Discussion of George W. Evans and Seppo Honkapohja, “Monetary Policy, Expectations and Commitment,” AEA Annual Meeting, Washington, Jan 5, 2003.

Discussion of Guenther W. Beck and Volker Wieland, “Learning, Stabilization and Credibility: Optimal Monetary Policy in a Changing Economy,” AEA Annual Meeting, Washington, Jan 4, 2003.

Discussion of Frank Smets and Raf Wouters, “Output Gaps: Theory versus Practice,” AEA Annual Meeting, Washington, Jan 4, 2003.

New publication: “Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others,” Journal of Economic Perspectives 17-4 (Fall 2003) 145-166.

New book: Michael Woodford’s landmark book, Interest Rates and Prices: Foundations of a Theory of Monetary Policy, has just been published by Princeton University Press.

New publication: “What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules,” Journal of Economic Literature 41 (2003) 426-477.

New debate piece: “Sverige, valutaunionen och penningpolitiken” (“Sweden, the EMU, and Monetary Policy,” in Swedish), Ekonomisk Debatt 31-4 (2003) 50-52.

New revision and acceptance: “What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules,” Version 3.1, Jan 2003, Journal of Economic Literature, forthcoming. This revision now includes a discussion of the proposal that instrument rules, like the Taylor rule, are not meant to be followed mechanically but to be mere “guidelines” for monetary policy. The proposal is found to be too vague to be operational.

New research summary: “Liquidity Traps, Policy Rules for Inflation Targeting, and Eurosystem Monetary-Policy Strategy,” NBER Reporter, Winter 2002/2003.

Talk at the Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority, “Escaping from Deflation and a Liquidity Trap,” Dec 17, 2002.

New written discussion: “Comment on Edward Nelson, ‘The Future of Monetary Aggregates in Monetary Policy Analysis’,” Carnegie-Rochester Conference on Public Policy, Pittsburgh, PA, Nov 22-23, 2002, Journal of Monetary Economics, forthcoming.

Discussion of Edward Nelson, “The Future of Monetary Aggregates in Monetary Policy Analysis,” Carnegie-Rochester Conference on Public Policy, Pittsburgh, PA, Nov 22-23, 2002.

Discussion of Maurice Obstfeld, Jay C. Shambaugh and Alan M. Taylor, “The Trilemma in History: Tradeoffs amonge Exchange Rates, Monetary Policies, and Capital Mobility,” NBER International Finance and Macro Program Meeting, Cambridge, MA, Oct 18, 2002.

New Briefing Paper: “A Good Thing Could Happen at the ECB: An Improvement of the Eurosystem’s Definition of Price Stability,” Sep 2002.

Norges Bank Watch 2002 released: “An Independent Review of Monetary Policy and Institutions in Norway,” Sep 2002.