President James Bullard delivered welcoming remarks at the 26th annual Homer Jones Memorial Lecture. He introduced this year’s speaker, noted economist and monetary policymaker Athanasios Orphanides, who discussed “Fear of Liftoff: Uncertainty, Rules and Discretion in Monetary Policy Normalization.” Jones, a former research director at the St. Louis Fed, played a major role in helping the Bank become a leader in monetary research and statistics.
In a new research working paper, St. Louis Fed President James Bullard and his co-authors examine options for optimal monetary policy when the policy rate remains at zero. Since the policy implications of their model appear to be quite different from current policy, the authors encourage further research on this topic.
Some countries’ business cycles are in sync with the world’s, while other countries’ cycles follow the ups and downs just of their neighbors’. This regional connection is even more prevalent if a region is defined not by geography but by common cultures and institutions.
The decision to look for a job, as well as some measures of income inequality, are closely connected with the living arrangements people choose and, therefore, are important to policymakers.