Monetary policy

"In the Dollar We Trust," Project Syndicate, September 22, 2022.

"Is the US in Recession Right Now?," Barron's, June 18, 2022.

"Get Ready for Reverse Currency Wars," Project Syndicate, May 25. The Globe and Mail or Korea Herald, May 30.

"Fighting the Last Inflation War," Project Syndicate, Februrary 24, 2022.

"Not That Seventies Inflation," Project Syndicate, Nov. 26, 2021.

El Salvador’s adoption of bitcoin as legal tender is pure folly,” The Guardian,  Sept. 24, 2021.

"The Dark Heart of Gold," Project SyndicateAugust 21, 2020. "The Price of Gold Should Not Determine US Monetary Policy," The Guardian, August 24, 2020. 

"The US is Officially in Recession, Thanks to the Coronavirus Crisis," The Guardian, June 16, 2020.

Why do we need a Business Cycle Dating Committee?".  With video presentation: Seminar on Business Cycle Dating, CIDE & INEGI, Mexico City, Oct. 30-31, 2019.

"Central Banks Should Forget About Achieving 2% Inflation," The Globe & Mail, July 28, 2019.

"No Moore Golden Era for US Monetary Policy," VoxEU, May 9, 2019.
"Moore Problems for the Fed," Project Syndicate,, April 27, 2019.

Paper: “Should the Fed Be Constrained?”   Background slides (abbreviated) for panel on “Should the Fed Be Subject to a Monetary Rule?” Monetary Policy 10 Years After the Crisis, 36th Annual Monetary Conference, Cato Institute, November 15, 2018.  (Video of panel, esp. on NGDPT from the 22:40-minute mark to 26.)

“The Case for (and Drawbacks of) Nominal GDP Targets,detailed outlinePpt Slides.  Prepared for conference Should the Fed stick with the 2 percent inflation target or rethink it?, Hutchins Center on Fiscal & Monetary Policy, Brookings Institution,  January 8, 2018.

"The Next Fed Chair," The Guardian, Oct. 27, 2017. 

"Demonetization on Five Continents," Korea Herald. Dec.26, 2016.

Lower Interest Rates are Not the Demon of Populist Claims,” The Guardian, Oct. 25, 2016.  "The Blind Alley of Monetary Populists," Project Syndicate, Oct. 25, 2016.

"Potential Output" (PDF), Outline of Introductory Comments, Bellagio Group, Banca d'Italia, January 2016.

Should Central Banks Care About Exchange Rates in Addition to Inflation?” SNB-IMF Conference on the International Monetary System, Zurich, May 13, 2014.

Why the ECB Should Buy US Treasuries,” Keynote Speech, Tower Center / Owens Memorial Foundation Conference: The Political Economy of International Money,Federal Reserve Bank of Dallas & Southern Methodist University, Dallas, Texas, Apr.4, 2014.

"Fischer, the Fed & US Growth,"  Project Syndicate, Dec.23, 2013.  Why Stanley Fischer is a Great Choice,” The Guardian, Dec.27.  Extended in "Stan Fischer, The Fed, & Sub-par US Economic Growth."

Central banks can phase in nominal GDP targets without damaging the inflation anchor?” VoxEU, Dec.19, 2012.  

"Time for Nominal Growth Targets," Project SyndicateDec.16.  E.g. "Is it Time for Nominal Growth Targets?The Guardian, UK, Dec.17, 2012. 

Inflation Targeting is Dead. Long Live Nominal GDP Targeting,” Vox, June 19, 2012.     "The Death of Inflation Targeting," Project Syndicate, May 16, 2012; incl. Korea Herald  5/27/12.

Commentary from U.S. (The Money IllusionMacroMarketMusingsEconoMonitor), Brazil (Global Economic SymposiumHistorinhas); India (Mostly Economics)South Africa (Twenty-third Floor); Denmark(The Market Monetarist); Iceland (Icelandic Economics)


"The Pot Again Calls the Kettle Red," Economonitor, Nov. 17, 2010.  The Pot Again Calls the Kettle Red: Republicans, Democrats, the Fed and QE2  Nov. 15, 2010.