Meet the Economists
Edward Nelson
Senior Adviser
Program Direction Section
Monetary Affairs
202-452-2032
[email protected]
[email protected]
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 - presentProfessor of Economics
University of Sydney
2015 - 2017Assistant Director
Division of Monetary Affairs, Board of Governors of the Federal Reserve System
2012 - 2015Chief, Monetary Studies Section
Division of Monetary Affairs, Board of Governors of the Federal Reserve System
2011 - 2012Senior Economist, Monetary Studies Section
Division of Monetary Affairs, Board of Governors of the Federal Reserve System
2009 - 2011Assistant Vice President
Federal Reserve Bank of St. Louis
2006 - 2009Research Officer
Federal Reserve Bank of St. Louis
2003 - 2006Research Advisor to the Monetary Policy Committee
Bank of England
2000 - 2003Economist, Monetary Assessment and Strategy Division
Bank of England
1998 - 2000
- How Did It Happen?: The Great Inflation of the 1970s and Lessons for Today
Edward Nelson
Finance and Economics Discussion Series (2022)
https://doi.org/10.17016/FEDS.2022.037 - 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) - 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
NBER Working Paper Series (2007)
https://doi.org/10.3386/w13546 - 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 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
Working paper (Federal Reserve Bank of St. Louis) (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) - Sticky-Price Models and the Natural Rate Hypothesis
Javier Andrés, David López-Salido, and Edward Nelson
Documentos de trabajo (Banco de España) (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 - UK Monetary Policy 1972-97: A Guide Using Taylor Rules
Edward Nelson
Central Banking, Monetary Theory and Practice: Essays in Honour of Charles Goodhart (2003) - 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) - UK Monetary Policy 1972-97: A Guide Using Taylor Rules
Edward Nelson
CEPR Discussion Paper Series (2001) - 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 2018Joint 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 2017University of Pennsylvania
"The Development of Milton Friedman's Monetary Economics"
conference
December 2016Reserve Bank of Australia Macroeconomics Workshop on Quantitative Macroeconomics
Discussion of Eggertsson-Mehrotra "A Model of Secular Stagnation"
conference
December 2014Reserve Bank of New Zealand/IJCB Conference
"Trend Inflation in Advanced Economies"
seminar
October 2013Economic History Seminar, University of California, Berkeley
"Milton Friedman and the Federal Reserve Chairs, 1951-1979"
conference
October 2013Workshop on Money and Liquidity, Bank of Canada
"The Correlation Between Money and Output in the United Kingdom: Resolution of a Puzzle"
conference
October 2012Journal of International Money and Finance Thirtieth Anniversary Conference, Fordham University
"Friedman's Monetary Economics in Practice"
conference
November 2011Conference on QE and Other Unconventional Monetary Policies, Bank of England, London
"ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃThe Federal ReserveÃÃÃÃÃÃÃâÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃs Large-Scale Asset Purchases: Rationale and EffectsÃÃÃÃÃÃÃâÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ
conference
September 2011Conference on Monetary Policy Before, During, and After the Crisis, Heriot-Watt University, Edinburgh
"ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃKey Aspects of Quantitative Easing in the United States and the United KingdomÃÃÃÃÃÃÃâÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ
discussion
June 2011Conference 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 KingdomÃÃÃÃÃÃÃâÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ
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:
May 15, 2023