New discussion: “Comment on Jeffery D. Amato and Hyun Song Shin, ‘Public and Private Information in Monetary Policy Models’,” revised June 2003, presented at the conference “Monetary Stability, Financial Stability and the Business Cycle,” BIS, Basel, Mar 28-29, 2003.

Discussion of Francesco Lippi and Stefano Neri, “Information Variables for Monetary Policy in a Small Structural Model of the Euro Area,” Workshop on Small Structural Models for Monetary Policy Analysis: Progress, Puzzles, and Opportunities, Sveriges Riksbank, Stockholm, June 6-7, 2003.

New Briefing Paper: “In the Right Direction, But Not Enough: The Modification of the Monetary-Policy Strategy of the ECB,” May 2003.

New publication: “Money and Inflation in the Euro Area: A Case for Monetary Indicators?” (with Stefan Gerlach, Hong Kong Monetary Authority), Journal of Monetary Economics 50 (2003) 1649-1672.

New revision: “Implementing Optimal Policy through Inflation-Forecast Targeting” (with Michael Woodford), Version 2.6, Apr 2003, in Bernanke, Ben S., and Michael Woodford, eds., The Inflation-Targeting Debate, University of Chicago Press, Chicago, forthcoming.

New speech: “Monetary Policy and Learning,” speech at the conference on Monetary Policy and Learning, sponsored by the Federal Reserve Bank of Atlanta, Atlanta, Mar 21-22, 2003.

Discussion of Alan J. Auerbach and Maurice Obstfeld, “The Case for Open-Market Purchases in a Liquidity Trap,” FRBSF and SIEPR Conference on Finance and Macroeconomics, San Francisco, Feb 28-Mar 1, 2003.

New paper: “Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others,” Feb 2003, for Journal of Economic Perspectives.

New Briefing Paper: “How Should the Eurosystem Reform Its Monetary Strategy?” Feb 2003.

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

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

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

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