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Author:Haubrich, Joseph G. 

Journal Article
Do excess reserves reveal credit crunches?

The author finds that because the level of excess reserves depends directly on the Federal Reserve's monetary policy stance, this measure is generally a poor indicator of credit availability.
Economic Commentary , Issue Jul

Journal Article
A conference on federal credit allocation

An overview of an October 1993 conference that examined the costs, causes, and consequences of credit allocation by the federal government, covering both the broad rationale for government intervention in U.S. credit markets and a number of specific programs and regulations.
Economic Review , Volume 30 , Issue Q III , Pages 2-13

Discussion Paper
A conference on liquidity in frictional markets

This Policy Discussion Paper summarizes the papers that were presented at the Liquidity in Frictional Markets conference in November 2008. The papers, which looked at markets for assets as diverse as houses, bank loans, and electronic funds transfer, all explored that amorphous concept called liquidity and how its presenceor absenceaffects the economy.
Policy Discussion Papers , Issue May

Discussion Paper
Who holds the toxic waste? An investigation of CMO holdings

Toxic waste refers to the riskiest derivative structures arising from collateralized mortgage obligations (CMOs). We use simulations to predict how this risk would manifest itself in various interest rate environments. We also look for evidence on the total dollar value of these securities, who holds them, and how much they hold. Very limited public information is available, but commercial banks are required to report on their holdings, and we investigate the extent to which the risk is concentrated in that sector.
Policy Discussion Papers , Issue Jun

Working Paper
Commitment as irreversible investment

Considering time inconsistency as a problem of irreversible investment brings some neglected points to the fore. Making a policy choice in real time and under current conditions emphasizes the importance of the timing of commitment, the regret over past decisions, and the option value of not committing. This paper applies these concepts to monetary policy, banking regulation, and capital taxation.
Working Papers (Old Series) , Paper 9217

Conference Paper
Banking and commerce: an approach based on liquidity synergies

Proceedings , Paper 610

Journal Article
Expensing stock options

Many market commentators argue that companies should expense the stock options they give their employees. Will expensing give investors better information about what companies earn and spend?
Economic Commentary , Issue Nov

Journal Article
A new approach to gauging inflation expectations

This Economic Commentary explains a relatively new method of uncovering inflation expectations, real interest rates, and an inflation-risk premium. It provides estimates of expected inflation from one month to 30 years, an estimate of the inflation-risk premium, and a measure of real interest rates, particularly a short (one-month) rate, which is not readily available from the TIPS market. Calculations using the method suggest that longer-term inflation expectations remain near historic lows. Furthermore, the inflation-risk premium is also low, which in the model means that inflation is not ...
Economic Commentary , Volume 2009 , Issue Aug , Pages 4

Conference Paper
Introduction

Proceedings

Journal Article
Bank diversification: laws and fallacies of large numbers

Conventional wisdom on bank diversification confuses risk with failure. This article clarifies the distinction and shows how increasing bank size may increase bank risk, even though it lessens the probability of failure and lowers the expected loss. The key result is an application of Samuelson's "fallacy of large numbers."
Economic Review , Volume 34 , Issue Q II , Pages 2-9

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