Search Results
Showing results 1 to 10 of approximately 63.
(refine search)
Working Paper
The international monetary and financial system: a capital account perspective
Shin, Hyun Song; Borio, Claudio; James, Harold
(2014-10-01)
In analysing the performance of the international monetary and financial system (IMFS), too much attention has been paid to the current account and far too little to the capital account. This is true of both formal analytical models and historical narratives. This approach may be reasonable when financial markets are highly segmented. But it is badly inadequate when they are closely integrated, as they have been most of the time since at least the second half of the 19th century. Zeroing on the capital account shifts the focus from the goods markets to asset markets and balance sheets. Seen ...
Globalization Institute Working Papers
, Paper 204
Working Paper
Arbitrage Capital of Global Banks
Schlusche, Bernd; Du, Wenxin; Anderson, Alyssa G.
(2021-05-14)
We show that the role of unsecured, short-term wholesale funding for global banks has changed significantly in the post-financial-crisis regulatory environment. Global banks mainly use such funding to finance liquid, near risk-free arbitrage positions---in particular, the interest on excess reserves arbitrage and the covered interest rate parity arbitrage. In this environment, we examine the response of global banks to a large negative wholesale funding shock as a result of the U.S. money market mutual fund reform implemented in 2016. In contrast to past episodes of wholesale funding dry-ups, ...
Finance and Economics Discussion Series
, Paper 2021-032
Working Paper
Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements
Yang, Shu-Kuei X.; Song, Dongho; Doh, Taeyoung
(2020-10-06)
We apply a natural language processing algorithm to FOMC statements to construct a new measure of monetary policy stance, including the tone and novelty of a policy statement. We exploit cross-sectional variations across alternative FOMC statements to identify the tone (for example, dovish or hawkish), and contrast the current and previous FOMC statements released after Committee meetings to identify the novelty of the announcement. We then use high-frequency bond prices to compute the surprise component of the monetary policy stance. Our text-based estimates of monetary policy surprises are ...
Research Working Paper
, Paper RWP 20-14
Working Paper
Stablecoins: Growth Potential and Impact on Banking
Liao, Gordon Y.; Caramichael, John
(2022-01-31)
Stablecoins have experienced tremendous growth in the past year, serving as a possible breakthrough innovation in the future of payments. In this paper, we discuss the current use cases and growth opportunities of stablecoins, and we analyze the potential for stablecoins to broadly impact the banking system. The impact of stablecoin adoption on traditional banking and credit provision can vary depending on the sources of inflow and the composition of stablecoin reserves. Among the various scenarios, a two-tiered banking system can both support stablecoin issuance and maintain traditional ...
International Finance Discussion Papers
, Paper 1334
Working Paper
Monetary Policy and Racial Inequality
Schularick, Moritz; Kuhn, Moritz; Wachtel, Paul; Bartscher, Alina K.
(2021-02-04)
This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households. Specifically, we show that, although a more accommodative monetary policy increases employment of black households more than white households, the overall effects are small. At the same time, an accommodative monetary policy shock exacerbates the wealth difference between black and white ...
Opportunity and Inclusive Growth Institute Working Papers
, Paper 45
Working Paper
Bubbly Recessions
Hanson, Andrew; Phan, Toan; Biswas, Siddhartha
(2018-02-22)
We develop a tractable rational bubbles model with financial frictions, downward nominal wage rigidity, and the zero lower bound. The interaction of financial frictions and nominal rigidities leads to a "bubbly pecuniary externality," where competitive speculation in risky bubbly assets can result in excessive investment booms that precede inefficient busts. The collapse of a large bubble can push the economy into a "secular stagnation" equilibrium, where the zero lower bound and the nominal wage rigidity constraint bind, leading to a persistent and inefficient recession. We evaluate a ...
Working Paper
, Paper 18-5
Working Paper
The Incredible Taylor Principle
Neumeyer, Pablo Andrés; Nicolini, Juan Pablo
(2022-01-28)
This note addresses the role of the Taylor principle to solve the indeterminacy of equilibria in economies in which the monetary authority follows an interest rate rule. We first study the role of imposing two additional ad-hoc restrictions on the definition of equilibrium. Imposing the equilibrium to be locally unique never delivers a unique outcome. Imposing the equilibrium to be bounded, renders the outcome unique only if the inflation target is the Friedman rule. Second, we show that the Taylor principle is strongly time inconsistent - in a sense we make very precise - and that policies ...
