New speech by Ben Bernanke, “The Logic of Monetary Policy,” Federal Reserve Board, December 2004, discusses forecast targeting (called “forecast-based policies”) and simple instrument rules (called “simple feedback policies”) with reference to my paper “Monetary Policy with Judgment: Forecast Targeting“.
New comment: “Comments on Bernanke, Reinhart, and Sack, ‘An Empirical Assessment of Monetary Policy Alternatives at the Zero Bound,” Revised November 2004.
Sabbatical: I was on sabbatical during the academic year 2003-2004; during Nov 5-Jan 30, I visited the Bank of England, London, as a Houblon-Norman Fellow; during Aug 25-Oct 31, I visited the IMF, Washington, DC, as as a Visiting Scholar at the Research Department.
New paper: “Monetary Policy with Judgment: Forecast Targeting,” September 2004.
New paper: “The Magic of the Exchange Rate: Optimal Escape from a Liquidity Trap in Small and Large Open Economies,” Version 1.2, July 2004.
New revision: “Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank” (with Olivier Jeanne, IMF), July 2004.
New summary: “Reviews of Monetary Policy in New Zealand and Norway,” Study Center Gerzensee, Switzerland, July 2004.
New revision: “Optimal Policy with Low-Probability Extreme Events,” version 2.3, May 2004.
New comments: “Comments on Mishkin, Frederic M., ‘Can Inflation Targeting Work in Emerging Market Countries’,” Festschrift in Honor of Guillermo A. Calvo, IMF, Washington, DC, April 15 and 16, 2004.
New briefing paper: “Asset Prices and ECB Monetary Policy,” April 2004.
New seminar presentation: “Flexible Inflation Targeting: Principles and Possible Improvements,” seminar at Norges Bank (Bank of Norway), Oslo, on March 25, 2004 (shorter version presented at Conference on Monetary Policy, Norges Bank, March 26, 2004).
New briefing paper: “The Euro Appreciation and ECB Monetary Policy,” February 2004.
New comments: “Challenges for Monetary Policy,” presented at the meeting of the Bellagio Group of the G10, Brussels, January 26-27, 2004.