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Photo of Edward Nelson

Edward Nelson

Senior Adviser Program Direction Section Monetary Affairs
[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 - 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
  • Continuity and Change in the Federal Reserve’s Perspective on Price Stability
    David López-Salido, Emily J. Markowitz, and Edward Nelson
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.041
  • 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)
    See also » FRB Working Paper (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

    May 2024

    Workshop on Federal Reserve Monetary and Financial History, Federal Reserve Bank of St. Louis

    "Continuity and Change in the Federal Reserve's Perspective on Price Stability"

  • conference

    May 2024

    Hoover Monetary Policy Conference, "Getting Global Monetary Policy On Track," Hoover Institution, Stanford University

    "Milton Friedman and the Second Wave of the Great Inflation"

  • conference

    April 2024

    26th Dynamic Econometrics Conference, Oxford University, U.K.

    "The Friedman-Schwartz/Hendry-Ericsson Debate on U.K. Monetary Trends: A 40-Year Retrospective"

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: June 24, 2024