“Comments on Bernanke, Reinhart, and Sack, ‘An Empirical Assessment of Monetary Policy Alternatives at the Zero Bound’,” Brookings Papers on Economic Activity 2004:2, 84-100, PDF. Abstract.
The line: The Bernanke-Reinhart-Sack paper mostly focuses on alternative policies in a liquidity trap to affect expectations of future interest rates. But the problem in a liquidity trap is rather to raise private-sector expectations of the future price level.
“The Foolproof Way of Escaping from a Liquidity Trap: Is It Really, and Can It Help Japan?” The Frank D. Graham Memorial Lecture, Princeton University, April 5, 2001, overhead slides (PDF), text in preparation.
“The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap,” Monetary and Economic Studies 19(S-1), February 2001, 277-312, PDF. Abstract.
“How Should Monetary Policy Be Conducted in an Era of Price Stability?” (section 2 and appendix A), in New Challenges for Monetary Policy, a symposium sponsored by the Federal Reserve Bank of Kansas City, held at Jackson Hole, Wyoming, August 26-28, 1999 (IIES Seminar Paper No. 680, CEPR Discussion Paper No. 2342, NBER Working Paper No. 7516), PDF (0.4 MB). Abstract.
“Price Level Targeting vs. Inflation Targeting: A Free Lunch?” Journal of Money, Credit and Banking 31 (1999) 277-295.