Search Results
Showing results 1 to 10 of approximately 78.
(refine search)
Discussion Paper
Where Have the Paycheck Protection Loans Gone So Far?
Volker, Desi; Liu, Haoyang
(2020-05-06)
The Paycheck Protection Program (PPP) is a central piece of the CARES Act. In the program’s first round, $349 billion in forgivable government-guaranteed loans were extended to small businesses to cover costs related to payroll and utilities, as well as mortgage and rent payments. The program opened for applications on April 3 and was oversubscribed by April 16. Because of its popularity, lawmakers passed a new bill replenishing the fund with another $310 billion and the Small Business Administration (SBA) started approving loans again on April 27. With a new round of PPP lending underway, ...
Liberty Street Economics
, Paper 20200506
Discussion Paper
The Commercial Paper Funding Facility
Kovner, Anna; Crump, Richard K.; Boyarchenko, Nina
(2020-05-15)
In mid-March, the Federal Reserve announced a slew of credit and liquidity facilities aimed at supporting credit provision to U.S. households and businesses. Among the initiatives is the Commercial Paper Funding Facility (CPFF) which aims to support market functioning and provide a liquidity backstop for the commercial paper market. The domestic commercial paper market provides a venue for short-term financing for companies which employ more than 6 million Americans. Securities in the commercial paper market represent a key asset class for money market mutual funds. This post documents the ...
Liberty Street Economics
, Paper 20200515
Discussion Paper
Have the Fed Swap Lines Reduced Dollar Funding Strains during the COVID-19 Outbreak?
Goldberg, Linda S.; Ravazzolo, Fabiola; Cetorelli, Nicola
(2020-05-22)
In March 2020, the Federal Open Market Committee (FOMC) made changes to its swap line facilities with foreign central banks to enhance the provision of dollars to global funding markets. Because the dollar has important roles in international trade and financial markets, reducing these strains helps facilitate the supply of credit to households and businesses, both domestically and abroad. This post summarizes the changes made to central bank swap lines and shows when these changes were effective at bringing down dollar funding strains abroad.
Liberty Street Economics
, Paper 20200522
Speech
Welcoming remarks at Workshop on the Risks of Wholesale Funding
Dudley, William
(2014-08-13)
Remarks at the Workshop on the Risks of Wholesale Funding, Federal Reserve Bank of New York, New York City.
Speech
, Paper 141
Report
Money, credit, monetary policy, and the business cycle in the euro area: what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia
(2019-04-01)
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and long-term loans and deposits exceptionally low since the Lehman collapse. Instead, short-term interest rates and short-term loans and deposits did not show abnormal dynamics in the course of the financial and sovereign debt crisis.
Staff Reports
, Paper 885
Report
Banks, Liquidity Management, and Monetary Policy
Bigio, Saki; Bianchi, Javier
(2014-09-08)
We develop a new framework to study the implementation of monetary policy through the banking system. Banks finance illiquid loans by issuing deposits. Deposit transfers across banks must be settled using central bank reserves. Transfers are random and therefore create liquidity risk, which in turn determines the supply of credit and the money multiplier. We study how different shocks to the banking system and monetary policy affect the economy by altering the trade-off between profiting from lending and incurring greater liquidity risk. We calibrate our model to study quantitatively why ...
Staff Report
, Paper 503
Working Paper
Optimal Monetary Policy under Negative Interest Rate
Dong, Feng; Wen, Yi
(2017-05-16)
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held doctrine of the zero lower bound on nominal interest rate, how is a negative interest rate (NIR) policy possible? (ii) Will NIR be effective in stimulating aggregate demand? (iii) Are there any new theoretical issues emerging under NIR policies? This article builds a model to show that (i) money ...
Working Papers
, Paper 2017-19
Working Paper
An Analysis of the Literature on International Unconventional Monetary Policy
Neely, Christopher J.; Bhattarai, Saroj
(2020-05-04)
This paper evaluates the literature on international unconventional monetary policies (UMP). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in standard models permits a theoretical role for UMP. Empirical studies provide compelling evidence that UMP influenced international asset prices and tail-risk in the desired manner. Calibrated modeling and vector autoregressive (VAR) exercises imply that these policies also improved macroeconomic outcomes. We assess the recent debate on the empirical evidence and discuss central bank assessments of UMP. Despite ...
Working Papers
, Paper 2016-021
Working Paper
An Analysis of the Literature on International Unconventional Monetary Policy
Bhattarai, Saroj; Neely, Christopher J.
(2016-11-28)
This paper critically evaluates the literature on international unconventional monetary policies. We begin by reviewing the theories of how such heterogeneous policies could work. Empirically, event studies provide compelling evidence that international asset purchase announcements have strongly influenced international bond yields, exchange rates, and equity prices in the desired manner and curtailed market perceptions of extreme events. Calibrated modeling and vector autoregressive (VAR) exercises imply that these policies significantly improved macroeconomic outcomes, raising output and ...
