Edward Nelson

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

SCHOLARLY PAPERS

54

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183

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819

Scholarly Papers (54)

1.
Downloads 533 ( 67,002)
Citation 37

Monetary Policy and Stagflation in the UK

Bank of England Working Paper No. 155
Number of pages: 43 Posted: 15 Oct 2002
Edward Nelson and Kalin Nikolov
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 517 (68,883)
Citation 21

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Monetary Policy and Stagflation in the UK

Number of pages: 44 Posted: 03 Sep 2002
Edward Nelson and Kalin Nikolov
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 16 (702,728)
Citation 2
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Output gap, stagflation, monetary policy rules, great inflation

2.

Milton Friedman and U.S. Monetary History: 1961-2006

FRB of St. Louis Working Paper No. 2007-002B
Number of pages: 52 Posted: 23 Jan 2007
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 463 (79,600)
Citation 1

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Milton Friedman, monetary history, inflation, money supply, interest rates

3.

The Great Inflation of the Seventies: What Really Happened?

FRB of St. Louis Working Paper No. 2004-001A
Number of pages: 52 Posted: 29 Jul 2005
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 369 (103,603)
Citation 25

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The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's 'Who Was Milton Friedman?'

FRB of St. Louis Working Paper No. 2007-048D
Number of pages: 45 Posted: 31 Oct 2007
Edward Nelson and Anna J. Schwartz
Board of Governors of the Federal Reserve System and City University of New York (CUNY)
Downloads 275 (141,662)

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monetarism, New Keynesian economics, inflation, price controls, Great Depression

The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman&Apos;S "Who Was Milton Friedman?"

Number of pages: 41 Posted: 31 Oct 2007 Last Revised: 08 Jul 2021
Edward Nelson and Anna J. Schwartz
Board of Governors of the Federal Reserve System and City University of New York (CUNY)
Downloads 57 (464,782)
Citation 3

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5.

Money and Inflation: Some Critical Issues

Number of pages: 80 Posted: 15 Nov 2011
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 315 (123,347)
Citation 5

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Monetary aggregates, inflation, interest rates, monetary policy

6.

Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand

FRB of St. Louis Working Paper No. 2004-008A
Number of pages: 54 Posted: 29 Jul 2005
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 259 (151,231)
Citation 2

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Great inflation, monetary policy, Canada, Australia, New Zealand

7.

An Estimated DSGE Model for the United Kingdom

Number of pages: 30 Posted: 01 Mar 2007
Riccardo DiCecio and Edward Nelson
Federal Reserve Bank of St. Louis - Research Division and Board of Governors of the Federal Reserve System
Downloads 238 (164,306)
Citation 4

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United Kingdom economy, DSGE models, monetary policy regime

Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique

Federal Reserve Bank of St. Louis Working Paper No. 2008-013A
Number of pages: 22 Posted: 07 May 2008
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 123 (290,333)
Citation 3

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money growth, inflation, interest rates, steady state

Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique

FRB of St. Louis Working Paper No. 2008-013C
Number of pages: 34 Posted: 05 Aug 2008 Last Revised: 09 Sep 2008
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 74 (404,798)
Citation 6

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money growth, inflation, interest rates, steady state

Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences

FRB of St. Louis Working Paper No. 2006-010A
Number of pages: 36 Posted: 13 Mar 2006
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 151 (247,140)

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Fiscal theory of the price level, quantity theory, monetarism, monetary-fiscal policy coordination

Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences

Number of pages: 36 Posted: 11 May 2006 Last Revised: 15 Jul 2010
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 35 (568,449)
Citation 2

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Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences

Oxford Review of Economic Policy, Vol. 21, Issue 4, pp. 565-583, 2005
Posted: 29 Feb 2008
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System

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10.

U.K. Inflation Targeting and the Exchange Rate

FRB of St. Louis Working Paper No. 2006-030A
Number of pages: 22 Posted: 09 May 2006
Christopher Allsopp, Amit Kara and Edward Nelson
University of Oxford - Department of Economics, Bank of England - Monetary Policy Committee and Board of Governors of the Federal Reserve System
Downloads 184 (208,590)

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inflation targeting, exchange rate, intermediate goods, United Kingdom

The Great Inflation and Early Disinflation in Japan and Germany

FRB of St. Louis Working Paper No. 2006-052B
Number of pages: 50 Posted: 18 Sep 2006
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 96 (344,991)

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Japan, Germany, Great Inflation, monetary targeting, incomes policy

The Great Inflation and Early Disinflation in Japan and Germany

Number of pages: 51 Posted: 18 Sep 2007
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 80 (386,868)

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Japan, Germany, Great Inflation, monetary targeting, incomes policy

The Great Inflation and Early Disinflation in Japan and Germany

Number of pages: 51 Posted: 19 May 2008
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 2 (824,527)
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Germany, Great Inflation, incomes policy, Japan, monetary targeting

12.

