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Briefing
Unsustainable fiscal policy : implications for monetary policy
The debt of the U.S. government is at historically high levels, but how do we know whether debt levels are worrisome? This Economic Brief argues that the current fiscal position is not sustainable. Though financial markets seem unconcerned, for the time being, about U.S. fiscal health, as evidenced by low rates on Treasury securities, lawmakers should not be complacent. Expectations are liable to change as large fiscal imbalances persist, with potentially devastating consequences for the U.S. economy and monetary policy.
Briefing
The spice of life : allowing for heterogeneity in macro models
Macroeconomic models often make simplifying assumptions that suppress differences between people. Changing these assumptions and allowing for "heterogeneity" can enrich analysis of both observed data and policy tradeoffs. Modern macroeconomics has made significant progress in this area, sometimes significantly altering economists' views and policy prescriptions.
Journal Article
Fiscal Multiplier
Jargon Alert on the Fiscal Multiplier
Briefing
Preventing Bank Runs
Banking can be defined as the business of maturity transformation, or "borrowing short to lend long." Economists and policymakers have long viewed banking as inherently unstable, that is, prone to runs. This Economic Brief reviews the intuition and theory behind bank runs and the most popular proposed solutions. It also explores new research suggesting that runs might be prevented by creating a new, low-cost type of deposit contract that eliminates the incentive to run.
Briefing
Reforming Money Market Mutual Funds: A Difficult Assignment
The money market mutual fund (MMMF) industry was one of many segments of the financial sector that experienced significant volatility during the 2007?08 financial crisis. Reform efforts have been underway to make the industry more resilient to shocks, but proposals have been controversial. This Economic Brief explores some of the key issues and sheds light on why reforming this industry has been so challenging.
Journal Article
Game strategy in fiscal straits: When government debts become large, lessons of game theory might help avoid a crisis
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2012/q4/feature4_weblinks.cfm
Journal Article
Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's First 100 Years
President Jeffrey Lacker and Research Publications Content Manager Renee Haltom explore the Fed's role in financial stability. Following the global financial crisis of 2007--08, the Fed has been given enhanced regulatory responsibilities to prevent future crises. However, most of the Fed's actions in pursuit of financial stability have historically come through emergency lending once crises are underway. The authors conclude that arguments in favor of emergency lending are based on erroneous readings of history. Instead, emergency lending may undermine financial stability, as well as the ...
Journal Article
Policy update: Incentives for greener transportation
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q3/policy_update_weblinks.cfm
Journal Article
Winners and losers from monetary policy: The Fed seeks to support the economy as a whole, but some redistributional effects are unavoidable
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2012/q2-3/federal_reserve_weblinks.cfm
Journal Article
Upfront: Regional news at a glance