#1997-012B "How Costly is Sustained Low Inflation for the US Economy?"
by James B. Bullard, and Steven H. Russell

Revised March 1998

We study the welfare cost of inflation in a general equilibrium life cycle model with growth, costly financial intermediation, and taxes on nominal quantities. We find a stationary equilibrium of the model matches a wide variety of facts about the postwar U.S. economy. More...

#1994-012C "Monetary Steady States in a Low Real Interest Rate Economy"
by James B. Bullard, and Steven H. Russell

Revised December 1998

We study the properties of an overlapping generations model with many-period-lived agents, neoclassical production and capital accumulation, labor-leisure decisions, population growth, and technological progress. We demonstrate that a plausibly calibrated version of this model has "monetary steady states" -Samuelson-case steady states with large real stocks of unbacked government debt. More...

PUBLISHED: Published under "An Empirically Plausible Model of Low Real Interest Rates and Unbacked Government Debt"

#1990-006A "The Inflationary Effect of the Use of Reserve Ratio Reductions, or Open Market Purchases to Reduce Market Interest Rates: A Theoretical Comparison."
by Steven H. Russell, and Marco Espinosa


No abstract available. More...