“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.
“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.