Search Results
Showing results 1 to 10 of approximately 83.
(refine search)
Working Paper
Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements
Doh, Taeyoung; Song, Dongho; Yang, Shu-Kuei X.
(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
Do Monetary Policy Announcements Shift Household Expectations?
Lewis, Daniel J.; Makridis, Christos; Mertens, Karel
We use a decade of daily survey data from Gallup to study how monetary policy influences households' beliefs about economic conditions. We first document that public confidence in the state of the economy reacts instantaneously to certain types of macroeconomic news. Next, we show that surprises to the Federal Funds target rate are among the news that have statistically significant and instantaneous effects on economic confidence. Specifically, we find that a surprise increase in the target rate robustly leads to an immediate decline in household confidence, at odds with previous findings ...
Working Papers
, Paper 1906
Working Paper
The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model
Cole, Stephen J.; Martínez-García, Enrique
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 a degree of forward guidance effectiveness, but still one that is below the fully credible case. Hence, anticipation ...
Globalization Institute Working Papers
, Paper 375
Working Paper
The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model
Martínez-García, Enrique; Cole, Stephen J.
(2019-12-16)
This paper examines the effectiveness of forward guidance in an estimated New Keynesian model with imperfect central bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game-theoretic evolutionary framework. 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, ...
Globalization Institute Working Papers
, Paper 375
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
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of Dallas 23 items
Board of Governors of the Federal Reserve System (U.S.) 15 items
Federal Reserve Bank of St. Louis 10 items
Federal Reserve Bank of San Francisco 7 items
Federal Reserve Bank of New York 6 items
Federal Reserve Bank of Cleveland 5 items
Federal Reserve Bank of Kansas City 4 items
Federal Reserve Bank of Atlanta 3 items
Federal Reserve Bank of Boston 3 items
Federal Reserve Bank of Richmond 3 items
Federal Reserve Bank of Chicago 2 items
Federal Reserve Bank of Minneapolis 2 items
show more (7)
show less
FILTER BY Series
Globalization Institute Working Papers 16 items
Working Papers 13 items
Finance and Economics Discussion Series 9 items
Working Paper Series 9 items
International Finance Discussion Papers 6 items
Review 6 items
Staff Reports 5 items
Working Papers (Old Series) 4 items
FRB Atlanta Working Paper 3 items
Research 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 67 items
Journal Article 7 items
Report 7 items
Discussion Paper 1 items
Speech 1 items
FILTER BY Author
Davis, J. Scott 5 items
Fujiwara, Ippei 5 items
Duca, John V. 4 items
Bordo, Michael D. 3 items
Lewis, Daniel J. 3 items
Makridis, Christos 3 items
Mertens, Karel 3 items
Amaral, Pedro S. 2 items
Berentsen, Aleksander 2 items
Boel, Paola 2 items
Borio, Claudio 2 items
Cole, Stephen J. 2 items
Doh, Taeyoung 2 items
Garratt, Rod 2 items
Hetzel, Robert L. 2 items
Kiley, Michael T. 2 items
Koch, Christoffer 2 items
MacGee, James 2 items
Martínez-García, Enrique 2 items
Melosi, Leonardo 2 items
Milani, Fabio 2 items
Rocheteau, Guillaume 2 items
Schar, Fabian 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
Aguiar, Mark 1 items
Ahmed, Shaghil 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
Baklanova, Viktoria 1 items
Banegas, Ayelen 1 items
Barnes, Michelle L. 1 items
Bech, Morten L. 1 items
Beltran, Daniel O. 1 items
