Search Results
Showing results 1 to 10 of approximately 105.
(refine search)
Working Paper
The adoption of stress testing: why the Basel capital measures were not enough
Wall, Larry D.
(2013-12-01)
The Basel capital adequacy ratios lost credibility with financial markets during the crisis. This paper argues that failure was the result of the reliance of the Basel standards on overstated asset values in reported equity capital. The United States? stress tests were able to assist in restoring credibility, in part because they could capture deterioration in asset values. However, whether stress tests will prove equally valuable in the next crisis is not clear. Some of the weaknesses in the Basel ratios are being addressed. Moreover, the U.S. tests? success was the result of a combination ...
FRB Atlanta Working Paper
, Paper 2013-14
Working Paper
Near-Money Premiums, Monetary Policy, and the Integration of Money Markets : Lessons from Deregulation
Carlson, Mark A.; Wheelock, David C.
(2016-06)
The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts of the deregulation and integration of the money markets. We find that the pricing and volume of negotiable CDs and Eurodollars issued were influenced by the availability of other short-term safe assets, especially Treasury bills. Banks appear to have issued these money market instruments as ...
Finance and Economics Discussion Series
, Paper 2016-077
Working Paper
Search with wage posting under sticky prices
Mustre-del-Rio, Jose; Foerster, Andrew T.
(2014-12-01)
Research Working Paper
, Paper RWP 14-17
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
Economic fundamentals and monetary policy autonomy
Davis, Scott
(2016-02-24)
During a time of rising world interest rates, the central bank of a small open economy may be motivated to increase its own interest rate to keep from suffering a destabilizing outflow of capital and depreciation in the exchange rate. This is especially true for a small open economy with a current account deficit, which relies on foreign capital inflows to finance this deficit. This paper will investigate the underlying structural characteristics that would lead an economy with a floating exchange rate to adjust their interest rate in line with the foreign interest rate, and thus adopt a de ...
Globalization Institute Working Papers
, Paper 267
Working Paper
Un-Networking: The Evolution of Networks in the Federal Funds Market
Beltran, Daniel O.; Bolotnyy, Valentin; Klee, Elizabeth C.
(2015-07-16)
Using a network approach to characterize the evolution of the federal funds market during the Great Recession and financial crisis of 2007-2008, we document that many small federal funds lenders began reducing their lending to larger institutions in the core of the network starting in mid-2007. But an abrupt change occurred in the fall of 2008, when small lenders left the federal funds market en masse and those that remained lent smaller amounts, less frequently. We then test whether changes in lending patterns within key components of the network were associated with increases in ...
Finance and Economics Discussion Series
, Paper 2015-55
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
The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model
Martinez-Garcia, Enrique; Cole, Stephen J.
(2021-03-20)
This paper examines the effectiveness of forward guidance in an estimated New Keynesian model with imperfect central bank credibility. We estimate credibility for the U.S. Federal Reserve with Bayesian methods exploiting survey data on interest rate expectations from the Survey of Professional Forecasters (SPF). The results provide important takeaways: (1) The estimate of Federal Reserve credibility in terms of forward guidance announcements is relatively high, which indicates muted forward guidance effectiveness relative to the fully credible case. Hence, anticipation effects are attenuated ...
Globalization Institute Working Papers
, Paper 375
Report
Which bank is the \\"central\\" bank? an application of Markov theory to the Canadian Large Value Transfer System
Garratt, Rod; Chapman, James T. E.; Bech, Morten L.
(2008-11-01)
Recently, economists have argued that a bank's importance within the financial system depends not only on its individual characteristics but also on its position within the banking network. A bank is deemed to be "central" if, based on our network analysis, it is predicted to hold the most liquidity. In this paper, we use a method similar to Google's PageRank procedure to rank banks in the Canadian Large Value Transfer System (LVTS). In doing so, we obtain estimates of the payment processing speeds for the individual banks. These differences in processing speeds are essential for ...
Staff Reports
, Paper 356
Working Paper
What is the Monetary Standard
Hetzel, Robert L.
(2015-11-09)
The monetary standard emerges out of the interaction of monetary policy with the structure of the economy. Characterization of the monetary standard thus requires specification of a model of the economy with a central bank reaction function. Such a specification raises all the fundamental issues of identification in macroeconomics.