Direct Effects of Base Money on Aggregate Demand: Theory and Evidence

Bank of England Working Paper No. 122
Number of pages: 41 Posted: 12 Oct 2000
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 177 (215,662)
Citation 22

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13.

The U.K.'s Rocky Road to Stability

FRB of St. Louis Working Paper No. 2005-020A
Number of pages: 116 Posted: 29 Jul 2005
Nicoletta Batini and Edward Nelson
International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 176 (216,734)

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U.K. monetary policy, U.K. fiscal policy, inflation, instruments of monetary policy

14.

Optimal Horizons for Inflation Targeting

The Bank of England Working Paper No. 119
Number of pages: 35 Posted: 25 Sep 2000
Nicoletta Batini and Edward Nelson
International Monetary Fund (IMF) and Board of Governors of the Federal Reserve System
Downloads 174 (218,893)
Citation 15

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Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model

Number of pages: 35 Posted: 20 Apr 2009 Last Revised: 14 Mar 2021
Riccardo DiCecio and Edward Nelson
Federal Reserve Bank of St. Louis - Research Division and Board of Governors of the Federal Reserve System
Downloads 134 (272,201)

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Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model

Federal Reserve Bank of St. Louis Working Paper Series No. 2009-012A
Number of pages: 35 Posted: 01 Apr 2009
Riccardo DiCecio and Edward Nelson
Federal Reserve Bank of St. Louis - Research Division and Board of Governors of the Federal Reserve System
Downloads 29 (604,905)
Citation 1

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U.K. monetary policy, euro area, EMU, five economic tests

16.

Milton Friedman and U.K. Economic Policy: 1938-1979

Number of pages: 150 Posted: 13 Apr 2009
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 118 (297,761)
Citation 2

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Milton Friedman, U.K. economic policy, inflation, monetarism, monetary aggregates, interest rates, role of government

17.

Sticky-Price Models and the Natural Rate Hypothesis

FRB of St. Louis Working Paper No. 2005-018A
Number of pages: 36 Posted: 29 Jul 2005
Javier Andrés, David Lopez-Salido and Edward Nelson
University of Valencia - Department of Economics, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 112 (308,965)
Citation 14

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18.

Friedman's Monetary Economics in Practice

Number of pages: 47 Posted: 19 May 2011 Last Revised: 15 Nov 2011
Edward Nelson and Michelle T. Hutton
Board of Governors of the Federal Reserve System and affiliation not provided to SSRN
Downloads 97 (340,182)
Citation 2

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Milton Friedman, financial crisis, monetary aggregates, credit

Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices

Number of pages: 36 Posted: 16 Mar 2001
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 54 (476,602)

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Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices

Number of pages: 39 Posted: 17 Apr 2001
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 32 (586,012)
Citation 3
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Exchange rates and inflation, monetary policy rules, new open economy macroeconomics

Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area

FRB of St. Louis Working Paper No. 2007-005C, Banco de Espana Working Paper No. 0805
Number of pages: 45 Posted: 28 Feb 2007
Javier Andrés, David Lopez-Salido and Edward Nelson
University of Valencia - Department of Economics, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 80 (386,868)
Citation 1

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money, natural rate of interest, New Keynesian models

Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area

Number of pages: 47 Posted: 12 Jun 2008
Javier Andrés, David Lopez-Salido and Edward Nelson
University of Valencia - Department of Economics, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 2 (824,527)
Citation 5
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money, natural rate, New Keynesian models

21.

An Optimizing Is-Lm Specification for Monetary Policy and Business Cycle Analysis

Number of pages: 54 Posted: 13 Jul 2000 Last Revised: 23 Jul 2021
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 80 (383,055)
Citation 1

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22.

An Overhaul of Doctrine: The Underpinning of U.K. Inflation Targeting

FRB of St. Louis Working Paper No. 2007/026D
Number of pages: 52 Posted: 11 Jul 2007
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 69 (415,932)
Citation 1

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United Kingdom monetary policy, inflation, policy objectives, doctrine

23.

Targeting vs. Instrument Rules for Monetary Policy

Number of pages: 33 Posted: 26 Jul 2004 Last Revised: 02 Jul 2021
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 65 (429,172)
Citation 4

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24.