Working Papers
, Paper 790
Report
Stressed, not frozen: the Federal Funds market in the financial crisis
Afonso, Gara M.; Schoar, Antoinette; 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
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
Working Paper
The international monetary and financial system: its Achilles heel and what to do about it
Borio, Claudio
(2014-10-01)
This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the ?excess financial elasticity? of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises and macroeconomic dislocations. This excess financial elasticity view contrasts sharply with two more popular ones, which stress the failure of the system to prevent disruptive current account imbalances and its tendency to generate a structural shortage of safe assets ? ...
Globalization Institute Working Papers
, Paper 203
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 21 items
Federal Reserve Bank of Dallas 8 items
Federal Reserve Bank of Minneapolis 7 items
Federal Reserve Bank of New York 6 items
Federal Reserve Bank of Kansas City 5 items
Federal Reserve Bank of St. Louis 4 items
Federal Reserve Bank of Cleveland 3 items
Federal Reserve Bank of Philadelphia 2 items
Federal Reserve Bank of Richmond 2 items
Federal Reserve Bank of San Francisco 2 items
Federal Reserve Bank of Atlanta 1 items
Federal Reserve Bank of Boston 1 items
Federal Reserve Bank of Chicago 1 items
show more (8)
show less
FILTER BY Series
Working Papers 17 items
Finance and Economics Discussion Series 14 items
International Finance Discussion Papers 6 items
Staff Reports 6 items
Globalization Institute Working Papers 3 items
Working Paper Series 3 items
Research Working Paper 2 items
Staff Report 2 items
Working Paper 2 items
Economic Review 1 items
FRB Atlanta Working Paper 1 items
Federal Reserve Bulletin 1 items
Macro Bulletin 1 items
Opportunity and Inclusive Growth Institute Working Papers 1 items
Proceedings - Economic Policy Symposium - Jackson Hole 1 items
Quarterly Review 1 items
Working Papers (Old Series) 1 items
show more (12)
show less
FILTER BY Content Type
FILTER BY Author
Doh, Taeyoung 4 items
Baughman, Garth 3 items
Boel, Paola 3 items
Bordo, Michael D. 3 items
Duca, John V. 3 items
Lewis, Daniel J. 3 items
Makridis, Christos 3 items
Mertens, Karel 3 items
Rabinovich, Stanislav 3 items
Waller, Christopher J. 3 items
Bartscher, Alina K. 2 items
Borio, Claudio 2 items
Du, Wenxin 2 items
FernĂ¡ndez-Villaverde, JesĂºs 2 items
Judson, Ruth 2 items
Kovner, Anna 2 items
Kuhn, Moritz 2 items
Liao, Gordon Y. 2 items
Nicolini, Juan Pablo 2 items
Rocheteau, Guillaume 2 items
Rogers, John H. 2 items
Sanches, Daniel R. 2 items
Schularick, Moritz 2 items
Song, Dongho 2 items
Wachtel, Paul 2 items
Yang, Shu-Kuei X. 2 items
Afonso, Gara M. 1 items
Aguiar, Mark 1 items
Airaudo, Marco 1 items
Ait Lahcen, Mohammed 1 items
Akinci, Ozge 1 items
Amador, Manuel 1 items
Amisano, Gianni 1 items
Anderson, Alyssa G. 1 items
Andolfatto, David 1 items
Aruoba, S. Boragan 1 items
Banegas, Ayelen 1 items
Benigno, Gianluca 1 items
Biswas, Siddhartha 1 items
Branch, William A. 1 items
Caramichael, John 1 items
Clarida, Richard H. 1 items
Cook, Thomas R. 1 items
Correa, Ricardo 1 items
Cuba-Borda, Pablo A. 1 items
De Pooter, Michiel 1 items
Del Negro, Marco 1 items
Diaz, Julian 1 items
Duygan-Bump, Burcu 1 items
Eggertsson, Gauti B. 1 items
Farhi, Emmanuel 1 items
Favara, Giovanni 1 items
Finocchiaro, Daria 1 items
Fujiwara, Ippei 1 items
Garratt, Rod 1 items