Bianchi, Francesco 1 items
Bluedorn, John C. 1 items
Bolotnyy, Valentin 1 items
Bowdler, Christopher 1 items
Branch, William A. 1 items
Campbell, Jeffrey R. 1 items
Carlson, Mark 1 items
Carlson, Mark A. 1 items
Carpinelli, Luisa 1 items
Carvalho, Carlos 1 items
Chapman, James T. E. 1 items
Christensen, Jens H. E. 1 items
Coulibaly, Brahima 1 items
Crosignani, Matteo 1 items
Cuba-Borda, Pablo 1 items
Davis, Scott 1 items
De Pooter, Michiel 1 items
Devereux, Michael B. 1 items
Dudley, William 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
Fisher, Jonas D. M. 1 items
Foerster, Andrew T. 1 items
Garcia-Cabo, Joaquin 1 items
Gelain, Paolo 1 items
Glover, Andrew 1 items
Gopinath, Gita 1 items
Hassan, Tarek A. 1 items
Higa-Flores, Kenji 1 items
Hoek, Jasper 1 items
Huang, Kevin X. D. 1 items
Husted, Lucas F. 1 items
James, Harold 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
Krogstrup, Signe 1 items
Laubach, Thomas 1 items
Lee, Michael Junho 1 items
Lin, Li 1 items
Liu, Zheng 1 items
Lunsford, Kurt Graden 1 items
Manganelli, Simone 1 items
Martin, Antoine 1 items
McAndrews, James J. 1 items
Melcangi, Davide 1 items
Mertens, Thomas M. 1 items
Modugno, Michele 1 items
Mustre-del-Rio, Jose 1 items
Nakazono, Yoshiyuki 1 items
Nechio, Fernanda 1 items
Neuhann, Daniel 1 items
Nosal, Ed 1 items
Olivei, Giovanni P. 1 items
Orphanides, Athanasios 1 items
Petrosky-Nadeau, Nicolas 1 items
Posada, Diana 1 items
Prescott, Edward C. 1 items
Presno, Ignacio 1 items
Ratti, Ronald A. 1 items
Reifschneider, David L. 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
Song, Dongho 1 items
Stebunovs, Viktors 1 items
Sterk, Vincent 1 items
Sun, Bo 1 items
Taylor, Alan M. 1 items
Teranishi, Yuki 1 items
Tristao, Tiago 1 items
Tsomocos, Dimitrios P. 1 items
Ueda, Kozo 1 items
Vardoulakis, Alexandros 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
Wu, Jason J. 1 items
Yoldas, Emre 1 items
Yu, Changhua 1 items
Zhang, Tony 1 items
Zlate, Andrei 1 items
show more (140)
show less
FILTER BY Jel Classification
E40 27 items
E30 18 items
E52 15 items
E58 15 items
G21 9 items
E44 8 items
F30 8 items
F40 8 items
G23 6 items
E59 5 items
E31 4 items
E60 4 items
G01 4 items
G28 4 items
E43 3 items
E47 3 items
F41 3 items
F42 3 items
G18 3 items
C11 2 items
C30 2 items
C32 2 items
C55 2 items
D83 2 items
D84 2 items
E00 2 items
E20 2 items
E70 2 items
F33 2 items
F37 2 items
G11 2 items
G12 2 items
G20 2 items
N22 2 items
C12 1 items
C24 1 items
C50 1 items
C53 1 items
C8 1 items
D14 1 items
D47 1 items
D50 1 items
D80 1 items
D82 1 items
E10 1 items
E17 1 items
E21 1 items
E37 1 items
E42 1 items
E62 1 items
F44 1 items
F45 1 items
G10 1 items
G15 1 items
G17 1 items
H63 1 items
J60 1 items
N10 1 items
N12 1 items
N20 1 items
Q43 1 items
R31 1 items
show more (58)
show less
FILTER BY Keywords
Monetary policy 10 items
Banking 3 items
central bank communication 3 items
consumer confidence 3 items
information rigidities 3 items
Central bank 3 items
Forward Guidance 3 items
Heterogeneity 3 items
Monetary policy shocks 3 items
Money 3 items
inflation 3 items
money markets 3 items
Basel capital ratios 2 items
Central Bank Credibility 2 items
Eurodollars 2 items
Expectations 2 items
FOMC 2 items
Monetary policy uncertainty 2 items
Natural language processing 2 items
Quantitative Easing 2 items
Regulation Q 2 items
capital controls 2 items
foreign exchange reserves 2 items
high frequency identification 2 items
liquidity 2 items
regulation 2 items
stress test 2 items
Business cycles 2 items
Collateral 2 items
Credit 2 items
Deregulation 2 items
Emerging market economies 2 items
Fiscal policy 2 items
Interbank 2 items
Interest Rates 2 items
Large-Scale Asset Purchases 2 items
Liquidity Traps 2 items
