Teaching and Research Interests:
- Macroeconomic fluctuations, monetary theory and policy, banking and financial markets, economic development
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Select Publications:
- The Elusive Promise of Independent Central Banking
Monetary and Economic Studies, Bank of Japan, November 2012.
- Central Banking in the Credit Turmoil: An Assessment of Federal Reserve Practice
Journal of Monetary Economics, January 2011.
- How the World Achieved Consensus on Monetary Policy
Journal of Economic Perspectives, Fall 2007.
- Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration
Journal of Monetary Economics, July 2007.
(with: Bennett McCallum)
- A Framework for Independent Monetary Policy in China
CESifo Economic Studies, January 2007.
(with: Eswar Prasad)
- The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice
Federal Reserve Bank of St. Louis Review, March/April 2005.
- Inflation Targeting in the United States?
In B. Bernanke and M. Woodford, eds., The Inflation Targeting Debate, Chicago: National Bureau of Economic Research, University of Chicago Press, 2005.
- Interest on Reserves and Monetary Policy
Federal Reserve Bank of New York Economic Policy Review, May 2002.
- Monetary Policy in the New Neoclassical Synthesis: A Primer
International Finance, Summer 2002.
- Overcoming the Zero Bound on Interest Rate Policy
Journal of Money, Credit, and Banking, November 2000.
- Industrial Development and the Convergence Question
American Economic Review, December 1998.
(with: John McDermott)
- The New Neoclassical Synthesis and the Role of Monetary Policy
In B. Bernanke and J. Rotemberg, eds., National Bureau of Economic Research Macroeconomics Annual, 1997.
(with: Robert G. King)
- Early Development
American Economic Review, March 1995.
(with: John McDermott)
- Interest Rate Policy and the Inflation Scare Problem: 1979-1992
Federal Reserve Bank of Richmond Economic Quarterly, Winter 1993.
- Information-Aggregation Bias
American Economic Review, June 1992.
- Monetary Mystique: Secrecy and Central Banking
Journal of Monetary Economics, January 1986.
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Awards:
- Excellence in the Classroom, B.S. Economics Program, Tepper School of Business, Carnegie Mellon - 2007
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Editorial Boards:
- Carnegie Rochester Conference Series on Public Policy (Co-Editor), 2010-
- International Journal of Central Banking (Associate Editor), 2005-
- Carnegie Rochester Conference Series on Public Policy (Advisory Committee), 1998-2010
- Journal of Money, Credit and Banking (Associate Editor), 1996-2011
- Journal of Monetary Economics (Advisory Board), 1995-2008
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Other Professional Activities:
- Honorary Advisor, Institute for Monetary and Economic Studies, Bank of Japan 2011-
- Economic Advisory Panel, New York Fed 2009-
- Monetary Policy Panel, New York Fed 2009-2010
- Shadow Open Market Committee 2009-
- Research Associate, National Bureau of Economic Research 2007-
- Three-person Panel for External Review of Research and Policy Support: European Central Bank (2003), Norges Bank Watch (2006), Swiss National Bank (2006), Swedish Riksbank (2008)
- Technical Assistance Expert: International Monetary Fund, Inflation Targeting Seminar, Central Bank of Brazil 1999, 2000
- Senior Vice President and Policy Advisor, Federal Reserve Bank of Richmond, regularly attended meetings of the Federal Open Market Committee 1993-2005
- Director of Research, Federal Reserve Bank of Richmond 1993-1999
- Visiting Professor of Business Economics, Graduate School of Business, University of Chicago 1988-1990
- Senior Staff Economist, Council of Economic Advisors, The White House 1984-1985
- Visiting Economist, Federal Reserve Board 1982-1983
- Visiting Scholar: Extended stays - Federal Reserve Bank of New York, (June-July 2006-2009); Institute for International Economic Studies, University of Stockholm, (November-December 1992); Swiss National Bank, (May-July 1988).
- Visiting Scholar: Shorter stays - Board of Governors of the Federal Reserve System (1992, 1999, 2007); CFS, Germany (1999); Federal Reserve Banks of Atlanta (2007, 2009), Cleveland (2008, 2009), Kansas City (2008, 2009); IMF (1990, 2005, 2006)
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