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Three Challenges to Central Bank Orthodoxy

In early 2016, Jim Bullard and Kevin Kliesen presented three challenges facing the FOMC’s approach to ending its accommodative policy strategy, including an overemphasis on labor market improvement, uncertainty around the appropriate real interest rates on government debt, and implications for globalization.  

Last updated: 06-18-2018

Allan Meltzer and the Search for a Nominal Anchor

Jim Bullard examines Allan Meltzer’s career and the search for a nominal inflation anchor for the U.S., with two particular points of focus: the flattening of the Phillips curve and falling short of the 2 percent price level path.

Last updated: 06-18-2018

Inflation Control: Do Central Bankers Have it Right ?

Stephen Williamson argues that neo-Fisherism should be the foundation for conventional inflation control.

Last updated: 06-18-2018

Monetary Policy Regimes and the Real Interest Rate

William Gavin breaks down the four different monetary policy regimes from 1965-2015, which display different outcomes for inflation, interest rates, and real consumption growth. He considers that the Fed was the main cause of the low real interest rate environment following the 2007-08 financial crisis. 

Last updated: 06-18-2018

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