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Content Type:Discussion Paper 

Discussion Paper
Inertial Taylor rules: the benefit of signaling future policy

We trace the consequences of an energy shock on the economy under two different monetary policy rules: a standard Taylor rule where the Fed responds to inflation and the output gap; and a Taylor rule with inertia where the Fed moves slowly to the rate predicted by the standard rule. We show that with both sticky wages and sticky prices, the outcome of an inertial Taylor rule is superior to that of the standard rule, in the sense that inflation is lower and output is higher following an adverse energy shock. However, if prices alone are sticky, things are less clear and the standard rule ...
Policy Discussion Papers , Issue Apr

Discussion Paper
Determinants of commercial bank liability structure, 1970-75

Research Papers in Banking and Financial Economics , Paper 13

Discussion Paper
How Does Intergenerational Wealth Transmission Affect Wealth Concentration?

In this note, we seek to establish the role of intergenerational wealth transmission by using the Federal Reserve Board's Survey of Consumer Finances (SCF), which contains extensive information about household balance sheets, intergenerational transfers made and received, and demographic and socioeconomic characteristics of respondents.
FEDS Notes , Paper 2018-06-01

Discussion Paper
Insuring Against Adverse Outcomes at Birth

To what extent should government policy try to equalize economic outcomes due to differences among individuals in their most basic, innate circumstances: the kind of family they?re born into, their level of intelligence, their marketable talents, their health? Should policy tilt economic resources away from ?genetic winners? and toward less fortunate newborns? {{p}} This paper points to the usefulness of considering different perspectives regarding at-birth risks. It argues that law and policy need to focus on allowing tools for parents to mitigate the real risk to themselves associated with ...
Economic Policy Paper , Paper 16-12

Discussion Paper
Do You Know How Your Treasury Trades Are Cleared and Settled?

The Treasury Market Practices Group (TMPG) recently released a consultative white paper on clearing and settlement processes for secondary market trades of U.S. Treasury securities. The paper describes in detail the many ways Treasury trades are cleared and settled? information that may not be readily available to all market participants?and identifies potential risk and resiliency issues. The work is designed to facilitate discussion as to whether current practices have room for improvement. In this post, we summarize the current state of clearing and settlement for secondary market Treasury ...
Liberty Street Economics , Paper 20180912

Discussion Paper
Preemptive Runs and the Offshore U.S. Dollar Money Market Funds Industry

In March 2020, U.S. dollar-denominated prime money market funds (MMFs) suffered heavy outflows as concerns about the COVID-19 pandemic increased in the United States and Europe. Investors redeemed their shares en masse not only from funds domiciled in the United States (“domestic”) but also from offshore funds. In this post, we use differences in the regulatory regimes of domestic and offshore funds to identify the impact of the redemption gates and liquidity fees recently introduced as part of MMF industry reforms in both the United States and Europe.
Liberty Street Economics , Paper 20211122

Discussion Paper
An overview of credit card asset-backed securities

Summary: On Friday, October 25, 2002, the Payment Cards Center of the Federal Reserve Bank of Philadelphia held a workshop that focused on credit card asset-backed securities. Mark Adelson, head of structured finance research at Nomura Securities International, led the workshop. A veteran analyst of the ABS market, Adelson has written numerous articles and special reports on securitization. During the workshop, Adelson explained the growth, pricing, and mechanics of credit card asset-backed securities. He also discussed some key issues currently facing ABS markets. This paper supplements ...
Consumer Finance Institute discussion papers , Paper 02-14

Discussion Paper
Foreclosure externalities: some new evidence

In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties secured by seriously delinquent mortgages and information on the condition of foreclosed properties. We find that while properties in virtually all stages of distress have statistically significant, negative effects on nearby home values, the magnitudes are economically small, peak before the distressed ...
Public Policy Discussion Paper , Paper 12-5

Discussion Paper
Optimal-Control Monetary Policy in the FRB/US Model

The question of how best to conduct monetary policy has been studied by economists for a long time. Over the past 25 years or so, attention has focused on systematic approaches to setting the short-term interest rate in a manner that effectively balances policymaker objectives.
FEDS Notes , Paper 2014-11-21-1

Discussion Paper
How Do U.S. Global Systemically Important Banks Lower Their Capital Surcharges?

In this note, we examine whether and how U.S. G-SIBs adjust their systemic importance indicators to lower their surcharges.
FEDS Notes , Paper 2020-01-31

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