"Milton Friedman and U.K. Economic Policy: 1938-1979"
Federal Reserve Bank of St. Louis Review, Septebmer/October 2009, 91(5, Part 2), pp. 465-506.
Working Paper Version (April 2009): Abstract | Full Text (PDF 928K)
"The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes"
with Riccardo DiCecio
Federal Reserve Bank of St. Louis Working Paper 2009-015A
Abstract | Full Text (PDF 216K)
"Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model"
with Riccardo DiCecio
Federal Reserve Bank of St. Louis Working Paper 2009-012A
Abstract | Full Text (PDF 155K)
"Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area"
with Javier Andrés and J. David López-Salido
Journal of Economic Dynamics and Control, March 2009, 33(3), pp. 758-76.
Working Paper Version (April 2008): Abstract | Full Text (PDF 774K)
"Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique"
Journal of Money, Credit, and Banking, December 2008, 40(8), pp. 1791-1814.
Working Paper Version (August 2008): Abstract | Full Text (PDF 138K)
"Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy"
with Andrew T. Levin, J. David López-Salido, and Tack Yun
Journal of Monetary Economics, October 2008, 55(Supplement 1), pp. S48-62.
Working Paper Version (October 2008): Abstract | Full Text (PDF 297K)
"The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's 'Who Was Milton Friedman?'"
with Anna J. Schwartz
Journal of Monetary Economics, May 2008, 55(4), pp. 835-56.
Working Paper Version (January 2008): Abstract | Full Text (PDF 254K)
"Rejoinder to Paul Krugman"
with Anna J. Schwartz
Journal of Monetary Economics, May 2008, 55(4), pp. 861-62.
"Ireland and Switzerland: The Jagged Edges of the Great Inflation"
European Economic Review, May 2008, 52(4), pp. 700-32.
Revised and shortened version, June 2007 (PDF 415K)
Presentation slides for paper, May 2006 (PDF 1.8M)
"Friedman and Taylor on Monetary Policy Rules: A Comparison"
Federal Reserve Bank of St. Louis Review, March/April 2008, 90(2), pp. 95-116.
"An Overhaul of Doctrine: The Underpinning of U.K. Inflation Targeting" - July 2007, Revised August 2008
Federal Reserve Bank of St. Louis Working Paper 2007-026D
Abstract | Full Text (PDF 211K)
"Comment on Samuel Reynard, 'Maintaining Low Inflation: Money, Interest Rates, and Policy Stance'"
Journal of Monetary Economics, July 2007, 54(5), pp. 1472-79.
"An Estimated DSGE Model for the United Kingdom"
with Riccardo DiCecio
Federal Reserve Bank of St. Louis Review, July/August 2007, 89(4), pp. 215-31.
"Book Review: Ian Macfarlane, The Search for Stability," June 2007.
"Milton Friedman and U.S. Monetary History: 1961-2006" (PDF 417K)
Federal Reserve Bank of St. Louis Review, May/June 2007, 89(3), pp. 153-82.
"Who Was Milton Friedman? A Response," New York Review of Books, March 29, 2007
with Anna J. Schwartz
"Milton Friedman on Inflation"
Federal Reserve Bank of St. Louis Monetary Trends, January 2007
Bibliographical sources (PDF 12K).
"The Great Inflation and Early Disinflation in Japan and Germany"
International Journal of Central Banking, December 2007, 3(4), pp. 23-76.
Abstract | Full Text (PDF 541K)
Previous Version (March 2007)
"U.K. Inflation Targeting and the Exchange Rate"
with Christopher Allsopp and Amit Kara
The Economic Journal, June 2006, 116(512), pp. F232-44.
Abstract | Full Text (PDF 238K)
"Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences"
with Bennett T. McCallum
Oxford Review of Economic Policy, January 2005, 21(4), pp. 565-83.
Working Paper Version (February 2006): Abstract | Full Text
(PDF 470K)
"Inflation Dynamics, Marginal Cost, and the Output Gap: Evidence from Three Countries"
with Katharine S. Neiss
Journal of Money, Credit, and Banking, December 2005, 37(6), pp. 1019-45.
"Targeting versus Instrument Rules for Monetary Policy"
with Bennett T. McCallum
Federal Reserve Bank of St. Louis Review, September/October 2005, 87(5), pp. 597-611.
"Commentary on Lars E.O. Svensson 'Targeting versus Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?'"
with Bennett T. McCallum
Federal Reserve Bank of St. Louis Review, September/October 2005, 87(5), pp. 627-31.
"Sticky-Price Models and the Natural Rate Hypothesis"
with Javier Andrés and David López-Salido
Journal of Monetary Economics, July 2005, 52(5), pp. 1025-53.
Working Paper Version (March 2005): Abstract | Full Text
(PDF 504K)
"The Great Inflation of the Seventies: What Really Happened?"
Revised version, July 2005: Advances in Macroeconomics, 5(1), Article 3.
Previous Version (January 2004) Abstract | Full Text (PDF
594K)
Slides for presentation of this paper at NBER Summer Institute, July 12, 2004
"Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand"
International Journal of Central Banking, June 2005, 1(1), pp. 133-79.
Working Paper Version (April 2004): Abstract | Full Text (PDF 494K)
"The U.K.’s Rocky Road to Stability" - March 2005
with Nicoletta Batini
Federal Reserve Bank of Saint Louis Working Paper 2005-020A
Abstract | Full Text
(PDF 610K)
"Money and the Transmission Mechanism in the Optimizing IS-LM Specification"
History of Political Economy, December 2004, 36(Supplement 1), pp. 271-304.
