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Series:Economic Review 

Journal Article
Credit derivatives and risk management

The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. This paper illustrates credit derivatives' value with three examples: a commercial bank using credit derivatives to manage loan portfolio risk; an investment bank using them to manage the risks of underwriting securities; and an investor, such as an insurance company, asset manager, or hedge fund, using them to align credit risk exposure with a desired credit risk profile. ; But credit derivatives pose risk-management challenges of their own; the author discusses five ...
Economic Review , Volume 92 , Issue Q4 , Pages 25-41

Journal Article
The effects of vertical integration on competing input suppliers

When a downstream firm buys an input supplier, it can reduce its costs of using that input. Other input suppliers typically respond by pricing more aggressively, given the demand reduction, which tends to lower input supply costs to other firms. Thus, a vertical merger may lower rivals' costs instead of raising them.
Economic Review , Issue Q I , Pages 2-8

Journal Article
Gold as a private hedge against inflation

Special issue on gold
Economic Review , Issue Win , Pages 21-31

Journal Article
Measuring the Stance of Monetary Policy on and off the Zero Lower Bound

Taeyoung Doh and Jason Choi propose a new ?shadow? short-term interest rate to measure the stance of policy when the federal funds rate was constrained by the zero lower bound.
Economic Review , Issue Q III , Pages 5-24

Journal Article
Comovements among national stock markets

This paper uses the methodology of Hansen and Jaganathan (1991) to derive a lower bound on the correlation between any pair of asset returns under the hypothesis of complete markets. The bound is a simple function of the two assets' Sharpe ratios and the coefficient of variation of a unique stochastic discount factor. The paper uses this bound to conduct robust, nonparametric tests of the hypothesis that international equity markets are integrated. ; Using monthly stock return data from the U.S., Japan, and Great Britain for the period 1980 through 1993, I find that conclusions about market ...
Economic Review

Journal Article
Commodity prices and P-star

An illustration of how the P-star indicator of future inflation can be modified to include information about the recent behavior of commodity prices. This approach yields more accurate short-run inflation forecasts while still retaining the property that, over the long run, only money matters.
Economic Review , Volume 28 , Issue Q I , Pages 11-17

Journal Article
The changing U.S. financial system : some implications for the monetary transmission mechanism

An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United States may have altered the interest rate channel. Key developments include the deregulation of the ...
Economic Review , Volume 87 , Issue Q I , Pages 5-35

Journal Article
Seasonal borrowing privilege: profile of the Tenth Federal Reserve District

Economic Review , Volume 67 , Issue Sep , Pages 19-26

Journal Article
The behavior of the spread between Treasury bill rates and private money market rates since 1978

An abstract for this article is not available.
Economic Review , Volume 69 , Issue Nov , Pages 3-15

Journal Article
A dynamic multivariate model for use in formulating policy

A policy action by the Federal Reserve consists of using any one of various instruments, such as the federal funds rate and different measures of money, to pursue its multiple objectives. Because of long and variable lags in the effects of policy actions, the process of anticipating the future is indispensable in formulating sound monetary policy. For the same reason, projecting policy effects accurately is a challenging task. An essential step is to develop good forecasting models. ; This article presents a forecasting model that seems to overcome conceptual and empirical difficulties ...
Economic Review , Volume 83 , Issue Q 1 , Pages 16-29

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