Search Results
Showing results 1 to 10 of approximately 114.
(refine search)
Working Paper
Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective
Lowe, David; Malloy, Matthew
(2021-03-22)
This note explores the potential effects of the widespread adoption of a global stablecoin (GSC) on key aggregate financial sector balance sheets in the United States. To do this, we map out cash flows of GSC transactions among financial sector entities using a stylized set of 't-accounts'. By analyzing these individual transactions, we infer aggregate and compositional effects on U.S. commercial banking sector and Federal Reserve balance sheets. Through this lens, we also consider how these balance sheet changes could affect monetary policy implementation, the demand for central bank ...
Finance and Economics Discussion Series
, Paper 2021-020
Working Paper
Inflation as a Fiscal Limit
Melosi, Leonardo; Bianchi, Francesco
(2022-29-08)
Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing government debt. Historically, trend inflation is critically influenced by actual or perceived changes to this framework, while cost-push shocks only account for short-lasting movements in inflation. Before the pandemic, a moderate level of fiscal inflation has counteracted deflationary pressures, helping the central bank to avoid deflation. The recent fiscal interventions in response to the Covid pandemic have altered the private sector’s beliefs about the fiscal framework, accelerating the recovery, but ...
Working Paper Series
, Paper WP 2022-37
Working Paper
When is Bad News Good News? U.S. Monetary Policy, Macroeconomic News, and Financial Conditions in Emerging Markets
Hoek, Jasper; Kamin, Steven B.; Yoldas, Emre
(2020-01-31)
Rises in U.S. interest rates are often thought to generate adverse spillovers to emerging market economies (EMEs). We show that what appears to be bad news for EMEs might actually be good news, or at least not-so-bad news, depending on the source of the rise in U.S. interest rates. We present evidence that higher U.S. interest rates stemming from stronger U.S. growth generate only modest spillovers, while those stemming from a more hawkish Fed policy stance or inflationary pressures can lead to significant tightening of EME financial conditions. Our identification of the sources of U.S. rate ...
International Finance Discussion Papers
, Paper 1269
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
Journal Article
A Short Introduction to the World of Cryptocurrencies
Berentsen, Aleksander; Schär, Fabian
(2018)
In this article, we give a short introduction to cryptocurrencies and blockchain technology. The focus of the introduction is on Bitcoin, but many elements are shared by other blockchain implementations and alternative cryptoassets. The article covers the original idea and motivation, the mode of operation and possible applications of cryptocurrencies, and blockchain technology. We conclude that Bitcoin has a wide range of interesting applications and that cryptoassets are well suited to become an important asset class.
Review
, Volume 100
, Issue 1
, Pages 1-16
Working Paper
Inflation targeting and the anchoring of inflation expectations: cross-country evidence from consensus forecasts
Davis, J. Scott; Presno, Ignacio
(2014-05-13)
Using survey data of inflation expectations across a 36 developed and developing countries, this paper examines whether the adoption of inflation targeting has helped to anchor inflation expectations. We examine the response of inflation expectations following a shock to inflation, inflation expectations, and oil prices. For the 13 countries that adopted inflation targeting midway through the time period used in this study, there is a significant difference in the responses between the earlier and the later subperiods. A shock leads to a positive, significant, and persistent increase ...
Globalization Institute Working Papers
, Paper 174
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
Taylor Rule Estimation by OLS
Carvalho, Carlos; Nechio, Fernanda; Tristao, Tiago
(2021-09-01)
Ordinary Least Squares (OLS) estimation of monetary policy rules produces potentially inconsistent estimates of policy parameters. The reason is that central banks react to variables, such as inflation and the output gap, that are endogenous to monetary policy shocks. Endogeneity implies a correlation between regressors and the error term – hence, an asymptotic bias. In principle, Instrumental Variables (IV) estimation can solve this endogeneity problem. In practice, however, IV estimation poses challenges, as the validity of potential instruments depends on various unobserved features of ...