Market integration 2 items
Monetary policy implementation 2 items
Zero Lower Bound 2 items
100 percent reserve banking 1 items
Alternative FOMC statements 1 items
Bank Credit Supply 1 items
Bank Wholesale Funding 1 items
Banks 1 items
Basel III Liquidity Coverage Ratio 1 items
Bayesian Methods 1 items
Bayesian estimation 1 items
Big Data 1 items
Bitcoin 1 items
Blockchain 1 items
Coordination failures 1 items
Counterfactual policy analysis 1 items
Counterfactual policy evaluation 1 items
Covid-19 1 items
Crisis 1 items
Cryptocurrency 1 items
Debt crisis 1 items
Default 1 items
Depressions 1 items
Determinacy 1 items
Digital currency 1 items
Dodd-Frank 1 items
ECB policy 1 items
Emerging markets 1 items
Equilibrium real interest rate 1 items
Euro Area 1 items
Evolutionary Games 1 items
FOMC Statements 1 items
FOMC communication 1 items
Factor-augmented vector autoregression 1 items
Federal Home Loan Banks 1 items
Financial conditions 1 items
Friedman monetary satiation 1 items
Friedman rule 1 items
Great Depression 1 items
Great Recession 1 items
Growth shock 1 items
Inflation rate targeting 1 items
Interest rate targeting 1 items
Lender of Last Resort 1 items
Lending Channel 1 items
Liquid wealth 1 items
Liquidity funding shocks 1 items
Matching 1 items
Monetary Policy Identification 1 items
Monetary Transmission 1 items
Monetary policy reaction function 1 items
Monetary policy stance 1 items
Monetary policy surprises 1 items
Monetary shock 1 items
Monetary union 1 items
Money Market Mutual Funds 1 items
Money in production function 1 items
Nominal Negative Rates 1 items
Nonlinear filtering 1 items
Nonlinear solution methods 1 items
Optimal Exit Strategies. 1 items
Particle MCMC 1 items
Potential Output 1 items
Price 1 items
Prices 1 items
Primary dealers 1 items
Qualitative Easing 1 items
Recession Prediction 1 items
Relative Prices 1 items
Sarbanes-Oxley 1 items
Search 1 items
Sectoral Models 1 items
Spillovers 1 items
Stabilization Policy 1 items
Sticky Prices 1 items
Sticky Wages 1 items
Text analysis 1 items
This American Life 1 items
Trade 1 items
U.S. banknotes 1 items
Unconventional Monetary Policies 1 items
Unconventional Monetary Policy 1 items
VAR identification 1 items
Variable Selection 1 items
Wages 1 items
ZLB 1 items
adverse selection 1 items
and other financial institutions 1 items
business cycle 1 items
business formation 1 items
capital adequacy 1 items
capital flight 1 items
capital flows 1 items
central bank policy 1 items
conscientious supervision 1 items
counterparty credit risk 1 items
credit policy 1 items
credit rationing 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
federal funds 1 items
federal funds rate 1 items
financial crisis 1 items
financial frictions 1 items
financial spillovers 1 items
financial stress 1 items
financial variables 1 items
flight to quality 1 items
forecast errors 1 items
government intervention 1 items
high-frequency identification 1 items
household finance 1 items
identification 1 items
interest rate 1 items
interest rate spread 1 items
levels 1 items
limited commitment 1 items
liquidity coverage ratio 1 items
macroeconomy 1 items
money and banking 1 items
money demand. 1 items
municipal finance 1 items
network 1 items
network models 1 items
price levels 1 items
regional data 1 items
regulatory capture 1 items
residential investment 1 items
risk sharing 1 items
safe asset 1 items
search theory 1 items
secular stagnation 1 items
shadow banking 1 items
shock specific rule 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
stress tests 1 items
sudden stops 1 items
systemic risk 1 items
taper tantrum 1 items
threshold estimation 1 items
topology 1 items
unemployment 1 items
vulnerability 1 items
show more (212)
show less