Michael Kiley is a staff member in the Division of Monetary Affairs at the Federal Reserve Board in Washington, DC. Mr. Kiley has published widely on topics such as financial cycles, inflation dynamics, technological change, dynamic-stochastic-general-equilibrium models, and monetary-policy strategy. Mr. Kiley has taught at the Yale School of Management, The Johns Hopkins University, and the University of Michigan at Ann Arbor; he has also worked for the U.S. Department of the Treasury, the

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