Photo of Edward Nelson

Edward Nelson

Education

  • Ph.D., Economics, Carnegie Mellon University, 1998
  • B.Ec., Economics, University of Sydney, 1993
Current Research Topics
  • Monetary Policy Strategy and Doctrine
  • The Great Inflation
  • Senior Adviser

    Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    2017 - present
  • Professor of Economics

    University of Sydney

    2015 - 2017
  • Assistant Director

    Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    2012 - 2015
  • Chief, Monetary Studies Section

    Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    2011 - 2012
  • Senior Economist, Monetary Studies Section

    Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    2009 - 2011
  • 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
  • Karl Brunner and UK Monetary Debate
    Edward Nelson
    Karl Brunner and Monetarism (2022)
    See also » FRB Working Paper (2019)
  • The Emergence of Forward Guidance As a Monetary Policy Tool
    Edward Nelson
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.033
  • Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 2
    Edward Nelson
    Milton Friedman and Economic Debate in the United States, 1932-1972 (2020)
  • Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 1
    Edward Nelson
    Milton Friedman and Economic Debate in the United States, 1932-1972 (2020)
  • The Continuing Validity of Monetary Policy Autonomy Under Floating Exchange Rates
    Edward Nelson
    International Journal of Central Banking (2020)
    See also » FRB Working Paper (2017)
  • Seven Fallacies Concerning Milton Friedman’s "The Role of Monetary Policy"
    Edward Nelson
    Journal of Money, Credit and Banking (2020)
    https://doi.org/10.1111/jmcb.12591
    See also » FRB Working Paper (2018)
  • The Monetary Base in Allan Meltzer’s Analytical Framework
    Edward Nelson
    Reflections on Allan H. Meltzer's Contributions to Monetary Economics and Public Policy (2019)
  • Karl Brunner and U.K. Monetary Debate
    Edward Nelson
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.004
  • The Monetary Base in Allan Meltzer's Analytical Framework
    Edward Nelson
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.001
  • The Money View Versus the Credit View
    Sarah S. Baker, David López-Salido, and Edward Nelson
    CEPR Discussion Paper Series (2018)
    See also » FRB Working Paper (2018)
  • Reaffirming the Influence of Milton Friedman on U.K. Economic Policy
    Edward Nelson
    Economics Program Working Paper Series (2017)
    See also » FRB Working Paper (2017)
  • Milton Friedman and the Federal Reserve Chairs in the 1970s
    Edward Nelson
    Milton Friedman: Contributions to Economics and Public Policy (2016)
  • Trend Inflation in Advanced Economies
    Christine Garnier, Elmar Mertens, and Edward Nelson
    International Journal of Central Banking (2015)
    See also » FRB Working Paper (2013)
  • Friedman's Monetary Economics in Practice
    Edward Nelson
    Journal of International Money and Finance (2013)
    https://doi.org/10.1016/j.jimonfin.2013.05.005
    See also » FRB Working Paper (2011)
  • Remembering Anna Schwartz
    Edward Nelson
    American Economic Association. Committee on the Status of Women in the Economics Profession (2013)
  • The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes
    Riccardo DiCecio and Edward Nelson
    Great Inflation: The Rebirth of Modern Central Banking (2013)
  • Key Aspects of Longer-Term Asset Purchase Programs in UK and US Monetary Policy
    Edward Nelson
    Oxford Economic Papers (2013)
    https://doi.org/10.1093/oep/gps051
  • Book Reviews on Milton Friedman: A Concise Guide to the Ideas and Influence of the Free-Market Economist
    Edward Nelson
    Journal of Economic Literature (2012)
    https://doi.org/10.1257/jel.50.4.1106
  • The Correlation between Money and Output in the United Kingdom: Resolution of a Puzzle
    Edward Nelson
    Finance and Economics Discussion Series (2012)
    https://doi.org/10.17016/FEDS.2012.29
  • A Review of Allan Meltzer's A History of the Federal Reserve, Volume 2
    Edward Nelson
    International Journal of Central Banking (2012)
    See also » FRB Working Paper (2012)
  • Money and Inflation: Some Critical Issues
    Bennett T. McCallum and Edward Nelson
    Handbook of Monetary Economics (2011)
    https://doi.org/10.1016/B978-0-444-53238-1.00003-X
    See also » FRB Working Paper (2010)
  • Postwar Financial Crises and Economic Recoveries in the United States
    David López-Salido and Edward Nelson
    Munich Personal RePEc Archive (2010)
  • Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound
    Andrew Levin, David López-Salido, Edward Nelson, and Tack Yun
    International Journal of Central Banking (2010)
  • The SNB's New Monetary Policy Framework Ten Years On: Panel Discussion
    Edward Nelson
    Swiss Journal of Economics and Statistics (2010)
  • Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model
    Riccardo DiCecio and Edward Nelson
    Europe and the Euro (2010)
  • An Overhaul of Doctrine: The Underpinning of UK Inflation Targeting
    Edward Nelson
    Economic Journal (2009)
    https://doi.org/10.1111/j.1468-0297.2009.02278.x
  • Milton Friedman and U.K. Economic Policy: 1938-1979
    Edward Nelson
    Federal Reserve Bank of St. Louis Review (2009)
  • Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area
    Javier Andrés, J. David López-Salido, and Edward Nelson
    Journal of Economic Dynamics & Control (2009)
    https://doi.org/10.1016/j.jedc.2008.01.011
  • The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes
    Riccardo DiCecio and Edward Nelson
    NBER Working Paper Series (2009)
    https://doi.org/10.3386/w14895
  • Why Money Growth Determines Inflation in the Long Run: Answering the Woodford Critique
    Edward Nelson
    Journal of Money, Credit and Banking (2008)
    https://doi.org/10.1111/j.1538-4616.2008.00183.x
  • Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy
    Andrew T. Levin, J. David López-Salido, Edward Nelson, and Tack Yun
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2008.07.013
  • Rejoinder to Paul Krugman
    Edward Nelson and Anna J. Schwartz
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2008.05.004
  • The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's 'Who Was Milton Friedman?'
    Edward Nelson and Anna J. Schwartz
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2008.01.001
  • Ireland and Switzerland: The Jagged Edges of the Great Inflation
    Edward Nelson
    European Economic Review (2008)
    https://doi.org/10.1016/j.euroecorev.2007.04.003
  • Friedman and Taylor on Monetary Policy Rules: A Comparison
    Edward Nelson
    Federal Reserve Bank of St. Louis Review (2008)
  • Comment on: Samuel Reynard, 'Maintaining Low Inflation: Money, Interest Rates, and Policy Stance
    Edward Nelson
    Journal of Monetary Economics (2007)
    https://doi.org/10.1016/j.jmoneco.2007.06.011
  • Who Was Milton Friedman? A Response
    Edward Nelson and Anna J. Schwartz
    New York Review of Books (2007)
  • The Great Inflation and Early Disinflation in Japan and Germany
    Edward Nelson
    International Journal of Central Banking (2007)
  • Milton Friedman and U.S. Monetary History: 1961-2006
    Edward Nelson
    Federal Reserve Bank of St. Louis Review (2007)
  • An Estimated DSGE Model for the United Kingdom
    Riccardo DiCecio and Edward Nelson
    Federal Reserve Bank of St. Louis Review (2007)
  • United Kingdom Inflation Targeting and the Exchange Rate
    Christopher Allsopp, Amit Kara, and Edward Nelson
    Economic Journal (2006)
    https://doi.org/10.1111/j.1468-0297.2006.01098.x
  • The Great Inflation of the Seventies: What Really Happened?
    Edward Nelson
    B.E. Journal of Macroeconomics (2005)
    https://doi.org/10.2202/1534-6013.1297
  • Sticky-Price Models and the Natural Rate Hypothesis
    Javier Andrés, David López Salido, and Edward Nelson
    Journal of Monetary Economics (2005)
    https://doi.org/10.1016/j.jmoneco.2005.07.006
  • Optimal Inflation-Targeting Rules: Comment
    Edward Nelson
    Inflation-targeting debate (2005)
  • The U.K.'s Rocky Road to Stability
    Nicoletta Batini and Edward Nelson
    Working paper (Federal Reserve Bank of St. Louis) (2005)
  • Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand
    Edward Nelson
    International Journal of Central Banking (2005)
  • Monetary and Fiscal Theories of the Price Level: The Irreconcilable Differences
    Bennett T. McCallum and Edward Nelson
    Oxford Review of Economic Policy (2005)
    https://doi.org/10.1093/oxrep/gri032
  • Inflation Dynamics, Marginal Cost, and the Output Gap: Evidence from Three Countries
    Katharine S. Neiss and Edward Nelson
    Journal of Money, Credit and Banking (2005)
  • Commentary on Targeting versus Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?
    Bennett T. McCallum and Edward Nelson
    Federal Reserve Bank of St. Louis Review (2005)
  • Targeting versus Instrument Rules for Monetary Policy
    Bennett T. McCallum and Edward Nelson
    Federal Reserve Bank of St. Louis Review (2005)
  • International Evidence on the Stability of the Optimizing IS Equation
    Amit Kara and Edward Nelson
    Oxford Bulletin of Economics and Statistics (2004)
    https://doi.org/10.1111/j.1468-0084.2004.00098.x
  • An Interview with Anna J. Schwartz
    Edward Nelson
    Macroeconomic Dynamics (2004)
    https://doi.org/10.1017/S1365100504030202
  • News-Magazine Monetarism
    Edward Nelson
    Money Matters: Essays in Honour of Alan Walters (2004)
  • Money and the Transmission Mechanism in the Optimizing IS-LM Specification
    Edward Nelson
    History of Political Economy (2004)
    https://doi.org/10.1215/00182702-36-Suppl_1-271
  • Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium
    Javier Andrés, David López Salido, and Edward Nelson
    Journal of Money, Credit and Banking (2004)
  • Timeless Perspective vs. Discretionary Monetary Policy in Forward-Looking Models
    Bennett T. McCallum and Edward Nelson
    Federal Reserve Bank of St. Louis Review (2004)
  • Monetary Policy and Stagflation in the UK
    Edward Nelson and Kalin Nikolov
    Journal of Money, Credit and Banking (2004)
  • Targeting vs. Instrument Rules for Monetary Policy
    Bennett T. McCallum and Edward Nelson
    Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley (2004)
  • The Exchange Rate and Inflation in the UK
    Amit Kara and Edward Nelson
    Scottish Journal of Political Economy (2003)
    https://doi.org/10.1111/j.0036-9292.2003.05005003.x
  • The Future of Monetary Aggregates in Monetary Policy Analysis
    Edward Nelson
    Journal of Monetary Economics (2003)
    https://doi.org/10.1016/S0304-3932(03)00063-1
  • UK Inflation in the 1970s and 1980s: The Role of Output Gap Mismeasurement
    Edward Nelson and Kalin Nikolov
    Journal of Economics & Business (2003)
    https://doi.org/10.1016/S0148-6195(03)00030-4
  • The Real-Interest-Rate Gap as an Inflation Indicator
    Katharine S. Neiss and Edward Nelson
    Macroeconomic Dynamics (2003)
    https://doi.org/10.1017/S1365100502020011
  • Book Reviews: Monetary Theory and Policy Experience
    Edward Nelson
    Journal of Economic Literature (2003)
    https://doi.org/10.1257/002205103322436232
  • Comment on: A Simple Framework for International Monetary Policy Analysis
    Edward Nelson
    Journal of Monetary Economics (2002)
    https://doi.org/10.1016/S0304-3932(02)00129-0
  • Direct Effects of Base Money on Aggregate Demand: Theory and Evidence
    Edward Nelson
    Journal of Monetary Economics (2002)
    https://doi.org/10.1016/S0304-3932(02)00118-6
  • What Does the UK's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?
    Edward Nelson
    Monetary transmission in diverse economies (2002)
  • What Does the UK's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?
    Edward Nelson
    CEPR Discussion Paper Series (2001)
  • The Lag from Monetary Policy Actions to Inflation: Friedman Revisited
    Nicoletta Batini and Edward Nelson
    International Finance (2001)
    https://doi.org/10.1111/1468-2362.00079
  • Optimal Horizons for Inflation Targeting
    Nicoletta Batini and Edward Nelson
    Journal of Economic Dynamics & Control (2001)
    https://doi.org/10.1016/S0165-1889(00)00060-9
  • When the Bubble Bursts: Monetary Policy Rules and Foreign Exchange Market Behavior
    Nicoletta Batini and Edward Nelson
    Economics Program Working Paper Series (2000)
  • Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices
    Bennett T. McCallum and Edward Nelson
    Oxford Review of Economic Policy (2000)
  • Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model
    Bennett T. McCallum and Edward Nelson
    Monetary policy rules (1999)
  • Nominal Income Targeting in an Open-Economy Optimizing Model
    Bennett T. McCallum and Edward Nelson
    Journal of Monetary Economics (1999)
    https://doi.org/10.1016/S0304-3932(99)00005-7
  • An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis
    Bennett T. McCallum and Edward Nelson
    Journal of Money, Credit and Banking (1999)
    https://doi.org/10.2307/2601113
  • Sluggish Inflation and Optimizing Models of the Business Cycle
    Edward Nelson
    Journal of Monetary Economics (1998)
    https://doi.org/10.1016/S0304-3932(98)00024-5
  • An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis
    Bennett T. McCallum and Edward Nelson
    NBER Working Paper Series (1997)
    https://doi.org/10.3386/w5875
  • conference

    January 2018

    Joint IHS/Mercatus Policy Research Seminar on Meltzer's Contributions to Monetary Economics and Public Policy, Philadelphia

    "The Role of the Monetary Base in Allan Meltzer's Analytical Framework"

  • seminar

    September 2017

    University of Pennsylvania

    "The Development of Milton Friedman's Monetary Economics"

  • conference

    December 2016

    Reserve Bank of Australia Macroeconomics Workshop on Quantitative Macroeconomics

    Discussion of Eggertsson-Mehrotra "A Model of Secular Stagnation"

  • conference

    December 2014

    Reserve Bank of New Zealand/IJCB Conference

    "Trend Inflation in Advanced Economies"

  • 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

    "€Ã‚ÂÂœThe Federal Reserveâ€Ã‚™s Large-Scale Asset Purchases: Rationale and Effectsâ€Ã‚

  • conference

    September 2011

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

    "€Ã‚ÂÂœKey Aspects of Quantitative Easing in the United States and the United Kingdomâ€Ã‚

  • 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 Kingdomâ€Ã‚

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
Last update: October 3, 2022