Working Paper
, Paper 15-16
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 25 items
Federal Reserve Bank of Dallas 25 items
Federal Reserve Bank of St. Louis 11 items
Federal Reserve Bank of Cleveland 9 items
Federal Reserve Bank of New York 6 items
Federal Reserve Bank of San Francisco 6 items
Federal Reserve Bank of Chicago 5 items
Federal Reserve Bank of Kansas City 5 items
Federal Reserve Bank of Boston 4 items
Federal Reserve Bank of Atlanta 3 items
Federal Reserve Bank of Minneapolis 3 items
Federal Reserve Bank of Richmond 3 items
show more (7)
show less
FILTER BY Series
Working Papers 19 items
Globalization Institute Working Papers 18 items
Finance and Economics Discussion Series 15 items
Working Paper Series 11 items
International Finance Discussion Papers 10 items
Review 7 items
Staff Reports 5 items
Research Working Paper 4 items
Working Papers (Old Series) 4 items
FRB Atlanta Working Paper 3 items
Working Paper 3 items
Staff Report 2 items
Economic Review 1 items
Public Policy Discussion Paper 1 items
Speech 1 items
Supervisory Research and Analysis Working Papers 1 items
show more (11)
show less
FILTER BY Content Type
Working Paper 88 items
Journal Article 8 items
Report 7 items
Discussion Paper 1 items
Speech 1 items
FILTER BY Author
Davis, J. Scott 6 items
Fujiwara, Ippei 5 items
Duca, John V. 4 items
Melosi, Leonardo 4 items
Bianchi, Francesco 3 items
Boel, Paola 3 items
Bordo, Michael D. 3 items
Cole, Stephen J. 3 items
Doh, Taeyoung 3 items
Kiley, Michael T. 3 items
Lewis, Daniel J. 3 items
Makridis, Christos 3 items
Martinez-Garcia, Enrique 3 items
Mertens, Karel 3 items
Amaral, Pedro S. 2 items
Berentsen, Aleksander 2 items
Borio, Claudio 2 items
Carlson, Mark A. 2 items
Devereux, Michael B. 2 items
Garratt, Rod 2 items
Hajdini, Ina 2 items
Hetzel, Robert L. 2 items
Hoek, Jasper 2 items
Koch, Christoffer 2 items
MacGee, James 2 items
Milani, Fabio 2 items
Rocheteau, Guillaume 2 items
Schär, Fabian 2 items
Scotti, Chiara 2 items
Song, Dongho 2 items
Spiegel, Mark M. 2 items
Tai, Andrew 2 items
Wall, Larry D. 2 items
Waller, Christopher J. 2 items
Wen, Yi 2 items
Wheelock, David C. 2 items
Yang, Shu-Kuei X. 2 items
Yu, Changhua 2 items
Aguiar, Mark 1 items
Ahmed, Shaghil 1 items
Airaudo, Marco 1 items
Ait Lahcen, Mohammed 1 items
Akinci, Ozge 1 items
Alvarez, Antonio 1 items
Amador, Manuel 1 items
Anadu, Ken 1 items
Andolfatto, David 1 items
Arias, Jonas E. 1 items
Aruoba, S. Boragan 1 items
Bagley, John 1 items
Baklanova, Viktoria 1 items
Banegas, Ayelen 1 items
Barcelona, William 1 items
Barnes, Michelle L. 1 items
Baughman, Garth 1 items
Bech, Morten L. 1 items
Beltran, Daniel O. 1 items
Benigno, Gianluca 1 items
Bernhardt, Robert 1 items
Bluedorn, John C. 1 items
Bolotnyy, Valentin 1 items
Bowdler, Christopher 1 items
Branch, William A. 1 items
Bräuning, Falk 1 items
Campbell, Jeffrey R. 1 items
Caramichael, John 1 items
Carpinelli, Luisa 1 items
Carvalho, Carlos 1 items
Cascaldi-Garcia, Danilo 1 items
Chapman, James T. E. 1 items
Christensen, Jens H. E. 1 items
Clarida, Richard H. 1 items
Coulibaly, Brahima 1 items
Crosignani, Matteo 1 items
Cuba-Borda, Pablo A. 1 items
D'Amico, Stefania 1 items
Davis, Scott 1 items
De Pooter, Michiel 1 items
Del Negro, Marco 1 items
Diaz, Julian 1 items
Dudley, William 1 items
Duygan-Bump, Burcu 1 items
Elvery, Joel 1 items
Engen, Eric M. 1 items
Faccini, Renato 1 items
Farhi, Emmanuel 1 items
Favara, Giovanni 1 items