Working Papers
, Paper 2016-21
Working Paper
Revisiting Gertler-Gilchrist Evidence on the Behavior of Small and Large Firms
Kudlyak, Marianna; Sanchez, Juan M.
(2016-03-30)
Gertler and Gilchrist (1994) provide evidence for the prevailing view that adverse shocks are propagated via credit constraints of small firms. We revisit the behavior of small versus large firms during the episodes of credit disruption and recessions in the sample extended to cover the 2007-09 economic crisis. We find that large firms'' short-term debt and sales contracted relatively more than those of small firms during the 2007-09 episode. Furthermore, the short-term debt of large firms also contracted relatively more in the previous tight money episodes if one takes into account the ...
Working Papers
, Paper 2016-5
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 19 items
Federal Reserve Bank of San Francisco 11 items
Federal Reserve Bank of St. Louis 11 items
Federal Reserve Bank of Dallas 8 items
Federal Reserve Bank of New York 6 items
Federal Reserve Bank of Minneapolis 5 items
Federal Reserve Bank of Richmond 5 items
Federal Reserve Bank of Boston 4 items
Federal Reserve Bank of Kansas City 3 items
Federal Reserve Bank of Atlanta 2 items
Federal Reserve Bank of Cleveland 2 items
Federal Reserve Bank of Chicago 1 items
Federal Reserve Bank of Philadelphia 1 items
show more (8)
show less
FILTER BY Series
Working Papers 17 items
Finance and Economics Discussion Series 14 items
Working Paper Series 12 items
Globalization Institute Working Papers 6 items
Working Paper 5 items
Current Policy Perspectives 3 items
Federal Reserve Bulletin 3 items
Liberty Street Economics 3 items
Staff Report 3 items
International Finance Discussion Papers 2 items
Research Working Paper 2 items
Review 2 items
Economic Bulletin 1 items
Economic Policy Review 1 items
FRB Atlanta CQER Working Paper 1 items
FRB Atlanta Working Paper 1 items
Speech 1 items
Staff Reports 1 items
show more (13)
show less
FILTER BY Content Type
Working Paper 60 items
Journal Article 7 items
Report 7 items
Discussion Paper 3 items
Speech 1 items
FILTER BY Author
Jordà , Òscar 8 items
Taylor, Alan M. 7 items
Schularick, Moritz 6 items
Kudlyak, Marianna 5 items
Nelson, Edward 5 items
Nicolini, Juan Pablo 4 items
Auer, Raphael 3 items
Bhattarai, Saroj 3 items
Neely, Christopher J. 3 items
Sanchez, Juan M. 3 items
Wen, Yi 3 items
Coibion, Olivier 2 items
Dong, Feng 2 items
Gilchrist, Simon 2 items
Gorodnichenko, Yuriy 2 items
Ihrig, Jane E. 2 items
Kahn, Charles M. 2 items
Kim, Edward 2 items
Koch, Christoffer 2 items
Mondragon, John 2 items
Peek, Joe 2 items
Richardson, Gary 2 items
Rivadeneyra, Francisco 2 items
Schoenle, Raphael 2 items
Sharma, Padma 2 items
Sim, Jae W. 2 items
Vojtech, Cindy M. 2 items
Weinbach, Gretchen C. 2 items
Wong, Tsz-Nga 2 items
Zakrajsek, Egon 2 items
Afanasyeva, Elena 1 items
Allison, Theodore E. 1 items
Baker, Sarah S. 1 items
Baughman, Garth 1 items
Bethune, Zachary 1 items
Bianchi, Javier 1 items
Bigio, Saki 1 items
Bluwstein, Kristina 1 items
Bordo, Michael D. 1 items
Boyarchenko, Nina 1 items
Brzoza-Brzezina, Michal 1 items
Buera, Francisco J. 1 items
Carapella, Francesca 1 items
Cetorelli, Nicola 1 items
Chakraborty, Suparna 1 items
Chen, Qian 1 items
Claessens, Stijn 1 items
Coleman, Stacy Panigay 1 items
Crump, Richard K. 1 items
Curfman, Christopher 1 items
Davis, J. Scott 1 items
Ding, Lei 1 items
Dou, Yiwei 1 items
Duca, John V. 1 items
Dudley, William 1 items
Ennis, Huberto M. 1 items
Gao, Han 1 items
Gelain, Paolo 1 items
