Search Results

Showing results 1 to 4 of approximately 4.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Tepper, Alexander 

Report
Estimating the impacts of U.S. LSAPs on emerging market economies’ local currency bond markets

This paper examines whether large-scale asset purchases (LSAPs) by the Federal Reserve influenced capital flows out of the United States and into emerging market economies (EMEs) and also analyzes the degree of pass-through from long-term U.S. government bond yields to long-term EME bond yields. Using panel data from a broad array of EMEs, our empirical estimates suggest that a 10-basis-point reduction in long-term U.S. Treasury yields results in a 0.4-percentage-point increase in the foreign ownership share of emerging market debt. This, in turn, is estimated to reduce government bond yields ...
Staff Reports , Paper 595

Report
A leverage-based measure of financial instability

We employ a model of leverage-induced explosive behavior in financial markets to develop a measure of financial market instability. Specifically, we derive a quantitative condition for how large levered investors can become relative to the whole market before the demand curve for securities suddenly becomes upward-sloping and small price declines cascade as levered investors are forced to liquidate. The size and leverage of all levered investors and the elasticity of demand of unlevered investors define the minimum market size for stability (or MinMaSS), the smallest market size that can ...
Staff Reports , Paper 688

Report
Accounting for breakout in Britain: The Industrial Revolution through a Malthusian lens

This paper develops a simple dynamic model to examine the breakout from a Malthusian economy to a modern growth regime. It identifies several factors that determine the fastest rate at which the population can grow without engendering declining living standards; this is termed maximum sustainable population growth. We then apply the framework to Britain and find a dramatic increase in sustainable population growth at the time of the Industrial Revolution, well before the beginning of modern levels of income growth. The main contributions to the British breakout were technological improvements ...
Staff Reports , Paper 639

Discussion Paper
The European Debt Crisis and the Dollar Funding Gap

Against the backdrop of the ongoing debt crisis in Europe, the difficulties faced by European banks in borrowing U.S. dollars have attracted increased attention. The inability to borrow dollars has been partially responsible for European banks? decisions to sell dollar-denominated assets and reduce their lending activity in the United States, to the possible detriment of U.S. companies and global financial markets. In this post, we discuss the genesis of European banks? dollar funding gap problem and the steps taken by central banks to help fill this gap. While we focus on European banks in ...
Liberty Street Economics , Paper 20120808

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

Borowiecki, Karol Jan 2 items

Miu, Jason 1 items

Moore, Jeffrey 1 items

Nam, Sunwoo 1 items

Sarkar, Asani 1 items

show more (2)

FILTER BY Jel Classification

E58 1 items

F00 1 items

G01 1 items

G10 1 items

G20 1 items

N13 1 items

show more (5)

PREVIOUS / NEXT