Publications

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December 2003 (Revised April 2005)
Case

Birth of Modern Macroeconomic Policy, The: Sweden and the Great Depression

By: Julio J. Rotemberg and Lisa Lewis

By early 1937, a debate over the proper conduct of monetary policy raged in Sweden. Sweden's response to the Great Depression was unique. It had, in particular, embraced a revolutionary goal for monetary policy when it abandoned the gold standard in 1931. View Details

Keywords: History; Money; Policy; Financial Crisis; Macroeconomics; Sweden

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August 1985 (Revised February 2003)
Case

Paul Volcker and the Federal Reserve: 1979-1982

Describes three years of the Volcker monetary policy experiment. The Federal Reserve changed the focus by its operating procedure from an interest rate instrument to a reserve instrument and it reaffirmed its commitment to hitting its preannounced monetary growth... View Details

Keywords: Policy; Financial Institutions; United States

How do monetary policy rules, monetary policy uncertainty, and macroeconomic shocks affect the risk properties of US Treasury bonds? The exposure of US Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average... View Details

02 Oct 2015
Working Paper Summaries

Gradualism in Monetary-Policy: A Time Consistency Problem?

Keywords: by Jeremy C. Stein & Adi Sunderam; Banking

14 Dec 2010
Op-Ed

Tax US Companies to Spur Spending

been a saving grace in ensuring that the financial crisis did not cause further damage to the economy. With traditional monetary and fiscal policy instruments seemingly exhausted, the mobilization of that... View Details

Keywords: by Mihir A. Desai

Sage Belz

Sage graduated from Covenant College in 2017, where she studied economics. Prior to graduate school, Sage worked as a research analyst at the Brookings Institution, conducting research on monetary policy and financial stability with Drs. Ben Bernanke, Nellie Liang, and... View Details

April 2019 (Revised April 2020)
Case

Reaganomics: Impact and Legacy

By: Tom Nicholas, John Masko and Matthew G. Preble

During the 1980s, President Ronald Reagan and his administration instituted several far-reaching economic policies that had both near- and long-term impacts on such aspects of the U.S. economy as monetary policy, inflation, the tax structure, and the role of... View Details

Keywords: Wealth and Poverty; Business and Government Relations; Leadership; Taxation; Government Administration; Government Legislation; Inflation and Deflation; Money; Economy; Economic Slowdown and Stagnation; Economic Growth; Equality and Inequality; United States

16 Oct 2014
Working Paper Summaries

Government Debt Management at the Zero Lower Bound

Keywords: by Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph & Lawrence H. Summers

December 2002 (Revised June 2003)
Case

A Wider Europe: The Challenge of EU Enlargement

By: Rawi E. Abdelal and Kimberly A. Haddad

By 2002, the euphoria that accompanied the grandest achievement to date of Europe's 50-plus years of integration--full monetary union--was fading fast. European policy makers completed the historically unprecedented monetary integration of 12 countries, and then they... View Details

Keywords: History; Cost vs Benefits; Expansion; Decision Choices and Conditions; Problems and Challenges; European Union; Europe

08 Oct 2014
Working Paper Summaries

The Federal Reserve’s Abandonment of Its 1923 Principles

Keywords: by Julio J. Rotemberg; Banking; Legal Services

Research Summary

Professor Pill's current research has two dimensions. On the one hand, he is investigating the formulation and conduct of monetary policy in advanced economies, with a focus on the implementation of the single monetary policy in the euro area. On the other hand, he is... View Details

April 2015 (Revised January 2020)
Case

Japan's Missing Arrow?

By: Laura Alfaro and Hilary White

In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details