Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Report
Open-Ended Treasury Purchases: From Market Functioning to Financial Easing
D'Amico, Stefania; Gillet, Max; Schulhofer-Wohl, Sam; Seida, Tim (2026-02-01)
We assess whether the Fed’s asset purchases can be tailored to either restore market functioning or provide economic stimulus. When the communicated goal is restoring market functioning and purchases’ implementation is flexible, flow effects are significant: relative price deviations narrow. However, stock effects remain near zero and hence not stimulative. When the communicated goal links purchases to the achievement of the dual mandate, improving their size’s predictability, stock effects rise consistently above zero. When the communicated implementation improves the predictability of ...
Staff Reports , Paper 1183

Speech
Risk management in an interconnected economy
Schulhofer-Wohl, Sam (2025-10-16)
Opening remarks delivered by Sam Schulhofer-Wohl at the Third-party Service Provider Risks in the Economy and Financial System workshop.
Speeches and Essays

Speech
Commodity derivatives markets and financial stability
Schulhofer-Wohl, Sam (2023-09-13)
Keynote remarks by Sam Schulhofer-Wohl at FIA Forum: Commodities 2023—Commodity Derivatives Markets in the Age of Uncertainty, Houston, Texas.
Speeches and Essays

Working Paper
Understanding the Long-Run Decline in Interstate Migration: Online Appendix
Schulhofer-Wohl, Sam; Kaplan, Greg (2015-06-01)
This appendix contains eight sections. Section 1 gives technical details of how we calculate standard errors in the CPS data. Section 2 discusses changes in the ACS procedures before 2005. Section 3 examines demographic and economic patterns in migration over the past two decades, in more detail than in the main paper. Section 4 examines the cross-sectional variance of location-occupation interactions in earnings when we define locations by MSAs instead of states. Section 5 describes alternative methods to estimate the variance of location-occupation interactions in income. Section 6 measures ...
Working Papers , Paper 725

Speech
Opening Remarks for FIA Forum: Commodities 2024, Panel Discussion on the 2025 Outlook
Schulhofer-Wohl, Sam (2024-09-18)
Speeches and Essays

Newsletter
Understanding Recent Fluctuations in Short-Term Interest Rates
Schulhofer-Wohl, Sam (2019)
In mid-September 2019, there were sudden, large fluctuations in short-term interest rates. Why did these fluctuations happen, and what do they tell us about the Federal Reserve?s monetary policy toolkit?
Chicago Fed Letter

Discussion Paper
How Do the Fed's MBS Purchases Affect Credit Allocation?
Schulhofer-Wohl, Sam; Martin, Antoine (2018-08-06)
It is sometimes said that the Federal Reserve should not engage in “credit allocation.” But what does credit allocation actually mean? And how do current Fed policies affect the allocation of credit? In this post, we describe two separate ideas often associated with credit allocation. The first idea is that the Fed should not take credit risk, which taxpayers would ultimately have to bear. The second idea is that the Fed’s actions should not influence the flow of credit to particular sectors. We consider whether the Fed’s holdings of agency mortgage-backed securities (MBS) could ...
Liberty Street Economics , Paper 20180806

Working Paper
Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers
Hall, Robert E.; Schulhofer-Wohl, Sam (2015-02-06)
Matching efficiency is the productivity of the process for matching jobseekers to available jobs. Job-finding is the output; vacant jobs and active jobseekers are the inputs. Measurement of matching efficiency follows the same principles as measuring a Hicks-neutral index of productivity of production. We develop a framework for measuring matching productivity when the population of jobseekers is heterogeneous. The efficiency index for each type of jobseeker is the monthly job-finding rate for the type adjusted for the overall tightness of the labor market. We find that overall matching ...
Working Papers , Paper 721

Working Paper
Deposit Convexity, Monetary Policy and Financial Stability
Greenwald, Emily; Schulhofer-Wohl, Sam; Younger, Josh (2023-10-10)
In principle, bank deposits can be withdrawn on demand. In practice, depositors tend to maintain stable balances for long periods, allowing banks to fund long-dated assets. Nevertheless, the cost of deposit funding influences banks’ capacity for maturity transformation. Banks and researchers conventionally model the response of deposit interest rates to market interest rates as constant, implying that deposits have nearly constant duration. Contrary to this standard assumption, we show empirically that the “beta” of deposit rates to market rates increases as market rates rise, causing ...
Working Papers , Paper 2315

Working Paper
Do newspapers matter? Short-run and long-run evidence from the closure of The Cincinnati Post
Garrido, Miguel; Schulhofer-Wohl, Sam (2011)
The Cincinnati Post published its last edition on New Year?s Eve 2007, leaving the Cincinnati Enquirer as the only daily newspaper in the market. The next year, fewer candidates ran for municipal office in the Kentucky suburbs most reliant on the Post, incumbents became more likely to win reelection, and voter turnout and campaign spending fell. These changes happened even though the Enquirer at least temporarily increased its coverage of the Post?s former strongholds. Voter turnout remained depressed through 2010, nearly three years after the Post closed, but the other effects diminished ...
Working Papers , Paper 686

show more (1)

show more (30)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords