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Author:Rosengren, Eric S. 

Working Paper
Capital and risk: new evidence on implications of large operational losses

Operational risk is currently receiving significant media attention, as financial scandals have appeared regularly and multiple events have exceeded one billion dollars in total impact. Regulators have also been devoting attention to this risk, and are finalizing proposals that would require banks to hold capital for potential operational losses. This paper uses newly available loss data to model operational risk at internationally active banks. Our results suggest that the amount of capital held for operational risk will often exceed capital held for market risk, and that the largest banks ...
Working Papers , Paper 03-5

Working Paper
Does Fed policy reveal a ternary mandate?

This paper examines the role of financial instability in setting monetary policy. The paper begins with a model that examines the interaction of monetary and regulatory policy. It then empirically tests whether financial instability has affected monetary policy. One important innovation is to construct a measure of financial instability directly related to the FOMC financial instability concerns expressed in FOMC meeting transcripts. We find that, even after controlling for forecasts of inflation and unemployment, the word counts of terms related to financial instability do correlate with ...
Working Papers , Paper 16-11

Monetary policy as the economy approaches the Fed’s dual mandate: remarks at the New York Association for Business Economics, New York, New York, February 15, 2017.

Boston Fed President Eric Rosengren said that the economy has continued to improve and called for continued gradual removal of monetary policy accommodation.
Speech , Paper 114

The economic outlook and monetary policy

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at The Economic Club of Minnesota, Minneapolis, Minnesota, May 29, 2013.
Speech , Paper 73

Working Paper
Is bank supervision central to central banking?

Recently, several central banks have lost their bank supervisory responsibilities, in part because it has not been shown that supervisory authority improves the conduct of monetary policy. This paper finds that confidential bank supervisory information could help the Board staff more accurately forecast important macroeconomic variables and is used by FOMC members to guide monetary policy. These findings suggest that the complementarity between supervisory responsibilities and monetary policy should be an important consideration when evaluating the structure of the central bank.
Working Papers , Paper 99-7

Estimating key economic variables: the policy implications: remarks at the 84th International Atlantic Economic Conference, International Atlantic Economic Society, Montreal, Canada, October 7, 2017

Acknowledging that "every economic recovery has its own unique puzzles," Federal Reserve Bank of Boston President Eric Rosengren explored two from the most recent recovery: first, the difficulty central banks in many developed economies have had achieving their inflation objectives even as employment has rebounded; and second, the relatively slow rate of economic growth experienced in the U.S., despite unusually low interest rates.
Speech , Paper 122

Municipal strategies for financial empowerment

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the U.S. Conference of Mayors Cities of Opportunity Task Force Meeting, Boston, Massachusetts, March 22, 2015.
Speech , Paper 95

Working Cities Challenge: remarks at the MetroHartford Alliance breakfast event \"Working Cities, Thriving Communities: How Cross-Sector Collaboration Helps Our Communities Thrive\", Hartford, Connecticut, August 8, 2018

Eric Rosengren presented an overview of the Working Cities Challenge covering, among other topics, the initiatives taking place in Connecticut.
Speech , Paper 134

Working Paper
Collateral damage: effects of the Japanese real estate collapse on credit availability and real activity in the United States

The dramatic 70 percent decline in Japanese commercial real estate prices from their peak in 1990 provides a natural experiment to test the extent to which a loan supply shock can affect real economic activity. Because the shock was external to U.S. credit markets, yet connected through the substantial penetration of U.S. lending markets by Japanese banks, this event allows us to identify an exogenous loan supply shock and ultimately link that shock to construction activity in major commercial real estate markets in the United States. We use panel data that exploit the variation across ...
Working Papers , Paper 97-5

Journal Article
State anti-takeover statutes

New England Economic Indicators , Issue Q IV , Pages iv-xi


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