Search Results
Journal Article
The instruments of monetary policy
Journal Article
The role of extended credit in Federal Reserve discount policy
Journal Article
Bank lending and monetary policy: evidence on a credit channel
While there is widespread agreement that banks play a key part in the transmission of monetary policy actions to the economy, debate continues on whether bank lending plays a special part in the monetary transmission mechanism. If a special lending or credit channel exists, changes in the willingness and ability of banks to extend credit may have implications for the economy. Moreover, ongoing changes in the role of banks in financial markets may affect the credit channel and so alter the monetary transmission mechanism.> Recent research on a bank credit channel has focused on two questions. ...
Journal Article
Monetary policy transparency and private sector forecasts: evidence from survey data
In recent years, central banks around the world have greatly increased the monetary policy information they have provided the public. The Federal Reserve has taken a number of actions to promote transparency including, most recently, the announcement of enhancements to the FOMC's (Federal Open Market Committee) economic forecasts that are released to the public. ; The movement toward increased transparency arises largely from the view that increased transparency has important benefits, including more effective monetary policy. This view is based on theoretical and empirical research that has ...
Journal Article
Market value accounting for banks: pros and cons
Journal Article
Recovery continues at tenth district banks
Journal Article
Monetary policy actions and long-term interest rates
It is generally believed that monetary policy actions are transmitted to the economy through their effect on market interest rates. According to this standard view, a restrictive monetary policy by the Federal Reserve pushes up both short-term and long-term interest rates, leading to less spending by interest-sensitive sectors of the economy such as housing, consumer durable goods, and business fixed investment. Conversely, an easier policy results in lower interest rates that stimulate economic activity. Unfortunately, empirical studies and the observed behavior of interest rates appear to ...
Journal Article
Improved performance at tenth district banks