Working Paper Series
, Paper 2018-11
Working Paper
Central bank credibility and the persistence of inflation and inflation expectations
Davis, J. Scott
(2012)
This paper introduces a model where agents are unsure about the central bank's inflation target. They believe that the central bank's inflation target could lie between two extremes, and their beliefs vary depending on the central bank's stock of credibility. They form the expectations used in price and wage setting using this perceived inflation target, and they use past observations of inflation to update their beliefs about the credibility of the central bank. Thus a series of high inflation observations can lead them to believe (incorrectly) that the central bank has adopted a high ...
Globalization Institute Working Papers
, Paper 117
Working Paper
Global Financial Cycles and Risk Premiums
Jordà, Òscar; Ward, Felix; Taylor, Alan M.; Schularick, Moritz
(2018-06-11)
This paper studies the synchronization of financial cycles across 17 advanced economies over the past 150 years. The comovement in credit, house prices, and equity prices has reached historical highs in the past three decades. The sharp increase in the comovement of global equity markets is particularly notable. We demonstrate that fluctuations in risk premiums, and not risk-free rates and dividends, account for a large part of the observed equity price synchronization after 1990. We also show that U.S. monetary policy has come to play an important role as a source of fluctuations in risk ...
Working Paper Series
, Paper 2018-5
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 28 items
Federal Reserve Bank of Dallas 25 items
Federal Reserve Bank of St. Louis 12 items
Federal Reserve Bank of Cleveland 11 items
Federal Reserve Bank of Chicago 6 items
Federal Reserve Bank of Kansas City 6 items
Federal Reserve Bank of New York 6 items
Federal Reserve Bank of San Francisco 6 items
Federal Reserve Bank of Boston 5 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 22 items
Finance and Economics Discussion Series 18 items
Globalization Institute Working Papers 18 items
Working Paper Series 11 items
International Finance Discussion Papers 10 items
Review 7 items
Research Working Paper 5 items
Staff Reports 5 items
Working Papers (Old Series) 4 items
FRB Atlanta Working Paper 3 items
Working Paper 3 items
Staff Report 2 items
Chicago Fed Letter 1 items
Current Policy Perspectives 1 items
Economic Review 1 items
Public Policy Discussion Paper 1 items
Speech 1 items
Supervisory Research and Analysis Working Papers 1 items
show more (13)
show less
FILTER BY Content Type
Working Paper 95 items
Journal Article 8 items
Report 8 items
Discussion Paper 1 items
Newsletter 1 items
Speech 1 items
show more (1)
show less
FILTER BY Author
Davis, J. Scott 7 items
Fujiwara, Ippei 5 items
Boel, Paola 4 items
Duca, John V. 4 items
Melosi, Leonardo 4 items
Bianchi, Francesco 3 items
Bordo, Michael D. 3 items
Cole, Stephen J. 3 items
Doh, Taeyoung 3 items
Hajdini, Ina 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
Scotti, Chiara 3 items
Waller, Christopher J. 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
Hetzel, Robert L. 2 items
Hoek, Jasper 2 items
Kim, Kyungmin 2 items
Koch, Christoffer 2 items
MacGee, James 2 items
Milani, Fabio 2 items
Rocheteau, Guillaume 2 items
Schär, Fabian 2 items
Song, Dongho 2 items
Spiegel, Mark M. 2 items
Tai, Andrew 2 items
Tetlow, Robert J. 2 items
Vega, Clara 2 items
Wall, Larry D. 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
Ahrens, Maximilian 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
Christopoulos, Dimitris 1 items
Clarida, Richard H. 1 items
Cotton, Christopher D. 1 items
Coulibaly, Brahima 1 items
Crosignani, Matteo 1 items
Cuba-Borda, Pablo A. 1 items
D'Amico, Stefania 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
Erdemlioglu, Deniz 1 items
Faccini, Renato 1 items
Farhi, Emmanuel 1 items
Favara, Giovanni 1 items
Fernandez, Alejandro 1 items
Ferreira, Thiago Revil T. 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
Garga, Vaishali 1 items
Gelain, Paolo 1 items
Glover, Andrew 1 items
Gopinath, Gita 1 items
Gruber, Joseph W. 1 items
Higa-Flores, Kenji 1 items
Hobijn, Bart 1 items
Huang, Kevin X. D. 1 items
Husted, Lucas F. 1 items
Infante, Sebastian 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, 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
