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Discussion Paper
Is monetary policy overburdened?
Orphanides, Athanasios (2013-08-25)
Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of traditional monetary policy. This paper examines three broad public policy goals that may overburden monetary policy: full employment; fiscal sustainability; and financial stability. While central banks have a crucial position in public policy, the appropriate policy mix also involves other institutions, ...
Public Policy Discussion Paper , Paper 13-8

Working Paper
The Intersection of U.S. Money Market Mutual Fund Reforms, Bank Liquidity Requirements, and the Federal Home Loan Bank System
Baklanova, Viktoria; Anadu, Ken (2017-10-31)
The most recent changes to money market fund regulations have had a strong impact on the money fund industry. In the months leading up to the compliance date of the core provisions of the amended regulations, assets in prime money market funds declined significantly, while those in government funds increased contemporaneously. This reallocation from prime to government funds has contributed to the latter's increased demand for debt issued by the U.S. government and government-sponsored enterprises. The Federal Home Loan Bank (FHLBank) System played a key role in meeting this heightened demand ...
Supervisory Research and Analysis Working Papers , Paper RPA 17-5

Report
Which bank is the \\"central\\" bank? an application of Markov theory to the Canadian Large Value Transfer System
Chapman, James T. E.; Bech, Morten L.; Garratt, Rod (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

Report
Segregated balance accounts
Nosal, Ed; Garratt, Rod; McAndrews, James J.; Martin, Antoine (2015-05-01)
This paper describes segregated balance accounts (SBAs), a concept for a new type of account that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess reserves (IOER). SBAs are designed to remove credit risk by creating narrow accounts that could allow any bank to compete for money market funds. Because of increased competition, the rates paid on borrowings secured by SBAs, along with other money market rates, would likely be pushed up closer to the ...
Staff Reports , Paper 730

Speech
Testimony on improving financial institution supervision: examining and addressing regulatory capture
Dudley, William (2014-11-25)
Testimony before the Senate Committee on Banking, Housing, and Urban Affairs Financial Institutions and Consumer Protection Subcommittee.
Speech , Paper 152

Report
A Dynamic Theory of Collateral Quality and Long-Term Interventions
Lee, Michael Junho; Neuhann, Daniel (2019-08-07)
We study a dynamic model of collateralized lending under adverse selection in which the quality of collateral assets is endogenously determined by hidden effort. Complementarities in incentives lead to non-ergodic dynamics: Asset quality and output grow when asset quality is high, but stagnate or deteriorate otherwise. Inefficiencies remain, even in the most efficient competitive equilibrium?investment and output are vulnerable to spells of lending market illiquidity, and these spells may persist because of suboptimal effort. Nevertheless, benevolent regulators without commitment can destroy ...
Staff Reports , Paper 894

Report
Do Monetary Policy Announcements Shift Household Expectations?
Lewis, Daniel J.; Mertens, Karel; Makridis, Christos (2019-09-01)
We use daily survey data from Gallup to assess whether households' beliefs about economic conditions are influenced by surprises in monetary policy announcements. We first provide more general evidence that public confidence in the state of the economy reacts to certain types of macroeconomic news very quickly. Next, we show that surprises about the federal funds target rate are among the news that have statistically significant and instantaneous effects on economic confidence. In contrast, surprises about forward guidance and asset purchases do not have similar effects on household beliefs, ...
Staff Reports , Paper 897

Report
Coordination and Crisis in Monetary Unions
Amador, Manuel; Farhi, Emmanuel; Gopinath, Gita; Aguiar, Mark (2015-05-11)
We study fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a fiscal externality that arises in the presence of limited commitment and leads countries to over-borrow; this externality rationalizes the imposition of debt ceilings in a monetary union. We then investigate the impact of the composition of ...
Staff Report , Paper 511

Working Paper
On the Theoretical Efficacy of Quantitative Easing at the Zero Lower Bound
Boel, Paola; Waller, Christopher J. (2015-09-01)
We construct a monetary economy in which agents face aggregate demand shocks and hetero- generous idiosyncratic preference shocks. We show that, even when the Friedman rule is the best interest rate policy, not all agents are satiated at the zero lower bound. Thus, quantitative easing can be welfare improving since it temporarily relaxes the liquidity constraint of some agents, without harming others. Moreover, due to a pricing externality, quantitative easing may also have beneficial general equilibrium effects for the unconstrained agents. Lastly, our model suggests that it can be optimal ...
Working Papers , Paper 2015-27

Journal Article
Is Bitcoin a Waste of Resources?
Williamson, Stephen D. (2018)
Do Bitcoin and other cryptocurrencies play a useful social role, or do they represent a social waste? Bitcoin is a decentralized recordkeeping system, with updating of the record of transactions in the blockchain.
Review , Volume 100 , Issue 2 , Pages 107-15

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