Other Publications

“A hierarchical Bayesian model for estimating age-specific COVID-19 infection fatality rates in developing countries” (with S. Pugh, G. Meyerowitz-Katz, S. Soman, N. Owusu-Boaitey, and B. Fosdick). 2023. Preprint, arXiv:2308.04012.

“Principles & Practical Recommendations for Strengthening the Governance and Accountability of the Reserve Bank of Australia.” 2023. RBA Review, Government of Australia.

“Quantifying the Costs and Benefits of Quantitative Easing” (with B. Lu and W. Nelson). 2022. National Bureau for Economic Research Working Paper 30749.

Assessing the Burden of COVID-19 in Developing Countries: Systematic Review, Meta-Analysis, and Policy Implications” (with N. Owusu-Boaitey, S. Pugh, B. Fosdick, A. Zwi, A. Malani, S. Soman, L. Besançon, I. Kashnitsky, S. Ganesh, A. McLaughlin, G. Song, R. Uhm, D. Herrera-Esposito, G. de los Campos, A. Pecanha Antiono, E. Birru Tadese, and G. Meyerowitz-Katz). 2021. MedRxiv.

“An Independent Evaluation of the Federal Reserve’s New Monetary Policy Framework” (with A. Sinha and S. Sonmez). 2021. Korea Institute of Finance Working Paper.

“Golden Fetters, Paper Fetters, and the Rationale for Eliminating the Effective Lower Bound on Nominal Interest Rates” (with M. Bordo and A. Sinha). 2021. Manuscript.

The Rationale for Establishing a Digital Dollar and the Perils of Delay.” 2021. Written Testimony to the Subcommittee on National Security, International Development, and Monetary Policy, Committee on Financial Services, U.S. House of Representatives.

Do Monetary Policy Frameworks Matter in Low-Income Countries?” (with A. Carare, C. De Resende, and C. Zhang). 2021. National Bureau for Economic Research Working Paper 28536. March.

“Assessing the Age Specificity of Infection Fatality Rates for COVID-19: Systematic Review, Meta-Analysis, and Public Policy Implications” (with W. Hanage, N. Owusu-Boaitey, K. Cochran, S. Walsh, and G. Meyerowitz-Katz). 2020. National Bureau for Economic Research Working Paper 27597. Also posted at MedRxiv. September.

Limitations on the Effectiveness of Monetary Policy Forward Guidance in the Context of the COVID-19 Pandemic” (with A. Sinha). 2020. National Bureau for Economic Research Working Paper 27748. August.

Do Monetary Policy Frameworks Matter in Low-Income Countries? ” (with A. Carare, C. De Resende, and C. Zhang). 2020. International Monetary Fund Working Paper 20-139. July.

Incorporating Scenario Analysis into the Federal Reserve’s Policy Strategy and Communications” (with M. Bordo and M. Levy). 2020. National Bureau for Economic Research Working Paper 27369. June.

The Rationale for Issuing E-krona in the Digital Era” (with H. Armelius, G. Guibourg, and G. Soderberg). 2020. Sveriges Riksbank Economic Review 2020:2, pp.7-18. June.

Incorporating Scenario Analysis into the Federal Reserve’s Policy Strategy and Communications” (with M. Bordo and M. Levy). 2020. National Bureau for Economic Research Working Paper 27369. June.

“Hope for the Best, Prepare for the Worst: The Federal Reserve’s Monetary Toolbox for Mitigating Severe Adverse Shocks.”  March 2020.

“Assessing the Federal Reserve’s Toolbox for Providing Monetary Stimulus at the Effective Lower Bound.”  September 2019.

Digital Cash: Principles & Practical Steps” (with M. Bordo). 2019. National Bureau of Economic Research Working Paper 25455.

Central Bank Digital Cash: Principles & Practical Steps.” 2018. In: E. Gnan and D. Masciandaro (eds.), Do We Need Central Bank Digital Currency? Economics, Technology and Institutions. Vienna, Austria: SUERF. pp.132-151.

Robust Design Principles for Monetary Policy Committees.” In: J. Simon (ed.), RBA Annual Conference Volume. Sydney, Australia: Reserve Bank of Australia. pp.233-251.

Central Bank Digital Cash and the Future of Monetary Policy” (with M. Bordo). 2017. National Bureau of Economic Research Working Paper 23711.

“Comment: Goals vs. Rules as Central Bank Performance Measures.”  2017. In: J. Cochrane and J. Taylor, eds., Central Bank Governance and Oversight Reform. Hoover Press.