Seven Fallacies Concerning Milton Friedman's "the Role of Monetary Policy"

Number of pages: 21 Posted: 20 Feb 2018 Last Revised: 29 Apr 2020
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 60 (446,627)
Citation 1

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Fisher effect, Milton Friedman, Phillips curve, Liquidity effect, Natural rate hypothesis, Price stickiness, Zero lower bound

25.

Ireland and Switzerland: The Jagged Edges of the Great Inflation

FRB of St. Louis Working Paper No. 2006-016A
Number of pages: 67 Posted: 12 Apr 2006
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 59 (450,296)
Citation 1

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Ireland, Switzerland, Great Inflation, wage and price controls

26.

Reaffirming the Influence of Milton Friedman on U.K. Economic Policy

Number of pages: 56 Posted: 26 Sep 2017
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 58 (453,987)

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Incomes policy, Milton Friedman, Monetarism, U.K. economic policy

27.

The Federal Reserve's Large-Scale Asset Purchase Programs: Rationale and Effects

Number of pages: 58 Posted: 08 Jan 2013
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 57 (457,808)
Citation 13

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large-scale asset purchases, history of unconventional monetary policy, monetary transmission mechanism, longer-term interest rates, preferred habitat, duration channel

28.

UK Monetary Policy 1972-97: A Guide Using Taylor Rules

Number of pages: 29 Posted: 04 Sep 2001
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 57 (457,808)
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Taylor rules, interest rate rules, inflation, UK monetary policy

29.

The Continuing Validity of Monetary Policy Autonomy Under Floating Exchange Rates

Number of pages: 32 Posted: 05 Dec 2017
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 53 (472,999)
Citation 2

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Monetary policy autonomy, Trilemma, Floating exchange rates, Inflation targeting

30.

The Money View Versus the Credit View

Number of pages: 33 Posted: 29 Jun 2018 Last Revised: 21 Feb 2019
Sarah S. Baker, David Lopez-Salido and Edward Nelson
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 52 (476,999)

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Credit view, Money view, Recessions, Financial crises

31.

The Correlation Between Money and Output in the United Kingdom: Resolution of a Puzzle

Number of pages: 59 Posted: 10 May 2012
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 51 (481,083)
Citation 1

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Money/output correlation, monetary aggregates, U.K. interwar depression

The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes

FRB of St. Louis Working Paper No. 2009-015B
Number of pages: 60 Posted: 08 Apr 2009 Last Revised: 29 Nov 2009
Riccardo DiCecio and Edward Nelson
Federal Reserve Bank of St. Louis - Research Division and Board of Governors of the Federal Reserve System
Downloads 24 (640,218)

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Great Inflation, doctrine, world inflation, nonmonetary theories of inflation

The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes

Number of pages: 58 Posted: 20 Apr 2009 Last Revised: 13 Sep 2021
Riccardo DiCecio and Edward Nelson
Federal Reserve Bank of St. Louis - Research Division and Board of Governors of the Federal Reserve System
Downloads 20 (670,892)

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33.

Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy

FRB of St. Louis Working Paper No. 2008-035A
Number of pages: 38 Posted: 12 Oct 2008
affiliation not provided to SSRN, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 44 (511,284)
Citation 9

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macroeconometric equivalence, alternative microfoundations, Ramsey optimal monetary policy, welfare analysis

34.

Timeless Perspectives vs. Discretionary Monetary Policy in Forward-Looking Models

Number of pages: 35 Posted: 28 Sep 2000 Last Revised: 19 Aug 2021
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 36 (550,155)

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35.

The Real Interest Rate Gap as an Inflation Indicator

Number of pages: 53 Posted: 26 Jun 2001
Katharine S. Neiss and Edward Nelson
Bank of England - Monetary Analysis and Board of Governors of the Federal Reserve System
Downloads 35 (555,406)
Citation 7
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Natural interest rate, monetary policy, inflation, output gap, real interest rate gap

36.

Timeless Perspective vs. Discretionary Monetary Policy in Forward-Looking Models

Number of pages: 42 Posted: 17 Apr 2001
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 32 (571,710)
Citation 3
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Discretion, expectations, policymaking, rules

37.

Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model

Number of pages: 56 Posted: 19 Jul 2000 Last Revised: 09 Oct 2010
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 32 (571,710)
Citation 5

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38.

Nominal Income Targeting in an Open-Economy Optimizing Model

Number of pages: 42 Posted: 04 Sep 1998 Last Revised: 07 Oct 2021
Bennett T. McCallum and Edward Nelson
Carnegie Mellon University - David A. Tepper School of Business and Board of Governors of the Federal Reserve System
Downloads 29 (589,049)
Citation 8

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39.

