1007/s11079-012-9255-3

"Inflation Risk and Optimal Monetary Policy"
with  Benjamin D. Keen and  Michael R. Pakko
Macroeconomic Dynamics, May 2009, Vol. 13, Supplement 1, pp. 58-75
Working Paper
https://doi.org/10.1017/S1365100509080110

"Using Extraneous Information to Analyze Monetary Policy in Transition Economies"
with  David M. Kemme
Journal of International Money and Finance, September 2009, Vol. 28, No. 5, pp. 868-879
Working Paper
https://doi.org/10.1016/j.jimonfin.2008.09.005

"Monetary Policy, Taxes, and the Business Cycle"
with  Finn E. Kydland and  Michael R. Pakko
Journal of Monetary Economics, September 2007, Vol. 54, No. 6, pp. 1587-1611
Working Paper
https://doi.org/10.1016/j.jmoneco.2006.06.007

"Recent Developments in Monetary Macroeconomics and U.S. Dollar Policy"
ICFAI Journal of Monetary Economics, August 2007, Vol. 5, No. 3, pp. 49-56
Working Paper

"Gold, Fiat Money and Price Stability"
with  Michael D. Bordo and  Robert D. Dittmar
B E Journal of Macroeconomics, August 2007, Vol. 7, No. 1, pp. 1935-1960
Working Paper
https://doi.org/10.2139/ssrn.896282

"Inflation-Targeting, Price-Path Targeting and Indeterminacy"
with  Robert D. Dittmar
Economics Letters, September 2005, Vol. 88, No. 3, pp. 336-342
Working Paper
https://doi.org/10.1016/j.econlet.2005.03.003

"Inflation Persistence and Flexible Prices"
with  Robert D. Dittmar and  Finn E. Kydland
International Economic Review, February 2005, Vol. 46, No. 1, pp. 245-261
Working Paper
https://doi.org/10.1111/j.0020-6598.2005.00317.x

"Inflation Targeting: Why It Works and How To Make It Work Better"
Business Economics, April 2004, Vol. 39, No. 2, pp. 30-37
Working Paper

"A Common Model Approach to Macroeconomics: Using Panel Data to Reduce Sampling Error"
with  Athena T. Theodorou
Journal of Forecasting, April 2005, Vol. 24, No. 3, pp. 203-219
Working Paper
https://doi.org/10.1002/for.954

"Evaluating FOMC Forecasts"
with  Rachel J. Mandal
International Journal of Forecasting, October 1, 2003, Vol. 19, No. 4, pp. 655-667
Working Paper
https://doi.org/10.1016/S0169-2070(02)00075-4

"Forecasting Inflation and Growth: Do Private Forecasts Match Those of Policymakers?"
with  Rachel J. Mandal
Business Economics, January 2001, Vol. 36, No. 1, pp. 13-20
Working Paper
https://doi.org/10.20955/r.83.11-20

"Controlling Inflation After Bretton Woods: An Analysis Based on Policy Objectives"
Economic Inquiry, pp. 39-59
Working Paper

"Endogenous Money Supply and the Business Cycle"
with  Finn E. Kydland
Review of Economic Dynamics, April 1999, Vol. 2, No. 2, pp. 347-369
Working Paper
https://doi.org/10.1006/redy.1998.0055

"Armen Alchian's Contribution to Macroeconomics"
with  Jerry L. Jordan
Economic Inquiry, July 1996, Vol. 34, pp. 496-505
https://doi.org/10.1111/j.1465-7295.1996.tb01391.x

"A Different Kind of Money Illusion: The Case of Long and Variable Lags"
with  Michael F. Bryan
Journal of Policy Modeling, October 1994, Vol. 16, No. 5, pp. 529-540
https://doi.org/10.1016/0161-8938(94)90026-4

"Zero Inflation: Transition Costs and Shoe-Leather Benefits"
with  Charles T. Carlstrom
Contemporary Policy Issues, January 1993, Vol. 11, pp. 9-17
https://doi.org/10.1111/j.1465-7287.1993.tb00367.x

"A price objective for monetary policy"
with  Alan C. Stockman
Federal Reserve Bank of Cleveland Economic Commentary, April 1992

"Why A Rule for Stable Prices May Dominate A Rule for Zero Inflation"
with  Alan C. Stockman
Federal Reserve Bank of Cleveland Economic Review, March 1991, Vol. 27, No. 1, pp. 2-8

"Forecast Accuracy and Monetary Policy"
with  Michael F. Bryan
Federal Reserve Bank of Cleveland Economic Commentary, January 1991

"Price Stability and the Swedish Monetary Experiment"
with  Susan Black
Federal Reserve Bank of Cleveland Economic Commentary, December 1990

"The Effect of Disinflationary Policies on Monetary Velocity"
with  William G. Dewald
The Cato Journal, Spring/Summer 1989, Vol. 9, pp. 149-164

"The Case for Zero Inflation"
with  Alan C. Stockman
Federal Reserve Bank of Cleveland Economic Commentary, September 1988

"M1A--MIA?"
with  Michael R. Pakko
Federal Reserve Bank of Cleveland Economic Commentary, July 1987

"Models of Inflation Expectations Formation: A Comparison of Household and Economist Forecasts. A Comment"
with  Michael F. Bryan
Journal of Money, Credit, and Banking, November 1986, Vol. 18, No. 4, pp. 539-544
https://doi.org/10.2307/1992473

"Monetarism and the M1 Target"
Federal Reserve Bank of Cleveland Economic Commentary, October 1986

"Comparing Inflation Expectations of Households and Economists: Is a Little Knowledge a Dangerous Thing?"
with  Michael F. Bryan
Federal Reserve Bank of Cleveland Economic Review, July 1986, Vol. 22, No. 3, pp. 14-19

"Evidence on the Random Behavior of Weekly M1 Data"
with  Nicholas V. Karamouzis
Economics Letters, 1987, Vol. 22, No. 2-3, pp. 263-267
https://doi.org/10.1016/0165-1765(86)90244-2

"The M1 Target and Disinflation Policy"
Federal Reserve Bank of Cleveland Economic Commentary, October 1985

"The Reserve Market and the Information Content of M1 Announcements"
with  Nicholas V. Karamouzis
Federal Reserve Bank of Cleveland Economic Review, Janury 1985, Vol. 21, No. 1, pp. 11-28

"The Monetary Targets in 1984"
Federal Reserve Bank of Cleveland Economic Commentary, March 1984

"Reflections on Money and Inflation"
Federal Reserve Bank of Cleveland Economic Review, Winter 1984, Vol. 20, No. 1, pp. 2-6

"Velocity and Monetary Targets"
Federal Reserve Bank of Cleveland Economic Commentary, June 1983

"The Case for Staggered Reserve Accounting"
Federal Reserve Bank of Cleveland Economic Review, Spring 1982, Vol. 18, No. 2, pp. 30-36

"Money and Inflation in a Small Model of the German Economy"
with  William G. Dewald
Empirical Economics, 1981, Vol. 6, No. 3, pp. 173-185
https://doi.org/10.1007/BF02509789