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Author:Taylor, John B. 

Working Paper
A black swan in the money market

At the center of the financial market crisis of 2007-2008 was a highly unusual jump in spreads between the overnight inter-bank lending rate and term London inter-bank offer rates (Libor). Because many private loans are linked to Libor rates, the sharp increase in these spreads raised the cost of borrowing and interfered with monetary policy. The widening spreads became a major focus of the Federal Reserve, which took several actions--including the introduction of a new term auction facility (TAF)--to reduce them. This paper documents these developments and, using a no-arbitrage model of the ...
Working Paper Series , Paper 2008-04

Conference Paper
General discussion : overview panel : rethinking stabilization policy

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
The monetary transmission mechanism: an empirical framework

This paper describes an empirical framework for analyzing the monetary transmission mechanism through which changes in monetary policy affect real GDP and inflation. The framework reflects the work of a large number of empirical researchers who have built econometric models of the impacts of monetary policy on real interest rates and real exchange rates. The framework is international in its scope and emphasizes the prices of financial assets rather than the quantities of these assets. In most cases expectations are assumed to be rational and the prices of goods and services are ...
Working Papers in Applied Economic Theory , Paper 95-07

Conference Paper
Monetary policy implications of greater fiscal discipline

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Commentary : understanding the Greenspan standard

Proceedings - Economic Policy Symposium - Jackson Hole , Issue Aug , Pages 107-118

Conference Paper
How should monetary policy respond to shocks while maintaining long-run price stability? Conceptual issues

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
A black swan in the money market

The recent financial crisis saw a dramatic and persistent jump in interest rate spreads between overnight federal funds and longer-term interbank loans. The Fed took several actions to reduce these spreads, including the creation of the Term Auction Facility (TAF). The effectiveness of these policies depends on the cause of the increased spreads?whether counterparty risk, liquidity, or other factors. Using a no-arbitrage pricing framework and various measures of risk, we find robust evidence that increased a counterparty risk contributed to the rise in spreads, but do not find robust evidence ...
Proceedings , Issue Jan

Conference Paper
Housing and monetary policy

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
The role of expectations in the choice of monetary policy

Proceedings - Economic Policy Symposium - Jackson Hole

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