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Edward Nelson

Assistant Director

Program Direction Section

Monetary Affairs

202-452-2478
edward.nelson@frb.gov
Education
  • Ph.D., Economics, Carnegie Mellon University, 1998
  • B.Ec., Economics, University of Sydney, 1993
  • Current Research Topics

  • Unconventional Monetary Policy Tools
  • Monetary Transmission Mechanism
    • Economist

      Board of Governors of the Federal Reserve System

    • 2009 - present
    • Assistant Vice President

      Federal Reserve Bank of St. Louis

    • 2006 - 2009
    • Research Officer

      Federal Reserve Bank of St. Louis

    • 2003 - 2006
    • Research Advisor to the Monetary Policy Committee

      Bank of England

    • 2000 - 2003
    • Economist, Monetary Assessment and Strategy Division

      Bank of England

    • 1998 - 2000
  • Nelson, Edward (2013). "Friedman's Monetary Economics in Practice," Journal of International Money and Finance, vol. 38, no. 1, pp. 59-83.
  • Garnier, Christine, Elmar Mertens, and Edward Nelson (2013). "Trend Inflation in Advanced Economies," Finance and Economics Discussion Series 2013-74. Board of Governors of the Federal Reserve System (U.S.).
  • DiCecio, Riccardo, and Edward Nelson (2013). "The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes," in Bordo, M., A. Orphanides eds., The Great Inflation: The Rebirth of Modern Central Banking. Chicago: University of Chicago Press for NBER, pp. 393-438.
  • Nelson, Edward (2013). "Key Aspects of Longer-Term Asset Purchase Programs in UK and US Monetary Policy," Oxford Economic Papers, vol. 65, pp. 92-114.
  • D'Amico, Stefania, William B. English, J. David Lopez-Salido, and Edward Nelson (2012). "The Federal Reserve's Large-Scale Asset Purchase Programs: Rationale and Effects," Finance and Economics Discussion Series 2012-85. Board of Governors of the Federal Reserve System (U.S.).
  • D'Amico, Stefania, William English, David Lopez-Salido, and Edward Nelson (2012). "The Federal Reserve's Large-Scale Asset Purchase Programmes: Rationale and Effects," Economic Journal, vol. 122, no. 564, pp. F415-46.
  • Nelson, Edward (2012). "Book Review: Milton Friedman: A Concise Guide to the Ideas and Influence of the Free-Market Economist," Journal of Economic Literature, vol. 50, no. 4, pp. 1106-1109.
  • Nelson, Edward (2012). "Allan Meltzer's A History of the Federal Reserve, Volume 2: Review Essay," International Journal of Central Banking, vol. 8, no. 2, pp. 241-266.
  • Nelson, Edward (2012). "The Correlation between Money and Output in the United Kingdom: Resolution of a Puzzle," Finance and Economics Discussion Series 2012-29. Board of Governors of the Federal Reserve System (U.S.).
  • McCallum, Bennett T., and Edward Nelson (2011). "Money and Inflation: Some Critical Issues," in Friedman, B. M., M. Woodford eds., Handbook of Monetary Economics, Vol. 3A. Amsterdam: Elsevier/North-Holland, pp. 97-153.
  • Nelson, Edward (2011). "Friedman's Monetary Economics in Practice," Finance and Economics Discussion Series 2011-26. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew, David Lopez-Salido, Edward Nelson, and Tack Yun (2010). "Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound," International Journal of Central Banking, vol. 6, no. 1, pp. 143-189.
  • DiCecio, Riccardo, and Edward Nelson (2010). "Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model," in Alesina, A., F. Giavezzi eds., Europe and the Euro. Chicago: University of Chicago Press, pp. 415-439.
  • Nelson, Edward (2010). "The SNB's New Monetary Policy Framework Ten Years on: Panel Discussion [Edward Nelson]," Schweizerische Zeitschrift fur Volkswirtschaft und Statistik/Swiss Journal of Economics and Statistics, vol. 146, no. 1, pp. 409-411.
  • Andres, Javier, J. David Lopez-Salido, and Edward Nelson (2009). "Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area," Journal of Economic Dynamics and Control, vol. 33, no. 3, pp. 758-776.
  • DiCecio, Riccardo, and Edward Nelson (2009). "The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes," NBER Working Papers 14895. National Bureau of Economic Research, Inc.
  • Nelson, Edward (2009). "An Overhaul of Doctrine: The Underpinning of UK Inflation Targeting," Economic Journal, vol. 119, no. 538, pp. F333-68.
  • Nelson, Edward (2009). "Milton Friedman and U.K. Economic Policy: 1938-1979," Federal Reserve Bank of St. Louis Review, vol. 91, no. 5, pp. 465-506.
  • Levin, Andrew T., J. David Lopez-Salido, Edward Nelson, and Tack Yun (2008). "Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy," Journal of Monetary Economics, vol. 55, pp. S48-62.
  • Nelson, Edward (2008). "Friedman and Taylor on Monetary Policy Rules: A Comparison," Federal Reserve Bank of St. Louis Review, vol. 90, no. 2, pp. 95-116.
  • Nelson, Edward (2008). "Ireland and Switzerland: The Jagged Edges of the Great Inflation," European Economic Review, vol. 52, no. 4, pp. 700-732.
  • Nelson, Edward (2008). "Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique," Journal of Money, Credit, and Banking, vol. 40, no. 8, pp. 1791-1814.
  • Nelson, Edward, and Anna J. Schwartz (2008). "Rejoinder to Paul Krugman," Journal of Monetary Economics, vol. 55, no. 4, pp. 861-862.
  • Nelson, Edward, and Anna J. Schwartz (2008). "The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's 'Who was Milton Friedman?'," Journal of Monetary Economics, vol. 55, no. 4, pp. 835-856.
  • DiCecio, Riccardo, and Edward Nelson (2007). "An Estimated DSGE Model for the United Kingdom," Federal Reserve Bank of St. Louis Review, vol. 89, no. 4, pp. 215-231.
  • Nelson, Edward (2007). "Comment on 'Maintaining Low Inflation: Money, Interest Rates, and Policy Stance'," Journal of Monetary Economics, vol. 54, no. 5, pp. 1472-1479.
  • Nelson, Edward (2007). "Milton Friedman and U.S. Monetary History: 1961-2006," Federal Reserve Bank of St. Louis Review, vol. 89, no. 3, pp. 153-182.
  • Nelson, Edward (2007). "The Great Inflation and Early Disinflation in Japan and Germany," International Journal of Central Banking, vol. 3, no. 4, pp. 23-76.
  • Allsopp, Christopher, Amit Kara, and Edward Nelson (2006). "United Kingdom Inflation Targeting and the Exchange Rate," Economic Journal, vol. 116, no. 512, pp. F232-44.
  • Andres, Javier, J. David Lopez-Salido, and Edward Nelson (2005). "Sticky-Price Models and the Natural Rate Hypothesis," Journal of Monetary Economics, vol. 52, no. 5, pp. 1025-1053.
  • Batini, Nicoletta, and Edward Nelson (2005). "The U.K.'s Rocky Road to Stability," Working Papers 2005-020. Federal Reserve Bank of St. Louis.
  • McCallum, Bennett T., and Edward Nelson (2005). "Commentary on Targeting Versus Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?" Federal Reserve Bank of St. Louis Review, vol. 87, no. 5, pp. 627-631.
  • McCallum, Bennett T., and Edward Nelson (2005). "Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences," Oxford Review of Economic Policy, vol. 21, no. 4, pp. 565-583.
  • McCallum, Bennett T., and Edward Nelson (2005). "Targeting Versus Instrument Rules for Monetary Policy," Federal Reserve Bank of St. Louis Review, vol. 87, no. 5, pp. 597-611.
  • Neiss, Katharine S., and Edward Nelson (2005). "Inflation Dynamics, Marginal Cost, and the Output Gap: Evidence from Three Countries," Journal of Money, Credit, and Banking, vol. 37, no. 6, pp. 1019-1045.
  • Nelson, Edward (2005). "Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand," International Journal of Central Banking, vol. 1, no. 1, pp. 133-179.
  • Nelson, Edward (2005). "Optimal Inflation-Targeting Rules: Comment," in Bernanke, Ben,S., Michael Woodford eds., The Inflation-Targeting Debate. Chicago and London: University of Chicago Press, pp. 163-170.
  • Nelson, Edward (2005). "The Great Inflation of the Seventies: What really Happened?" B.E.Journals in Macroeconomics: Advances in Macroeconomics, vol. 5, no. 1, pp. 1-48.
  • Andres, Javier, J. David Lopez-Salido, and Edward Nelson (2004). "Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium," Journal of Money, Credit, and Banking, vol. 36, no. 5, pp. 665-690.
  • Kara, Amit, and Edward Nelson (2004). "International Evidence on the Stability of the Optimizing IS Equation," Oxford Bulletin of Economics and Statistics, vol. 66, pp. 687-712.
  • McCallum, Bennett T., and Edward Nelson (2004). "Timeless Perspective Vs. Discretionary Monetary Policy in Forward-Looking Models," Federal Reserve Bank of St. Louis Review, vol. 86, no. 2, pp. 43-56.
  • Nelson, Edward (2004). "An Interview with Anna J. Schwartz," Macroeconomic Dynamics, vol. 8, no. 3, pp. 395-417.
  • Nelson, Edward (2004). "Money and the Transmission Mechanism in the Optimizing IS-LM Specification," History of Political Economy, vol. 36, pp. 271-304.
  • Nelson, Edward (2004). "News-Magazine Monetarism," in Minford, ,Patrick ed., Money Matters: Essays in Honour of Alan Walters. Cheltenham, U.K. and Northampton, Mass: Elgar, pp. 123-147.
  • Nelson, Edward, and Kalin Nikolov (2004). "Monetary Policy and Stagflation in the UK," Journal of Money, Credit, and Banking, vol. 36, no. 3, pp. 293-318.
  • Kara, Amit, and Edward Nelson (2003). "The Exchange Rate and Inflation in the UK," Scottish Journal of Political Economy, vol. 50, no. 5, pp. 585-608.
  • Neiss, Katharine S., and Edward Nelson (2003). "The Real-Interest-Rate Gap as an Inflation Indicator," Macroeconomic Dynamics, vol. 7, no. 2, pp. 239-262.
  • Nelson, Edward (2003). "Review of: Monetary Theory and Policy Experience," Journal of Economic Literature, vol. 41, no. 3, pp. 914-915.
  • Nelson, Edward (2003). "The Future of Monetary Aggregates in Monetary Policy Analysis," Journal of Monetary Economics, vol. 50, no. 5, pp. 1029-1059.
  • Nelson, Edward (2003). "UK Monetary Policy, 1972-97: A Guide using Taylor Rules," in Mizen, ,Paul ed., Essays in Honour of Charles Goodhart. Central Banking, Monetary Theory and Practice Vol. 1. Cheltenham, U.K. and Northampton, Mass: Elgar, pp. 195-216.
  • Nelson, Edward, and Kalin Nikolov (2003). "UK Inflation in the 1970s and 1980s: The Role of Output Gap Mismeasurement," Journal of economics and business, vol. 55, no. 4, pp. 353-370.
  • Nelson, Edward (2002). "Comment on 'A Simple Framework for International Monetary Policy Analysis'," Journal of Monetary Economics, vol. 49, no. 5, pp. 905-912.
  • Nelson, Edward (2002). "Direct Effects of Base Money on Aggregate Demand: Theory and Evidence," Journal of Monetary Economics, vol. 49, no. 4, pp. 687-708.
  • Nelson, Edward (2002). "What does the UK's Monetary Policy and Inflation Experience Tell Us about the Transmission Mechanism?" in Mahadeva, ,Lavan, Sinclair Peter eds., Monetary Transmission in Diverse Economies. Cambridge; New York and Melbourne: Cambridge University Press, pp. 137-155.
  • Batini, Nicoletta, and Edward Nelson (2001). "Optimal Horizons for Inflation Targeting," Journal of Economic Dynamics and Control, vol. 25, no. 6-7, pp. 891-910.
  • Batini, Nicoletta, and Edward Nelson (2001). "The Lag from Monetary Policy Actions to Inflation: Friedman Revisited," International Finance, vol. 4, no. 3, pp. 381-400.
  • McCallum, Bennett T., and Edward Nelson (2000). "Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices," Oxford Review of Economic Policy, vol. 16, no. 4, pp. 74-91.
  • McCallum, Bennett T., and Edward Nelson (1999). "An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis," Journal of Money, Credit, and Banking, vol. 31, no. 3, pp. 296-316.
  • McCallum, Bennett T., and Edward Nelson (1999). "Nominal Income Targeting in an Open-Economy Optimizing Model," Journal of Monetary Economics, vol. 43, no. 3, pp. 553-578.
  • McCallum, Bennett T., and Edward Nelson (1999). "Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model," in Taylor, John,B. ed., Monetary Policy Rules. NBER Conference Report series. Chicago and London: University of Chicago Press, pp. 15-45.
  • Nelson, Edward (1998). "Sluggish Inflation and Optimizing Models of the Business Cycle," Journal of Monetary Economics, vol. 42, no. 2, pp. 303-322.
  • seminar

