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Yearly Archives
2013
Five facts about energy sources you should know
We've had a number of questions on energy sources in the United States - particularly with respect to the generation of electricity. Here are a few interesting facts about recent trends that hopefully help clarify some of the confusion…
Forward guidance, time inconsistency, and monetary policy
Over the past few months, the world’s central banks have turned to forward guidance as a central focus of monetary policy. This tool is untested as a central component of monetary policy and has been thrust into the spotlight only because…
The deflationary forward guidance threshold
In September I wrote that I expected the Fed to establish a lower bound for inflation threshold as one of its next moves. The rationale was two-fold. First, inflation is undershooting and the Fed needs policy space to deal with unwanted…
Full text: Janet Yellen’s prepared remarks for US Senate, 14 Nov 2013
The following are prepared remarks by Janet Yellen for her first meeting with Congress after being nominated to replace Ben Bernanke as the Federal Reserve Chair
Lockhart speech signals coming policy shift at the Fed
Earlier today, I indicated that comments by Fed President Dennis Lockhart clearly indicated that the Fed was poised to shift away from quantitative easing and toward forward guidance to guide future Fed monetary policy. But Lockhart gave a…
More on why the Fed is going to taper and rely on forward guidance
Comments by top Federal Reserve officials support the idea that the Fed is going to move away from quantitative easing as a policy tool and lean more heavily on forward guidance. There are a number of reasons for this, not the least of…