Professional Experience

Yash Mehra is a senior economist and policy advisor in the Research Department. His work has been published in numerous academic journals, including American Economic Review, the Journal of Economics and Business, and the Journal of Money, Credit, and Banking. Mehra taught at Illinois State University for three years and Penn State University for six years before joining the Richmond Fed in 1983.

Education

Ph.D., University of Minnesota, 1974
M.A., Delhi School of Economics (India), 1966
B.A., Punjab University (India), 1963

Curriculum vitae

“The Output Gap, Expected Future Inflation and Inflation Dynamics: Another Look. ” Topics in Macroeconomics 4, no. 1 (2004): 1-17.

“Level and Growth Policy Rules and Actual Fed Policy Since 1979. ” Journal of Economics and Business 54, no. 6 (November 2002): 575-594.

“The Bond Rate and Estimated Monetary Policy Rules. ” Journal of Economics and Business 53, no. 4 (July 2001): 345-358.

“A Federal Funds Rate Equation.” Economic Inquiry 35, no. 3 (July 1997): 621-630.

“The Stability of the M2 Demand Function: Evidence from an Error-Correction Model. ” Journal of Money, Credit, and Banking 25, no. 3 (August 1993): 455-460.

“Wage Growth and the Inflation Process: An Empirical Note. ” American Economic Review 81, no. 4 (September 1991): 931-937.

“The Behavior of Money Demand in the 1980s ” (with Robert L. Hetzel). Journal of Money, Credit, and Banking 21, no. 4 (November 1989): 455-463.

“Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests: Comment. ” Journal of Money, Credit, and Banking 21, no. 2 (May 1989): 262-266.

“Tests of Exogeneity and Causality Specification in Monetary Models of Exchange Rate Determination ” (with Thomas C. Chiang). Atlantic Economic Journal 12, no. 2 (July 1984): 54-60.

“Aggregate Demand, Food Prices, and the Underlying Rate of Inflation ” (with Raymond E. Lombra). Journal of Macroeconomics 5, no. 4 (Fall 1983): 383-398.

Issue	Title	Author(s)
Summer 2009	Short-Term Headline-Core Inflation Dynamics	Yash P. Mehra Devin Reilly
Spring 2008	On the Sources of Movements in Inflation Expectations: A Few Insights from a VAR Model	Yash P. Mehra
Summer 2007	A Taylor Rule and the Greenspan Era	Yash P. Mehra Brian D. Minton
Summer 2006	Inflation Uncertainty and the Recent Low Level of the Long Bond Rate	Yash P. Mehra
Summer 2005	Oil Prices and Consumer Spending	Yash P. Mehra Jon D. Petersen
Summer 2004	Predicting the Recent Behavior of Inflation Using Output Gap-Based Phillips Curves	Yash P. Mehra
Fall 2003	Why Does Consumer Sentiment Predict Household Spending?	Yash P. Mehra Elliot W. Martin
Summer 2002	Survey Measures of Expected Inflation: Revisiting the Issues of Predictive Content and Rationality	Yash P. Mehra
Spring 2001	The Wealth Effect in Empirical Life-Cycle Aggregate Consumption Equations	Yash P. Mehra
Summer 2000	Wage-Price Dynamics: Are They Consistent with Cost Push?	Yash P. Mehra
Spring 1999	A Forward-Looking Monetary Policy Reaction Function	Yash P. Mehra
Spring 1998	The Bond Rate and Actual Future Inflation	Yash P. Mehra
Summer 1997	A Review of the Recent Behavior of M2 Demand	Yash P. Mehra
Summer 1996	Monetary Policy and Long-Term Interest Rates	Yash P. Mehra
Summer 1995	Some Key Empirical Determinants of Short-Term Nominal Interest Rates	Yash P. Mehra
Fall 1994	An Error-Correction Model of the Long-Term Bond Rate	Yash P. Mehra
Fall 1993	Unit Labor Costs and the Price Level	Yash P. Mehra

Paper	Title	Author(s)
04-6 August 2004	The Output Gap, Expected Future Inflation and Inflation Dynamics: Another Look	Yash P. Mehra
02-3 August 2002	The Taylor Principle, Interest Rate Smoothing and Fed Policy in the 1970s and 1980s	Yash P. Mehra
97-3 March 1997	The Bond Rate and Actual Future Inflation	Yash P. Mehra
95-3 May 1995	A Federal Funds Rate Equation	Yash P. Mehra
92-2 July 1992	Deficits and Long-Term Interest Rates: An Empirical Note	Yash P. Mehra
89-2 April 1989	Cointegration and a Test of the Quantity Theory of Money	Yash P. Mehra
89-1 April 1989	Wage Growth and the Inflation Process: An Empirical Note	Yash P. Mehra
87-2 August 1987	Velocity and the Variability of Money Growth: Evidence from Granger-Causality Tests Reevaluated	Yash P. Mehra
85-3 November 1985	The Recent Financial Deregulation and the Interest Elasticity of the Simple M1 Demand Function: An Empirical Note	Yash P. Mehra

“Wage Growth and the Inflation Process: An Empirical Approach.” In Cointegration for the Applied Economist, edited by B. Bhaskara Rao, 147-159. New York: St. Martin Press, 1994.