Making the Fed Fully Public: Why & How” (with J. Haedtler and V. Wilson). 2016. Economic Policy Institute, Washington, DC.

Labor Market Slack & Monetary Policy” (with D. Blanchflower). 2015. National Bureau of Economic Research Working Paper 21094.

Evolving Monetary Policy Frameworks for Lower-Income & Developing Economies” (with A. Berg, R. Anand, R. Bi, B. Baltabaev, S. Jahan, D. King, S. Kothari, B. Laurens, T. Mancini, N. Maehle, M. Opoku-Afari, C. Patillo, R. Portillo, A. Remo, G. Shabsigh, F. Unsal, and D. Vavra).  2015. International Monetary Fund Policy Paper.

“Monetary Policy in Selected Sub-Saharan African Currency Unions.” 2015.  In: “Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries: Background Paper—Country Experiences,” International Monetary Fund Policy Paper, pp.69-72.

Establishing and Maintaining a Firm Nominal Anchor.”  2014.  International Journal of Central Banking, 10:405-412.

Comment: Chronic Deflation in Japan.”  2014.  Asian Economic Policy Review, 9:42-43.

Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation” (with J. Taylor).  2013.  In:  M. Bordo and A. Orphanides, eds., The Great Inflation: The Rebirth of Modern Central Banking.  University of Chicago Press.

Comment: Monetary Policy in Europe vs the United States; What Explains the Difference?” 2009.  In: J. Gali and M. Gertler, eds., International Dimensions of Monetary Policy. University of Chicago Press.

Comment: Optimal monetary policy under uncertainty–a Markov jump-linear-quadratic approach.”  2008.  Federal Reserve Bank of St. Louis Economic Review, pp.301-306.

“Comment: Measuring the Macroeconomic Risks Posed by Asset Price Booms.”  2008. In:  J. Campbell, ed., Asset Prices and Monetary Policy.  University of Chicago Press.

“Frictions in the Markets for Corporate Debt and Credit Derivatives” (with R. Perli and E. Zakrajšek).  2007. In: Proceedings of the Fourth Central Bank Conference on Risk Management and Systemic Risk.  Frankfurt: European Central Bank.

“Micro Evidence on Price-Setting Behavior:  Policy Lessons and Directions for Ongoing Research” (with V. Gaspar, F. Martins, and F. Smets).  2007.  In: S. Fabiani, C. Loupias, F. Martins, R. Sabbatini, eds., Pricing Decisions in the Euro Area:  How Firms Set Prices and Why.  Oxford University Press.

“Monetary Policy under Uncertainty in Micro-Founded Macroeconometric Models” (with A. Onatski, N. Williams, and J. Williams).  2006.  In: Gertler, M., Rogoff, K.,eds., NBER Macroeconomics Annual 2005.  MIT Press.

Macroeconomic Stability and Poverty Reduction” (with S. Smith).  2005.  In:  Dean, J., Schaffner, J., Smith, S., eds., Attacking Poverty in the Developing World.  World Vision Press.

“Comment: Parameter Misspecification with Optimal Targeting Rules and Endogenous Objectives.”  2005.  Journal of Monetary Economics 52, 1016-1021.

“Comment: Monetary Policy Rules in the Open Economy.”   2002.  Journal of Monetary Economics, 49, pp.1017-1023.

The Robustness of Simple Monetary Policy Rules under Model Uncertainty” (with V. Wieland and J. Williams).  1999.  In:  Taylor, J., ed., Monetary Policy Rules. U. Chicago Press.

“Comment: Wage dispersion and country price levels.”  1999.  In:  A. Heston and R. Lipsey, eds.,  Income and Wealth:  International and Interarea Comparisons of Income, Output and Prices.  University of Chicago Press.

“A Practitioner’s Guide to Robust Covariance Matrix Estimation Procedures” (with W. Den Haan).  1997.  In:  G. Maddala and C. Rao, eds., Handbook of Statistics 15.  Elsevier Press.

“A Comparison of Alternative Monetary Policy Rules in the Federal Reserve’s Multi-Country Model.” 1996.  In:  The Determination of Long-Term Interest Rates and Exchange Rates and the Role of Expectations, Bank for International Settlements.

“Review: Estimation and Inference in Econometrics by R. Davidson and J. MacKinnon.” 1994.  Journal of the American Statistical Association, 89:1143-44.