Giannoni, Marc 1 items
Gomis-Porqueras, Pedro 1 items
Gopinath, Gita 1 items
Gruber, Joseph W. 1 items
Hajdini, Ina 1 items
Hanson, Andrew 1 items
Higa-Flores, Kenji 1 items
Higgins, Patrick C. 1 items
Husted, Lucas F. 1 items
James, Harold 1 items
Kansas City, Federal Reserve Bank 1 items
Kiley, Michael T. 1 items
Kim, Sungil 1 items
Koch, Christoffer 1 items
Lin, Li 1 items
Liu, Zheng 1 items
Lowe, David 1 items
Lucas, Robert E. 1 items
Lunsford, Kurt Graden 1 items
Ma, Chang 1 items
Malloy, Matthew 1 items
Martin, Antoine 1 items
Martin, Fernando M. 1 items
Marx, Magali 1 items
McAndrews, James J. 1 items
Modugno, Michele 1 items
Mojon, Benoit 1 items
Neumeyer, Pablo Andrés 1 items
Nosal, Ed 1 items
Petrosky-Nadeau, Nicolas 1 items
Phan, Toan 1 items
Porter, Richard D. 1 items
Prescott, Edward C. 1 items
QueraltĂ³, Albert 1 items
Ross, Chase P. 1 items
Schlusche, Bernd 1 items
Schoar, Antoinette 1 items
Schorfheide, Frank 1 items
Scotti, Chiara 1 items
Sheremirov, Viacheslav 1 items
Shin, Hyun Song 1 items
Sims, Charles 1 items
Skeie, David R. 1 items
Smolyansky, Michael 1 items
Spiegel, Mark M. 1 items
Stebunovs, Viktors 1 items
Suarez, Gustavo A. 1 items
Sun, Bo 1 items
Tai, Andrew 1 items
Tetlow, Robert J. 1 items
Trejos, Alberto 1 items
Tristani, Oreste 1 items
Tsomocos, Dimitrios P. 1 items
Vardoulakis, Alexandros 1 items
Velde, Francois R. 1 items
Villalvazo, Sergio 1 items
Waki, Yuichiro 1 items
Wallace, Neil 1 items
Weill, Pierre-Olivier 1 items
Wessel, Ryan 1 items
Wong, Russell 1 items
Wright, Randall 1 items
Zha, Tao 1 items
Zhong, Karen 1 items
Zhou, Sili 1 items
http://fedora:8080/fcrepo/rest/objects/authors/ 1 items
van Buggenum, Hugo 1 items
show more (117)
show less
FILTER BY Jel Classification
E50 36 items
E52 13 items
E30 10 items
F30 6 items
G21 6 items
E43 4 items
E44 4 items
G12 4 items
G20 4 items
E00 3 items
E31 3 items
E42 3 items
E58 3 items
F40 3 items
D43 2 items
E10 2 items
E60 2 items
E70 2 items
F33 2 items
G10 2 items
J15 2 items
C11 1 items
C30 1 items
C32 1 items
C34 1 items
C50 1 items
C53 1 items
C81 1 items
D40 1 items
D50 1 items
D53 1 items
D82 1 items
D83 1 items
E13 1 items
E17 1 items
E21 1 items
E24 1 items
E37 1 items
E41 1 items
E51 1 items
E63 1 items
F37 1 items
F38 1 items
F42 1 items
G00 1 items
G01 1 items
G14 1 items
G15 1 items
H21 1 items
O30 1 items
R31 1 items
show more (47)
show less
FILTER BY Keywords
Monetary policy 14 items
Money 10 items
Inflation 6 items
Search 4 items
Interest rates 4 items
central bank communications 3 items
consumer confidence 3 items
information rigidities 3 items
secular stagnation 3 items
Heterogeneity 3 items
Monetary policy shocks 3 items
liquidity 3 items
Wealth Effects 3 items
Banking 2 items
Bayesian estimation 2 items
Collateral 2 items
Currency competition 2 items
FOMC 2 items
Financial markets 2 items
Fintech 2 items
Forward guidance 2 items
Monetary policy uncertainty 2 items
Natural language processing 2 items
Stablecoins 2 items
fed funds 2 items
high frequency identification 2 items
Credit 2 items
Cryptocurrencies 2 items
Determinacy 2 items
Income distribution 2 items
Money demand 2 items
Price dispersion 2 items
Racial inequality 2 items
Unemployment 2 items
Wealth distribution 2 items
Zero Lower Bound 2 items
100 percent reserve banking 1 items
Alternative FOMC statements 1 items
Arbitrage 1 items
Asset purchases 1 items
Bank leverage constraints 1 items
Banks 1 items
Bargaining 1 items
Bayesian Methods 1 items
Bayesian priors 1 items