Fernandez, Alejandro 1 items
Fillat, José 1 items
Finocchiaro, Daria 1 items
Fisher, Jonas D. M. 1 items
Foerster, Andrew T. 1 items
Fritsch, Nicholas 1 items
Garcia-Cabo, Joaquin 1 items
Gardner, Benjamin 1 items
Gelain, Paolo 1 items
Glover, Andrew 1 items
Gopinath, Gita 1 items
Gruber, Joseph W. 1 items
Higa-Flores, Kenji 1 items
Huang, Kevin X. D. 1 items
Husted, Lucas F. 1 items
James, Harold 1 items
Joaquim, Gustavo 1 items
Jordà , Òscar 1 items
Judson, Ruth 1 items
Justiniano, Alejandro 1 items
Kahn, Charles M. 1 items
Kamin, Steven B. 1 items
Kim, Kyungmin 1 items
Kim, Sungil 1 items
Klee, Elizabeth C. 1 items
Klepacz, Matthew 1 items
Krogstrup, Signe 1 items
Laubach, Thomas 1 items
Lee, Michael Junho 1 items
Liao, Gordon Y. 1 items
Lin, Li 1 items
Liu, Zheng 1 items
Lowe, David 1 items
Lunsford, Kurt Graden 1 items
Malloy, Matthew 1 items
Manganelli, Simone 1 items
Martin, Antoine 1 items
McAndrews, James J. 1 items
Melcangi, Davide 1 items
Modugno, Michele 1 items
Mustre-del-Rio, Jose 1 items
Nakazono, Yoshiyuki 1 items
Nechio, Fernanda 1 items
Nee, Shawn 1 items
Neuhann, Daniel 1 items
Neumeyer, Pablo Andrés 1 items
Nicolini, Juan Pablo 1 items
Nosal, Ed 1 items
Olivei, Giovanni P. 1 items
Orphanides, Athanasios 1 items
Palacios, Santiago I. Sordo 1 items
Petrosky-Nadeau, Nicolas 1 items
Posada, Diana 1 items
Prasad, Eswar S. 1 items
Prescott, Edward C. 1 items
Presno, Ignacio 1 items
Queraltó, Albert 1 items
Rabinovich, Stanislav 1 items
Ratti, Ronald A. 1 items
Reifschneider, David L. 1 items
Rogantini Picco, Anna 1 items
Rogers, John H. 1 items
Rubio-Ramirez, Juan F. 1 items
Schorfheide, Frank 1 items
Schularick, Moritz 1 items
Schweitzer, Mark E. 1 items
Shin, Hyun Song 1 items
Sims, Charles 1 items
Stebunovs, Viktors 1 items
Sterk, Vincent 1 items
Sun, Bo 1 items
Taylor, Alan M. 1 items
Teranishi, Yuki 1 items
Tetlow, Robert J. 1 items
Tristao, Tiago 1 items
Tsomocos, Dimitrios P. 1 items
Ueda, Kozo 1 items
Van Leemput, Eva 1 items
Vardoulakis, Alexandros 1 items
Vega, Clara 1 items
Vespignani, Joaquin L. 1 items
Villalvazo, Sergio 1 items
Waggoner, Daniel F. 1 items
Waki, Yuichiro 1 items
Wang, Jiao 1 items
Ward, Felix 1 items
Weill, Pierre-Olivier 1 items
Wessel, Ryan 1 items
Williamson, Stephen D. 1 items
Wong, Russell 1 items
Yoldas, Emre 1 items
Zlate, Andrei 1 items
http://fedora:8080/fcrepo/rest/objects/authors/ 1 items
van Buggenum, Hugo 1 items
show more (176)
show less
FILTER BY Jel Classification
E40 36 items
E30 27 items
E52 17 items
E58 17 items
G21 12 items
E44 10 items
F30 8 items
F40 8 items
G23 7 items
E31 6 items
E59 6 items
E60 5 items
G28 5 items
C11 4 items
D84 4 items
E43 4 items
E47 4 items
G01 4 items
C53 3 items
D83 3 items
E62 3 items
E70 3 items
F33 3 items
F41 3 items
F42 3 items
G10 3 items
G12 3 items
G18 3 items
G20 3 items
C30 2 items
C32 2 items
C55 2 items
E00 2 items
E20 2 items
E37 2 items
E42 2 items
F37 2 items
F44 2 items
G51 2 items
H74 2 items
N22 2 items
C12 1 items
C24 1 items
C50 1 items
C52 1 items
C8 1 items
D14 1 items
D47 1 items
D50 1 items
D80 1 items
D82 1 items
E10 1 items
E13 1 items
E17 1 items
E21 1 items
E24 1 items
E27 1 items
E32 1 items
F45 1 items
G00 1 items
G11 1 items
G17 1 items
G32 1 items
G34 1 items
H63 1 items
J60 1 items
N10 1 items
N12 1 items
N20 1 items
O30 1 items
Q43 1 items
R31 1 items
show more (68)
show less
FILTER BY Keywords
Monetary policy 20 items
Money 6 items
