A small forward-looking model of the euro-area economy is used to investigate the
implications of incomplete information about potential output for the conduct of monetary …

This paper examines the impact of public information in an economy where agents also
have diverse private information. Since disclosures by central banks are an important source …

This paper analyses in a unified framework the twin issues of the appropriate horizon for
achieving price stability in the face of unexpected disturbances and the choice of a price …

This paper develops a small forward-looking macroeconomic model where the Federal
Reserve estimates the level of potential output in real time by running a regression on past …

In the standard new Keynesian framework, an optimizing policy maker does not face a trade-
off between stabilizing the gap between actual output and output under flexible prices and …

In a simple" prototype" model of monetary policymaking, I examine the issue of real
equilibrium determinacy under targeting and instrument rules. The former framework …

We examine whether inflation targeting should be regarded as optimal. Targeting inflation
implies (undesirably) that price level variance tends to infinity: we produce some evidence …

This paper examines the role of monetary policy in an environment with aggregate risk and
incomplete markets. In a two-period overlapping-generations model with aggregate …

Both economic growth and stabilization require a well-functioning financial system, which
includes the central bank and private financial institutions. This dissertation is comprised of …

Macro models generally assume away heterogeneous welfare in assessing policies. We
investigate here within two aggregative models ó one with a representative agent, the other …