McAdam, Peter 1 items
McAndrews, James J. 1 items
McMahon, Michael 1 items
Melcangi, Davide 1 items
Miles, Russell 1 items
Modugno, Michele 1 items
Mustre-del-Rio, Jose 1 items
Nakazono, Yoshiyuki 1 items
Nechio, Fernanda 1 items
Nee, Shawn 1 items
Neely, Christopher J. 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
Ostry, Daniel 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 1 items
Rogers, John H. 1 items
Royal, James 1 items
Rubio-Ramirez, Juan F. 1 items
Schmanski, Bennett 1 items
Schorfheide, Frank 1 items
Schularick, Moritz 1 items
Schweitzer, Mark E. 1 items
Shin, Hyun Song 1 items
Silva, André F. 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
Tristao, Tiago 1 items
Tsomocos, Dimitrios P. 1 items
Tzavalis, Elias 1 items
Ueda, Kozo 1 items
Van Leemput, Eva 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
Yang, Xiye 1 items
Yoldas, Emre 1 items
Zhang, Jing 1 items
Zlate, Andrei 1 items
http://fedora:8080/fcrepo/rest/objects/authors/ 1 items
van Buggenum, Hugo 1 items
show more (195)
show less
FILTER BY Jel Classification
E40 39 items
E30 28 items
E52 19 items
E58 17 items
E44 12 items
G21 12 items
E31 8 items
F30 8 items
F40 8 items
G23 7 items
C53 6 items
E59 6 items
C11 5 items
D84 5 items
E47 5 items
E60 5 items
G10 5 items
G28 5 items
D83 4 items
E43 4 items
E70 4 items
G01 4 items
G12 4 items
G20 4 items
C32 3 items
E37 3 items
E62 3 items
F33 3 items
F41 3 items
F42 3 items
G18 3 items
C30 2 items
C55 2 items
E00 2 items
E13 2 items
E20 2 items
E27 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
C45 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
E17 1 items
E21 1 items
E22 1 items
E24 1 items
E32 1 items
E66 1 items
F01 1 items
F45 1 items
G00 1 items
G11 1 items
G14 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 (73)
show less
FILTER BY Keywords
Monetary policy 24 items
Money 7 items
Banking 6 items
Inflation 6 items
Forward Guidance 6 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
Bayesian Estimation 3 items
Fiscal policy 3 items
Monetary policy shocks 3 items
Natural language processing 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
Financial stability 2 items
Fintech 2 items
Government Bonds 2 items
Government Debt 2 items
Internal Propagation 2 items
Local Government Bonds 2 items
Monetary policy uncertainty 2 items
Myopia 2 items
Policy Effects 2 items
Price discovery 2 items
Public information 2 items
Quantitative Easing 2 items
Regulation Q 2 items
Search 2 items
Security Markets 2 items
Stabilization 2 items
Stablecoins 2 items
Survey of Professional Forecasters (SPF) 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
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
Volatility 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
CPI 1 items
Central bank digital currency 1 items
Central banking 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
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
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
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
Prices 1 items
Primary dealers 1 items
Probability of a recession 1 items
Product-labor market interaction 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
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
VAR models 1 items
Variable Selection 1 items
Wages 1 items
Wealth Effects 1 items
Zero Interest Rates 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 communication 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 spreads 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
excess bond premium 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
firm heterogeneity 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 data 1 items
high-frequency identification 1 items
household finances 1 items
identification 1 items
interest rate spreads 1 items
investment 1 items
levels 1 items
limited commitment 1 items
liquidity coverage ratio 1 items
macroeconomics 1 items
macroeconomy 1 items
monetary economics 1 items
monetary shocks 1 items
money and banking 1 items
money demand 1 items
multimodal machine learning 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
speech analysis 1 items
state and local governments 1 items
stock investment 1 items
supercore 1 items
tail risk 1 items
taper tantrum 1 items
threshold estimation 1 items
threshold models 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 (307)
show less