Forward Guidance 6 items
Inflation 5 items
Banking 4 items
Heterogeneity 4 items
Central Bank Credibility 3 items
Central bank 3 items
Expectations 3 items
central bank communications 3 items
consumer confidence 3 items
information rigidities 3 items
stress tests 3 items
Fiscal policy 3 items
Monetary policy shocks 3 items
Zero Lower Bound 3 items
business cycles 3 items
money markets 3 items
Interest Rates 3 items
Banks 2 items
Basel capital ratios 2 items
Bond Market 2 items
Eurodollars 2 items
FOMC 2 items
Fintech 2 items
Government Bonds 2 items
Government Debt 2 items
Local Government Bonds 2 items
Monetary policy uncertainty 2 items
Natural language processing 2 items
Policy Effects 2 items
Quantitative Easing 2 items
Regulation Q 2 items
Search 2 items
Security Markets 2 items
Stabilization 2 items
Stablecoins 2 items
capital controls 2 items
foreign exchange reserves 2 items
high frequency identification 2 items
liquidity 2 items
regulation 2 items
sudden stops 2 items
Bayesian Estimation 2 items
Collateral 2 items
Credit 2 items
Deregulation 2 items
Emerging market economies 2 items
Interbank 2 items
Large-Scale Asset Purchases 2 items
Liquidity Traps 2 items
Market integration 2 items
Monetary Union 2 items
Monetary policy implementation 2 items
Systemic risk 2 items
Unemployment 2 items
100 percent reserve banking 1 items
Alternative FOMC statements 1 items
Asset purchases 1 items
Bank Credit Supply 1 items
Bank Wholesale Funding 1 items
Basel III Liquidity Coverage Ratio 1 items
Bayesian Methods 1 items
Big Data 1 items
Bitcoin 1 items
Blockchain 1 items
China 1 items
Commodity Prices 1 items
Coordination failures 1 items
Counterfactual policy analysis 1 items
Counterfactual policy evaluation 1 items
Covid-19 1 items
Credit Impulse 1 items
Credit intermediation 1 items
Crisis 1 items
Cryptocurrency 1 items
Debt crisis 1 items
Default 1 items
Depressions 1 items
Determinacy 1 items
Digital currencies 1 items
Digital currency 1 items
Disinflation 1 items
Dodd-Frank 1 items
ECB policy 1 items
Econometric Modeling 1 items
Emerging markets 1 items
Equilibrium real interest rate 1 items
Euro Area 1 items
Eurobonds 1 items
Evolutionary Games 1 items
Expectations formation 1 items
FOMC Statements 1 items
FOMC communications 1 items
Factor-augmented vector autoregression 1 items
Federal Home Loan Banks 1 items
Financial conditions 1 items
Financial crises 1 items
Financial innovation 1 items
Financial markets 1 items
Financial stability 1 items
Friedman monetary satiation 1 items
Friedman rule 1 items
Fundamental surplus 1 items
GMM 1 items
Global Business Cycle 1 items
Global Financial Cycle 1 items
Global Risk Sentiment 1 items
Great Depression 1 items
Great Recession 1 items
Growth 1 items
Growth shock 1 items
Inflation (Finance) - United States 1 items
Inflation rate targeting 1 items
Interest rate targeting 1 items
Internal Propagation 1 items
Lender of Last Resort 1 items
Lending Channel 1 items
Liquid wealth 1 items
Liquidity funding shocks 1 items
Markups 1 items
Matching 1 items
Menu cost 1 items
Monetary Policy Identification 1 items
Monetary Transmission 1 items
Monetary and Fiscal Policy Coordination 1 items
Monetary policy reaction function 1 items
Monetary policy stance 1 items
Monetary policy surprises 1 items
Money Market Mutual Funds 1 items
Money in production function 1 items
Myopia 1 items
Neo-Fisherianism 1 items
New Keynesian models 1 items
Nominal Negative Rates 1 items
