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Conference Paper
Designing Resilient Monetary Policy Frameworks for the Future : Economic Policy Symposium, Jackson Hole, Wyoming, August 25-27, 2016
Kansas City, Federal Reserve Bank (2016)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Non-monetary news in Fed announcements: Evidence from the corporate bond market
Smolyansky, Michael; Suarez, Gustavo A. (2025-01-31)
When the Federal Reserve tightens monetary policy, do the prices of riskier assets fall relative to safer assets? Or, do investors interpret policy tightening as a signal that economic fundamentals are stronger than they previously believed, thus leading riskier assets to outperform? We present evidence that the latter of these two forces empirically dominates within the U.S. corporate bond market. Following an unanticipated monetary policy tightening, riskier corporate bonds outperform safer corporate bonds, demonstrating the importance of an informational, or nonmonetary, component within ...
Finance and Economics Discussion Series , Paper 2021-010r1

Working Paper
Monetary Policy Uncertainty and Monetary Policy Surprises
Modugno, Michele; Favara, Giovanni; http://fedora:8080/fcrepo/rest/objects/authors/; De Pooter, Michiel (2020-04-17)
Monetary policy uncertainty affects the transmission of monetary policy shocks to longer-term nominal and real yields. For a given monetary policy shock, the reaction of yields is more pronounced when the level of monetary policy uncertainty is low. Primary dealers and other investors adjust their interest rate positions more when monetary policy uncertainty is low than when uncertainty is high. These portfolio adjustments likely explain the larger pass-through of a monetary policy shock to bond yields when uncertainty is low. These findings shed new light on the role that monetary policy ...
Finance and Economics Discussion Series , Paper 2020-032

Working Paper
International Dollar Flows
Banegas, Ayelen; Judson, Ruth; Sims, Charles; Stebunovs, Viktors (2015-09-09)
Using confidential Federal Reserve data, we study the factors driving U.S. banknote flows between the United States and other countries. These flows are a significant component of capital flows in emerging market economies, where physical U.S. currency functions as a safe asset and precautionary demand for U.S. banknotes is a form of flight to quality. Prior to the global financial crisis, country-specific factors, including local economic uncertainty, largely explain the volume and heterogeneity of the flows. Since the crisis, global factors, particularly, global economic uncertainty, ...
International Finance Discussion Papers , Paper 1144

Report
Stressed, not frozen: the Federal Funds market in the financial crisis
Schoar, Antoinette; Afonso, Gara; Kovner, Anna (2010-03-01)
We examine the importance of liquidity hoarding and counterparty risk in the U.S. overnight interbank market during the financial crisis of 2008. Our findings suggest that counterparty risk plays a larger role than does liquidity hoarding: the day after Lehman Brothers? bankruptcy, loan terms become more sensitive to borrower characteristics. In particular, poorly performing large banks see an increase in spreads of 25 basis points, but are borrowing 1 percent less, on average. Worse performing banks do not hoard liquidity. While the interbank market does not freeze entirely, it does not seem ...
Staff Reports , Paper 437

Working Paper
Revisiting Risky Money
Nesmith, Travis D. (2024-11-26)
Risk was first incorporated into monetary aggregation over thirty-five years ago,using a stochastic version of the workhorse money-in-the-utility-function model.Nevertheless, the mathematical foundations of this stochastic model remain shaky.To firm the foundations, this paper employs a slightly richer probability conceptthan standard Borel-measurability, which enables me to prove the existence of awell-behaved solution and to derive stochastic Euler equations. This measurabilityapproach is long-established albeit less common in economics, possibly because the derivation of stochastic Euler ...
Finance and Economics Discussion Series , Paper 2024-090

Report
Fiat Value in the Theory of Value
Wessel, Ryan; Prescott, Edward C. (2016-06-22)
We explore monetary policy in a world without currency. In our world, money is a form of government debt that bears interest, which can be negative as well as positive. Services of money are a factor of production. We show that the national accounts must be revised in this world. Using our baseline economy, we determine the balanced growth paths for a set of money interest rate target policy regimes. Besides this interest rate, the only policy variable that differs across regimes is either the labor income tax rate or the inflation rate. We find that Friedman monetary satiation without ...
Staff Report , Paper 530

Working Paper
Demand for U.S Banknotes at Home and Abroad: A Post-Covid Update
Judson, Ruth A. (2024-03-25)
In principle, physical currency should be disappearing: payments are increasingly electronic, with new technologies emerging rapidly, and governments increasingly restrict large-denomination notes as a way to reduce crime and tax evasion. Nonetheless, demand for U.S. banknotes continues to grow, and consistently increases at times of crisis both within and outside the United States because dollar banknotes remain a desirable store of value and medium of exchange when local currency or bank deposits are inferior. Most recently, the COVID crisis resulted in historic increases in currency ...
International Finance Discussion Papers , Paper 1387

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