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
  • Monetary Transmission Mechanism
  • 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
  • Nelson, Edward (2017). "Reaffirming the Influence of Milton Friedman on U.K. Economic Policy," Finance and Economics Discussion Series 2017-096. Board of Governors of the Federal Reserve System (U.S.).
  • Nelson, Edward (2017). "Reaffirming the Influence of Milton Friedman on U.K. Economic Policy," Economics Working Paper Series, no. 2017-01. University of Sydney.
  • Nelson, Edward (2016). "Milton Friedman and the Federal Reserve Chairs in the 1970s" in Cord, Robert A., and J. Daniel Hammond eds., Milton Friedman: Contributions to Economics and Public Policy. Oxford, U.K.: Oxford University Press, pp. 313-333.
  • Garnier, Christine, Elmar Mertens, and Edward Nelson (2015). "Trend Inflation in Advanced Economies," International Journal of Central Banking, vol. 11, no. 4, pp. 65-136.
  • Nelson, Edward (2013). "Remembering Anna Schwartz," CSWEP Newsletter, Fall 2013.
  • 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, Michael D., and Athanasios Orphanides eds., The Great Inflation: The Rebirth of Modern Central Banking. Chicago: University of Chicago Press for National Bureau of Economic Research, pp. 393-438.
  • Nelson, Edward (2013). "Friedman's Monetary Economics in Practice," Journal of International Money and Finance, vol. 38, no. 1, pp. 59-83.
  • Nelson, Edward (2013). "Key Aspects of Longer-Term Asset Purchase Programs in UK and US Monetary Policy," Oxford Economic Papers, vol. 65, no. Supplement 1, pp. 92-114.
  • D'Amico, Stefania, William English, David López-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-F446.
  • Nelson, Edward (2012). "A Review of Allan Meltzer's 'A History of the Federal Reserve, Volume 2'," International Journal of Central Banking, vol. 8, no. 2, pp. 241-266.
  • Nelson, Edward (2012). "Book Reviews on 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). "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, Benjamin. M., and Michael Woodford eds., Handbook of Monetary Economics vol. 3, pp. 97-153.
  • DiCecio, Riccardo, and Edward Nelson (2010). "Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model," in Alesina, Alberto, and Francesco 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," Swiss Journal of Economics and Statistics, vol. 146, no. 1, pp. 409-411.
  • Levin, Andrew, David López-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 (2009). "The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes," NBER Working Paper, no. 14895. National Bureau of Economic Research.
  • Nelson, Edward (2009). "An Overhaul of Doctrine: The Underpinning of UK Inflation Targeting," Economic Journal, vol. 119, no. 538, pp. F333-F368.
  • 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.
  • Andrés, Javier, J. David López-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.
  • Levin, Andrew T., J. David López-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). "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.
  • 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.
  • 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: Samuel Reynard, '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, and Anna J. Schwartz (2007). "Who Was Milton Friedman? A Response," New York Review of Books, vol. 54, no. 5, pp. 48-50.
  • 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-F244.
  • Andres, Javier, 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.
  • 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). "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). "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.
  • Batini, Nicoletta, and Edward Nelson (2005). "The U.K.'s Rocky Road to Stability," Working Paper 2005-020A. Federal Reserve Bank of St. Louis.
  • 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., and 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.
  • Kara, Amit, and Edward Nelson (2004). "International Evidence on the Stability of the Optimizing IS Equation," Oxford Bulletin of Economics and Statistics, vol. 66, Supplement 1, pp. 687-712.
  • McCallum, Bennett T., and Edward Nelson (2004). "Targeting vs. Instrument Rules for Monetary Policy," in the Federal Reserve Board ed., Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley. Washington, D.C: Board of Governors of the Federal Reserve System, pp. 225-245.
  • Andrés, Javier, David López Salido, and Edward Nelson (2004). "Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium," Journal of Money, Credit, and Banking, vol. 36, no. 4, pp. 665-690.
  • 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, Supplement, 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). "Book Reviews: 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, 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, and Peter Sinclair 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.
  • Nelson, Edward (2001). "What Does the UK's Monetary Policy and Inflation Experience Tell Us About the Transmission Mechanism?" CEPR Discussion Paper, no. 3047. Centre for Economic Policy Research.
  • Batini, Nicoletta, and Edward Nelson (2000). "When the Bubble Bursts: Monetary Policy Rules and Foreign Exchange Market Behavior," Economics Working Paper Series, no. 2000-01. University of Sydney.
  • 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.
  • McCallum, Bennett T., and Edward Nelson (1997). "An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis," NBER Working Paper, no. 5875. National Bureau of Economic Research.
  • 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

    "€œThe 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

    "€œKey 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
Last update: October 16, 2017