Nonlinear filtering 1 items
Nonlinear solution methods 1 items
Occasionally binding credit constraint 1 items
Oil 1 items
Optimal Exit Strategies. 1 items
Ordinary Least Squares (OLS) 1 items
Particle MCMC 1 items
Payment system 1 items
Phillips Curve 1 items
Potential Output 1 items
Price 1 items
Price discovery 1 items
Prices 1 items
Primary dealers 1 items
Probability of a recession 1 items
Product-labor market interaction 1 items
Public information 1 items
Qualitative Easing 1 items
Recession Prediction 1 items
Relative Prices 1 items
Sacrifice ratio 1 items
Sarbanes-Oxley 1 items
Section 13(3) facilities 1 items
Sectoral Models 1 items
Spillovers 1 items
Ss model 1 items
Stabilization Policy 1 items
Sticky Prices 1 items
Sticky Wages 1 items
Survey of Professional Forecasters (SPF) 1 items
Taylor Rule 1 items
Taylor principle 1 items
Text analysis 1 items
This American Life 1 items
Time consistency 1 items
Trade 1 items
U.S. banknotes 1 items
Unconventional Monetary Policies 1 items
Unconventional Monetary Policy 1 items
Unemployment volatility 1 items
Uniqueness of equilibrium 1 items
VAR identification 1 items
Variable Selection 1 items
Volatility 1 items
Wages 1 items
Wealth Effects 1 items
adverse selection 1 items
bank-firm matching 1 items
bias 1 items
business formation 1 items
capital adequacy 1 items
capital flight 1 items
capital flows 1 items
central bank policy 1 items
central banks 1 items
collateral constraints 1 items
conscientious supervision 1 items
counterparty credit risk 1 items
credit policy 1 items
credit rationing 1 items
credit supply shocks 1 items
credit unions 1 items
currency flows 1 items
data visualization 1 items
debt service ratio 1 items
deflation 1 items
depreciation pressure 1 items
economic fundamentals 1 items
economic policy uncertainty 1 items
economic uncertainty 1 items
effective supervision 1 items
emergency budget 1 items
endogeneity 1 items
federal funds 1 items
federal funds rates 1 items
financial crisis 1 items
financial frictions 1 items
financial spillovers 1 items
financial stress 1 items
financial technology 1 items
financial variables 1 items
firm financing 1 items
fiscal limits 1 items
fiscal staglation 1 items
flight to quality 1 items
forecast errors 1 items
foreign exchange interventions 1 items
government intervention 1 items
high-frequency identification 1 items
household finances 1 items
identification 1 items
interest rate spreads 1 items
levels 1 items
limited commitment 1 items
liquidity coverage ratio 1 items
macroeconomy 1 items
monetary shocks 1 items
money and banking 1 items
money demand 1 items
municipal finance 1 items
network 1 items
network models 1 items
onetary Policy 1 items
other financial institutions 1 items
price levels 1 items
r** 1 items
regional data 1 items
regulatory capture 1 items
residential investments 1 items
risk sharing 1 items
safe assets 1 items
search theory 1 items
secular stagnation 1 items
shadow banking 1 items
shock specific rule 1 items
shocks transmission 1 items
short-term funding markets 1 items
sign restrictions 1 items
simulation 1 items
small open economy 1 items
small-business lending 1 items
state and local governments 1 items
stock investment 1 items
taper tantrum 1 items
threshold estimation 1 items
topology 1 items
vulnerability 1 items
weak instruments 1 items
welfare costs of inflation 1 items
zero lower bound (ZLB) 1 items
show more (287)
show less