Working Paper Version: Abstract | Full Text (PDF 270K)
"International Evidence on the Stability of the Optimizing IS Equation"
with Amit Kara
Oxford Bulletin of Economics and Statistics, 2004, 66(Supplement), pp. 687-712.
Working Paper Version: Abstract | Full Text (PDF
202K)
"Timeless Perspective vs. Discretionary Monetary Policy in Forward-Looking Models"
with Bennett T. McCallum
Federal Reserve Bank of St. Louis Review, March/April 2004, 86(2), pp. 43-56.
"Tobin’s Imperfect Asset Substitution in Optimizing General Equilibrium"
with Javier Andrés and J. David López-Salido
Journal of Money, Credit, and Banking, August 2004, 36(4), pp. 665-90.
Working Paper Version: Abstract | Full Text (PDF 594K)
"Comment on Marc P. Giannoni and Michael Woodford, 'Optimal Inflation Targeting Rules'"
In B. Bernanke and M. Woodford (eds.), The Inflation Targeting Debate
NBER Conference Series, Chicago: University of Chicago Press, 2005, pp. 163-71.
Book Review: A. Leijonhufvud (ed.), Monetary Theory and Policy Experience, Journal of Economic Literature, September 2003, 41(3), pp. 914-15.
"The Future of Monetary Aggregates in Monetary Policy Analysis"
Journal of Monetary Economics, July 2003, 50(5), pp. 1029-59
Also CEPR Discussion Paper No. 3897, May 2003.
"An Interview with Anna J. Schwartz"
Macroeconomic Dynamics, June 2004, 8(3), pp. 395-417.
"The Exchange Rate and Inflation in the UK"
with Amit Kara
Scottish Journal of Political Economy, November 2003, 50(5), pp. 585-608
Presented at conference "Policy Rules-The Next Steps," Cambridge University, UK, September 19-20, 2002 Bank of England External MPC Unit Discussion Paper No. 11, October 2002, and CEPR Discussion Paper No. 3783, February 2003.
"The Real-Interest-Rate Gap as an Inflation Indicator"
with Katharine S. Neiss
Macroeconomic Dynamics, April 2003, 7(2), pp. 239-62.
Discussion of Christopher J. Erceg and Andrew T. Levin, "Optimal Monetary Policy with Durable and Non-Durable Goods"
International Research Forum on Monetary Policy, ECB, Frankfurt, July 5-6, 2002.
"News-Magazine Monetarism" - August 2002
CEPR Discussion Paper No. 3506
In P. Minford (ed.), Money Matters: Essays in Honour of Alan Walters, Cheltenham, UK: Edward Elgar, 2004, pp. 123-47.
"Comment on: 'A Simple Framework for International Monetary Policy Analysis' by Richard Clarida, Jordi Galí, and Mark Gertler"
Journal of Monetary Economics, July 2002, 49(5), pp. 905-12.
"Direct Effects of Base Money on Aggregate Demand: Theory and Evidence"
Journal of Monetary Economics, May 2002, 49(4), pp. 687-708. Typographical Corrections
"Monetary Policy and Stagflation in the UK"
with Kalin Nikolov
Journal of Money, Credit, and Banking, June 2004, 36(3), pp. 293-318.
Earlier Version: Bank of England Working Paper No. 155, May 2002.
"UK Inflation in the 1970s and 1980s: The Role of Output Gap Mismeasurement" - December 2001
with Kalin Nikolov
CEPR Discussion Paper No. 2999, October 2001
Bank of England Working Paper No.148
Journal of Economics and Business, July/August 2003, 55(4), pp. 353-70.
"What Does the UK's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?" - October 2001
CEPR Discussion Paper No. 3047
In L. Mahadeva and P. Sinclair (eds.), Monetary Transmission in Diverse Economies. Cambridge, UK: Cambridge University Press, 2002, pp. 137-55.
"UK Monetary Policy 1972-1997: A Guide Using Taylor Rules" - August 2001, Revised November 2001
CEPR Discussion Paper No. 2931
In P. Mizen (ed.), Central Banking, Monetary Theory and Practice: Essays in Honour of Charles Goodhart, Volume One, Cheltenham, UK: Edward Elgar, 2003, pp. 195-216.
"The Lag from Monetary Policy Actions to Inflation: Friedman Revisited"
with Nicoletta Batini
International Finance, Winter 2001. 4(3), pp. 381-400.
"Optimal Horizons for Inflation Targeting"
with Nicoletta Batini
Journal of Economic Dynamics and Control, June-July 2001, 25(6-7), pp. 891-910.
"When the Bubble Bursts: Monetary Policy Rules and Foreign Exchange Market Behavior" - October 2000
with Nicoletta Batini
manuscript, Bank of England.
"Monetary Policy for an Open Economy: An Alternative Approach with Optimizing Agents and Sticky Prices"
with Bennett T. McCallum
Oxford Review of Economic Policy, Winter 2000, 16(4), pp. 74-91.
Link to longer version
"Nominal Income Targeting in an Open-Economy Optimizing Model"
with Bennett T. McCallum
Journal of Monetary Economics, June 1999, 43(3), pp. 553-78.
"Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model"
with Bennett T. McCallum
in: John B. Taylor (ed.), Monetary Policy Rules. Chicago: University of Chicago Press for NBER, 1999, pp. 15-45.
"An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis"
with Bennett T. McCallum
Journal of Money, Credit, and Banking, August 1999, 31(3), pp. 296-316.
"Sluggish Inflation and Optimizing Models of the Business Cycle"
Journal of Monetary Economics, October 1998, 42(2), pp. 303-22.
