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William T. Gavin

Emeritus

Education

Ph.D. Economics
Ohio State University
1982

B.A. Economics
Xavier University
1970

Contact Info

Phone: (314) 873-8422
Fax: (314) 444-8731

Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442



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

"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

"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

"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

"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

"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

"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

"Inflation-Targeting, Price-Path Targeting and Indeterminacy"
with Robert D. Dittmar
Economics Letters, September 2005, Vol. 88, No. 3, pp. 336-342
Working Paper

"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

"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

"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

"Evaluating FOMC Forecasts"
with Rachel J. Mandal
International Journal of Forecasting, October 1, 2003, Vol. 19, No. 4, pp. 655-667
Working Paper

"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

"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

"Armen Alchian's Contribution to Macroeconomics"
with Jerry L. Jordan
Economic Inquiry, July 1996, Vol. 34, pp. 496-505

"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

"Zero Inflation: Transition Costs and Shoe-Leather Benefits"
with Charles T. Carlstrom
Contemporary Policy Issues, January 1993, Vol. 11, pp. 9-17

"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

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

"Evidence on the Random Behavior of Weekly M1 Data"
with Nicholas V. Karamouzis
Economics Letters, 1987, Vol. 22, No. 2-3, pp. 263-267

"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

"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


 




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