Capital controls 1 items
Central banking 1 items
China connect 1 items
Coordination failures 1 items
Corporate bonds 1 items
Corporate investment 1 items
Counterfactual policy evaluation 1 items
Covered interest rate parity 1 items
Credit intermediation 1 items
Debt crisis 1 items
Default 1 items
Digital currencies 1 items
Disinflation 1 items
Dodd-Frank 1 items
Equilibrium real interest rate 1 items
Expectations formation 1 items
FOMC Statements 1 items
FOMC communications 1 items
FOMC shocks 1 items
Factor-augmented vector autoregression 1 items
Federal Reserve information 1 items
Fedwire 1 items
Fiat Money 1 items
Finance 1 items
Financial crises 1 items
Financial innovation 1 items
Financial stability 1 items
Fiscal policy 1 items
Foreign spillovers 1 items
Friedman monetary satiation 1 items
Friedman rule 1 items
Fundamental surplus 1 items
Global banks 1 items
Global financial cycle 1 items
Inflation rate targeting 1 items
Interest rate targeting 1 items
Kansas City Financial Stress Index 1 items
Liquid wealth 1 items
Markups 1 items
Monetary base 1 items
Monetary policy rules 1 items
Monetary policy stance 1 items
Monetary policy surprises 1 items
Monetary union 1 items
Money in production function 1 items
Money market mutual funds 1 items
Neo-Fisherianism 1 items
New monetarism 1 items
Nonlinear filtering 1 items
Nonlinear solution methods 1 items
Occasionally binding credit constraint 1 items
Particle MCMC 1 items
Payment system 1 items
Potential Output 1 items
Primary dealers 1 items
Private Information 1 items
Private money 1 items
Product-labor market interaction 1 items
Quantitative Easing 1 items
Reaching for yield 1 items
Regime switches 1 items
Repos 1 items
Repurchase agreement 1 items
Reserves 1 items
Ricardian 1 items
Sacrifice ratio 1 items
Safe asset 1 items
Sarbanes-Oxley 1 items
Section 13(3) facilities 1 items
Stabilization Policy 1 items
Systemic risk 1 items
Taxation 1 items
Taylor principle 1 items
Taylor rule 1 items
Term structure of interest rates 1 items
Text analysis 1 items
Time consistency 1 items
Treasury repo rate 1 items
U.S. banknotes 1 items
Uncertainty shocks 1 items
Unemployment volatility 1 items
Uniqueness of equilibrium 1 items
VAR identification 1 items
Wholesale funding 1 items
Y-9C 1 items
bubbles 1 items
business cycles 1 items
business formation 1 items
capital flight 1 items
capital flows 1 items
central bank policy 1 items
central banks 1 items
collateral constraints 1 items
credit policy 1 items
currency flows 1 items
data quality 1 items
density forecasts 1 items
economic policy uncertainty 1 items
economic uncertainty 1 items
emerging market economies 1 items
federal funds market 1 items
financial crisis 1 items
flight to quality 1 items
high-frequency identification 1 items
hoarding 1 items
interbank lending 1 items
interbank loans 1 items
interest rate spreads 1 items
limited commitment 1 items
liquid bonds 1 items
liquidity traps 1 items
money and banking 1 items
municipal finance 1 items
out of sample 1 items
policy projections 1 items
probability bands 1 items
r** 1 items
random walk 1 items
recessions 1 items
regulation 1 items
residential investments 1 items
return on capital 1 items
risk 1 items
risk sharing 1 items
safe assets 1 items
sales 1 items
scenario analyses 1 items
search theory 1 items
small-business lending 1 items
state and local governments 1 items
sticky prices 1 items
trade-off 1 items
welfare costs of inflation 1 items
zero lower bound (ZLB) 1 items
show more (194)
show less