Published Papers

"Upgrading the Fed's Operating Framework", Cato Journal, 2020

"The Financial Stability Case for Targeting Nominal GDP ", Cato Journal, 2019

"Nominal GDP Targeting and the Taylor Rule on an Even Playing Field"  with Josh Hendrickson,  Journal  of Money, Credit, and Banking, 2019 (Working paper version) 

"The Great Divorce: The Federal Reserve's Move to a Floor System and Its Implication for Bank Portfolios",

Mercatus Policy Paper, 2018.

"Permanent vs Temporary Monetary Base Injections: Implications for Past and Future Fed Policy", Journal of Macroeconomics, 2017

(Quotes on permanent injections from earlier draft found here.)

"The Monetary Policy Origins of the Eurozone Crisis" International Finance,  2017  (Working paper version)

"The International Impact of the Fed when the United States is a Banker to the World", in Rules for International Monetary Stability: Past, Present, and Future, Hoover Fed Conference, 2016 

"The Regional Effects of Monetary Policy: the Case of the American South" Essays in Economic and Business History, 2016


"The Productivity Gap: Monetary Policy, the Subprime Boom, and the Post-2001 Productivity Surge" (with George Selgin and Berrak Bahadir) Journal of Policy Modeling, 2015.

Inflation Targeting: A Monetary Policy Regime Whose Time Had Come and Gone” Mercatus Center Policy Paper. June 2014

Great Spending Crashes”, (with Josh Hendrickson.) The BE Journal of Macroeconomics, Contribution Tier.  Volume 12, Issue 1. September, 2012.


The Monetary Superpower Hypothesis” in Boom and Bust Banking: the Causes and Cures of the Great Recession.  (With Chris Crowe) The Independent Institute, 2012.


Can Monetary Policy Influence Long-Term Interest Rates? It Depends”,  (with Ken Moon and Hol Toles), Economic Inquiry, 2011.


“The Stance of Monetary Policy: An Alternative Measure”, Applied Economics Letters, 2011.


One Nation Under the Fed? The Asymmetric Effects of U.S. Monetary Policy and Its Implications for the United States as an Optimal Currency Area”, The Journal of Macroeconomics, 2010


Monetary Policy and Corporate Bond Yield Spreads” (with Ken Moon and Hol Toles),  Applied Economic Letters, 2010


Aggregate Supply-Driven Deflation and Its Implications for Macroeconomic Stability”, Cato Journal, 2008.


The Postbellum Deflation and Its Lessons for Today”, North American Journal of Economics and Finance, 2007.