Charles Nolan

TL;DR: The authors found that financial shocks are very tightly linked with the onset of recessions, more so than TFP or monetary shocks, and the financial shock invariably remains contractionary for sometime after recessions have ended.

TL;DR: In this paper, the authors developed a model enabling them to characterize systematic simple monetary and fiscal policy over the business cycle and find that conducting stabilization policy incorporates not only a set of monetary policy choices governed by the so-called Taylor principle, but also fiscal policy that gives considerable force to automatic stabilizers.

TL;DR: In this paper, the authors examined the relationship between monetary policy and volatility in financial markets and showed that there is no evidence that this volatility is directly attributable to increased information flows per se, even though volatility has indeed risen in the recent past in the U.K.

TL;DR: In this article, the authors look at the issue of accountability in a simple theoretical model and show that greater accountability will tend to be associated with improved inflation performance, in which, increased uncertainty will cause the public to raise their average inflation expectation, ceteris paribus.

TL;DR: In this paper, the authors analyse the issue of central bank accountability with the aid of a simple monetary policy game with uncertainty about the agent's inflation stabilisation preferences, and find that there may be an important economic role for accountability in addition to its political function of making the central bank answerable to voters through its accountability to the executive.