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The competitiveness of U.S. manufacturing
Diez, Federico J.; Gopinath, Gita (2014-06-01)
We study the competitiveness of U.S. manufacturing. For the period 1999?2012 we find little support for a significant offshoring reversal. We show that the share of domestic demand that is met by imports and the terms of trade show no signs of reversal, even in sectors dominated by imports from China. We do, however, find some evidence consistent with the U.S. shale-gas energy revolution raising the competiveness of U.S. energy-intensive sectors.
Current Policy Perspectives , Paper 14-3

Report
Application of weighted residual methods to dynamic economic models
McGrattan, Ellen R. (1998)
Staff Report , Paper 232

Report
How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007
Afonso, Gara; Acharya, Viral V.; Kovner, Anna (2013-08-01)
We investigate how banks scrambled for liquidity following the asset-backed commercial paper (ABCP) market freeze of August 2007 and its implications for corporate borrowing. Commercial banks in the United States raised dollar deposits and took advances from Federal Home Loan Banks (FHLBs), while foreign banks had limited access to such alternative dollar funding. Relative to before the ABCP freeze and relative to their non-dollar lending, foreign banks with ABCP exposure charged higher interest rates to corporations for dollar-denominated syndicated loans. The results point to a funding risk ...
Staff Reports , Paper 623

Report
The great escape? A quantitative evaluation of the Fed’s liquidity facilities
Eggertsson, Gauti B.; Del Negro, Marco; Kiyotaki, Nobuhiro; Ferrero, Andrea (2011)
We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities and ask: Can a shock to the liquidity of private paper lead to a collapse in short-term nominal interest rates and a recession like the one associated with the 2008 U.S. financial crisis? Once the nominal interest rate reaches the zero bound, what are the effects of interventions in which the government provides liquidity in exchange for illiquid private paper? We find that the effects of the liquidity shock can be large, and we show some numerical examples in which the liquidity facilities ...
Staff Reports , Paper 520

Report
Turning Points: Doing Rural Development Differently
Topolsky, Janet (2021)
Community Development Publications and Reports

Report
Are retail prime money market fund investors increasingly more sensitive to stress events?
Anadu, Kenechukwu E.; Levin, John; Lu, Lina; Malfroy-Camine, Antoine; Oefele, Nico (2025-01-06)
In this note, we examine the redemption activity of retail investors in prime money market funds, over two stress periods in 2008 and 2020. We find that, on average, retail investors’ redemptions during 2020’s stress period were substantially larger than those from 2008’s.
Supervisory Research and Analysis Notes , Issue 2025-01 , Pages 15

Report
Migration, Congestion Externalities, and the Evaluation of Spatial Investments
Schulhofer-Wohl, Sam; Dinkelman, Taryn (2015-01-09)
The direct benefits of infrastructure in developing countries can be large, but if new infrastructure induces in-migration, congestion of other local publicly provided goods may offset the direct benefits. Using the example of rural household electrification in South Africa, we demonstrate the importance of accounting for migration when evaluating welfare gains of spatial programs. We also provide a practical approach to computing welfare gains that does not rely on land prices. We develop a location choice model that incorporates missing land markets and allows for congestion in local land. ...
Staff Report , Paper 506

Report
Price and size discovery in financial markets: evidence from the U.S. Treasury securities market
Nguyen, Giang; Fleming, Michael J. (2013)
We study the workup protocol, an important size discovery mechanism in the U.S. Treasury securities market. We find that shocks in workup order flow explain 6-8 percent of the variation of returns on benchmark notes and, across maturities, contribute 10 percent to the variation of the yield curve level factor. Information related to proprietary client order flow is more likely to show up in workup trades, whereas information derived from public announcements is more likely to come through pre-workup (or “lit”) trades. Our findings highlight how the nature of information affects the ...
Staff Reports , Paper 624

Report
A model of the federal funds market: yesterday, today, and tomorrow
Lester, Benjamin; Afonso, Gara; Armenter, Roc (2018-02-01)
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves and new regulations made it more costly for these institutions to lend. As traditional levers for implementing monetary policy became less effective, the Federal Reserve introduced new tools to implement the target range for the federal funds rate, changing this landscape even more. In this paper, we develop a model that is capable of reproducing the main features of the federal funds market, as observed before ...
Staff Reports , Paper 840

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