Trend Inflation in Advanced Economies

Number of pages: 49 Posted: 31 May 2017
Christine Garnier, Elmar Mertens and Edward Nelson
Harvard University, Deutsche Bundesbank and Board of Governors of the Federal Reserve System
Downloads 22 (635,388)
Citation 4

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40.

A Review of Allan Meltzer's 'A History of the Federal Reserve, Volume 2'

Allan Meltzer, A HISTORY OF THE FEDERAL RESERVE, Vol. 2, University of Chicago Press, London, 2009, FEDS Working Paper No. 2011-59
Number of pages: 25 Posted: 04 Jan 2012
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 22 (635,388)

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Federal Reserve history, financial crisis, Allan Meltzer, Great Inflation

41.

Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium

Number of pages: 54 Posted: 12 May 2004
Javier Andrés, David Lopez-Salido and Edward Nelson
University of Valencia - Department of Economics, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 22 (635,388)
Citation 7
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Transmission mechanism, imperfect asset substitution, monetary policy, term structure

42.

Money and the Transmission Mechanism in the Optimizing Is-Lm Specification

Number of pages: 49 Posted: 17 Jul 2003
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 22 (635,388)
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Money, monetary policy, optimizing IS-LM specification, transmission mechanism

43.

What Does the Uk's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?

Number of pages: 36 Posted: 27 Nov 2001
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 22 (635,388)
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UK Monetary policy, great inflation, Taylor rule, transmission mechanism

44.

UK Inflation in the 1970s and 1980s: The Role of Output Gap Mismeasurement

Number of pages: 53 Posted: 29 Oct 2001
Edward Nelson and Kalin Nikolov
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 21 (642,447)
Citation 2
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Output gap, potential output, great inflation, Taylor rule, UK monetary policy, interest rate rules, real-time data, inflation targeting

45.

The Exchange Rate and Inflation in the UK

Number of pages: 42 Posted: 04 Apr 2003
Amit Kara and Edward Nelson
Bank of England - Monetary Policy Committee and Board of Governors of the Federal Reserve System
Downloads 20 (649,525)
Citation 1
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CPI inflation targeting, monetary policy rules, exchange-rate pass-through, intermediate goods, UK inflation

46.

The Monetary Base in Allan Meltzer's Analytical Framework

Number of pages: 23 Posted: 04 Feb 2019 Last Revised: 21 Feb 2019
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 18 (663,932)
Citation 1

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Monetarism, Monetary base, Money supply, Transmission mechanism

47.

News-Magazine Monetarism

Number of pages: 27 Posted: 27 Sep 2002
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 16 (678,475)
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Monetary aggregates, monetary policy shocks, output gap

48.

International Evidence on the Stability of the Optimizing is Equation

Number of pages: 26 Posted: 25 Sep 2004
Amit Kara and Edward Nelson
Bank of England - Monetary Policy Committee and Board of Governors of the Federal Reserve System
Downloads 15 (685,981)
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49.

The Future of Monetary Aggregates in Monetary Policy Analysis

Number of pages: 44 Posted: 26 Jun 2003
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 15 (685,981)
Citation 5
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Money, inflation, monetary aggregates, Taylor rules, transmission mechanism

50.

Karl Brunner and U.K. Monetary Debate

Number of pages: 69 Posted: 06 Feb 2019 Last Revised: 21 Feb 2019
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 12 (709,351)

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Karl Brunner, U.K. monetary policy, Monetarism, Monetary base control, Transmission mechanism

51.

The Federal Reserves Large-Scale Asset Purchase Programs: Rationale and Effects

Number of pages: 60 Posted: 28 Sep 2012
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 12 (709,351)
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CUSIP-level data, history of unconventional monetary policy, large-scale asset purchases, monetary transmission mechanism

52.

Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound

Number of pages: 52 Posted: 11 Jan 2010
affiliation not provided to SSRN, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 9 (733,068)
Citation 6
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Forward Guidance, Optimal Policy under Commitment, Zero Lower Bound

53.

The Emergence of Forward Guidance As a Monetary Policy Tool

Number of pages: 59 Posted: 14 Jun 2021
Edward Nelson
Board of Governors of the Federal Reserve System
Downloads 6 (756,895)

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54.

The Money View Versus the Credit View

Number of pages: 35 Posted: 11 Jun 2018
David Lopez-Salido, Sarah S. Baker and Edward Nelson
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 4 (772,218)
Citation 1
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credit view, Financial crises, money view, Recessions