Staff Economists


Alexander L. Wolman

headshot of Alexander L. Wolman

My research focuses on monetary policy and macroeconomics, in particular models of price stickiness and their implications for monetary policy.


Professional Experience

Alexander Wolman is vice president for monetary and macroeconomic research in the Richmond Fed's Research Department. He has published articles in several economics journals, including the Quarterly Journal of Economics and the Review of Economic Studies. He joined the Richmond Fed as an economist in 1996.


Ph.D., University of Virginia, 1996
M.A., University of Virginia, 1993

Curriculum vitae

Journal Articles

"The Optimal Rate of Inflation with Trending Relative Prices." Journal of Money, Credit, and Banking 43, no. 2-3 (March-April 2011): 355-384.

“Fiscal Policy and Regional Inflation in a Currency Union” (with Margarida Duarte). Journal of International Economics 74, no. 2 (March 2008): 384-401.

“Steady State Equilibrium with State-Dependent Pricing” (with A. Andrew John). Journal of Monetary Economics 55, no. 1 (March 2008): 383-405.

“The Frequency and Costs of Individual Price Adjustment.” Managerial & Decision Economics 28, no. 6 (September 2007): 531-552.

“Comment on ‘Reconsidering the Natural Rate Hypothesis in a New Keynesian Framework,’ by Andrew Levin and Tack Yun.” Journal of Monetary Economics 54, no. 5 (July 2007), 1366-1371.

“The Zero Bound and the Term Structure in a Nonlinear Economic Model.” Seoul Journal of Economics 19, no. 1 (Spring 2006): 147-170.

“Real Implications of the Zero Bound on Nominal Interest Rates.” Journal of Money, Credit & Banking 37, no. 2 (April 2005): 273-296.

“Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria” (with Robert G. King). Quarterly Journal of Economics 119, no. 4 (November 2004): 1513-1553.

“Optimal Monetary Policy” (with Aubhik Khan and Robert G. King). Review of Economic Studies 70, no. 245 (October 2003): 825-860.

“State-Dependent Pricing and the General Equilibrium Dynamics of Money and Output” (with Michael Dotsey and Robert G. King). Quarterly Journal of Economics 114, no. 2 (May 1999): 655-690.

“Inflation Targeting in a St. Louis Model of the 21st Century” (with Robert G. King). Federal Reserve Bank of St. Louis Review, 78, no. 3 (May/June 1996): 83-107.

Book Chapters

"What Should the Monetary Authority Do When Prices Are Sticky?" (with Robert G. King). In Monetary Policy Rules, edited by John B. Taylor, 349-398. University of Chicago Press, 1999.

Issue Title Author(s)
Second Quarter 2013 Federal Reserve Interdistrict Settlement Alexander L. Wolman
Fourth Quarter 2011 K-Core Inflation Alexander L. Wolman
First Quarter 2011 Housing and the Great Recession: A VAR Accounting Exercise Samuel E. Henly
Alexander L. Wolman
Fourth Quarter 2010 Monetary Policy and Global Equilibria in a Production Economy Tim Hursey
Alexander L. Wolman
Summer 2008 Nominal Frictions, Relative Price Adjustment, and the Limits to Monetary Policy Alexander L. Wolman
Fall 2007 Currency Quality and Changes in the Behavior of Depository Institutions Hubert P. Janicki
Nashat F. Moin
Andrea L. Waddle
Alexander L. Wolman
Fall 2006 Bond Price Premiums Alexander L. Wolman
Fall 2005 Trend Inflation, Firm-Specific Capital, and Sticky Prices Andreas Hornstein
Alexander L. Wolman
Winter 2005 Inflation and Changing Expenditure Shares Alexander L. Wolman
Fan Ding
Fall 2003 Boom and Bust in Telecommunications Elise A. Couper
John P. Hejkal
Alexander L. Wolman
Winter 2003 Potential Consequences of Linear Approximation in Economics Alexander L. Wolman
Elise A. Couper
Fall 2001 A Primer on Optimal Monetary Policy with Staggered Price-Setting Alexander L. Wolman
Fall 2000 The Frequency and Costs of Individual Price Adjustment Alexander L. Wolman
Fall 1999 Sticky Prices, Marginal Cost, and the Behavior of Inflation Alexander L. Wolman
Fall 1998 Staggered Price Setting and the Zero Bound on Nominal Interest Rates Alexander L. Wolman
Fall 1997 Zero Inflation and the Friedman Rule: A Welfare Comparison Alexander L. Wolman

Computer programs for "Monetary Policy and Global Equilibria in a Production Economy" (with Tim Hursey). Federal Reserve Bank of Richmond Economic Quarterly 96, no. 4 (Fourth Quarter 2010): 317-337.

"The Calvo Model without Local Approximation" (with Andreas Hornstein). Unpublished manuscript, April 2007.

"Synchronization and Staggering in a Model of State-Dependent Pricing" (with A. Andrew John). Unpublished manuscript, June 2005.

"The Optimal Rate of Inflation with Trending Relative Prices." Unpublished manuscript, May 2005.

"Heterogeneous Frequency of Price Adjustment" (with A. Andrew John). Unpublished manuscript, September 2003.

Contact Us


Alexander L. Wolman
(804) 697-8262