    October 2013

    Economic History Seminar, University of California, Berkeley

    "Milton Friedman and the Federal Reserve Chairs, 1951-1979"

  • conference

    October 2013

    Workshop on Money and Liquidity, Bank of Canada

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

  • conference

    October 2012

    Journal of International Money and Finance Thirtieth Anniversary Conference, Fordham University

    "Friedman's Monetary Economics in Practice"

  • conference

    November 2011

    Conference on QE and Other Unconventional Monetary Policies, Bank of England, London

    "The Federal Reserve's Large-Scale Asset Purchases: Rationale and Effects"

  • conference

    September 2011

    Conference on Monetary Policy Before, During, and After the Crisis, Heriot-Watt University, Edinburgh

    "Key Aspects of Quantitative Easing in the United States and the United Kingdom"

  • discussion

    June 2011

    Conference on Quantitative Easing, Federal Reserve Bank of St. Louis

    Discussion of Joyce, Lasaosa, Stevens, and Tong, "The Financial Market Impact of Quantitative Easing in the United Kingdom"

Editor

  • Associate Editor, Journal of Monetary Economics, 2008-2012
  • Associate Editor, Journal of Money, Credit and Banking, 2002-present

Referee

  • American Economic Journal: Macroeconomics
  • American Economic Review
  • Economic Journal
  • Economic Record
  • European Economic Review
  • Journal of the European Economic Association
  • Journal of International Money and Finance
  • Journal of Monetary Economics
  • Journal of Money, Credit and Banking
  • Journal of Political Economy
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Last update: December 9, 2013