Gerardi, Kristopher S. 1 items
Giannone, Domenico 1 items
Goldberg, Linda S. 1 items
Greene, Claire 1 items
Herkenhoff, Kyle F. 1 items
Hevia, Constantino 1 items
Howes, Cooper 1 items
Infante, Sebastian 1 items
Kandrac, John 1 items
Kang, Wensheng 1 items
Karson, Evan 1 items
Kilian, Lutz 1 items
Kolasa, Marcin 1 items
Kovner, Anna 1 items
Kulish, Mariano 1 items
Kumbhat, Ashish 1 items
Kurtzman, Robert J. 1 items
Lambert, Michael J. 1 items
Lee, Jae Won 1 items
Lenza, Michele 1 items
Li, Geng 1 items
Liu, Haoyang 1 items
Lo, Stephanie 1 items
Lopez-Salido, J. David 1 items
Mack, Adrienne 1 items
Marsh, W. Blake 1 items
Mongey, Simon 1 items
Nalewaik, Jeremy J. 1 items
Nechio, Fernanda 1 items
Occhino, Filippo 1 items
Ohanian, Lee E. 1 items
Park, Woong Yong 1 items
Paul, Pascal 1 items
Phoa, Wesley 1 items
Pianalto, Rosanna S. 1 items
Ratti, Ronald A. 1 items
Ravazzolo, Fabiola 1 items
Reichlin, Lucrezia 1 items
Reinhart, Carmen M. 1 items
Rocheteau, Guillaume 1 items
Ronen, Joshua 1 items
Rosengren, Eric S. 1 items
Rysman, Marc 1 items
Sastry, Parinitha 1 items
Schuh, Scott 1 items
Shy, Oz 1 items
Singh, Sanjay R. 1 items
Stanton, Kristin D. 1 items
Van Horn, Patrick 1 items
Vandenabeele, Anne 1 items
Vespignani, Joaquin L. 1 items
Vigfusson, Robert J. 1 items
Volker, Desi 1 items
Wang, J. Christina 1 items
Weiss, Colin 1 items
Willen, Paul S. 1 items
Wong, Russell 1 items
Zeke, David 1 items
Zhang, Cathy 1 items
show more (112)
show less
FILTER BY Jel Classification
E58 22 items
G21 22 items
E52 20 items
E32 19 items
E44 16 items
E42 13 items
G12 12 items
G28 12 items
E31 8 items
E41 8 items
E30 6 items
E43 6 items
F31 6 items
N20 6 items
F33 5 items
F42 5 items
G01 5 items
N10 5 items
C14 4 items
E01 4 items
E37 4 items
E61 4 items
F41 4 items
F44 4 items
D14 3 items
E12 3 items
E13 3 items
E47 3 items
G18 3 items
G32 3 items
G38 3 items
C32 2 items
C38 2 items
C52 2 items
D12 2 items
D20 2 items
D40 2 items
E21 2 items
E24 2 items
F32 2 items
L10 2 items
L50 2 items
C11 1 items
C13 1 items
C22 1 items
C51 1 items
C53 1 items
D10 1 items
D31 1 items
D53 1 items
D60 1 items
D83 1 items
E20 1 items
E22 1 items
E23 1 items
E39 1 items
E4 1 items
E49 1 items
E5 1 items
E60 1 items
E65 1 items
F3 1 items
G1 1 items
G15 1 items
G2 1 items
G20 1 items
G23 1 items
G33 1 items
H12 1 items
K22 1 items
K24 1 items
L11 1 items
L13 1 items
L51 1 items
L85 1 items
M40 1 items
N12 1 items
N21 1 items
N22 1 items
Q43 1 items
R31 1 items
show more (77)
show less
FILTER BY Keywords
Monetary policy 12 items
money 5 items
quantitative easing 5 items
COVID-19 4 items
Liquidity 4 items
Money Demand 4 items
financial crises 4 items
Monetarism 3 items
cryptocurrencies 3 items
Banking 3 items
central bank 3 items
financial crisis 3 items
lender of last resort 3 items
leverage 3 items
recessions 3 items
Federal Reserve 2 items
Liquidity Preference 2 items
Liquidity management 2 items
Paycheck Protection Program (PPP) 2 items
Transmission mechanism 2 items
blockchain 2 items
business cycles 2 items
central bank digital currencies 2 items
credit easing 2 items
digital currencies 2 items
digitalisation 2 items
distributed ledger technology 2 items
effective lower bound 2 items
event study 2 items
finance 2 items
local projections 2 items
mortgages 2 items
proof-of-stake 2 items
proof-of-work 2 items
unconventional monetary policy 2 items
Bank Lending 2 items
Trilemma 2 items
Bank Failure 1 items
Bank balance sheets 1 items
Bank loans 1 items
Bank suspension 1 items
Basel III 1 items
Bayesian VAR 1 items
Bayesian inference 1 items
CARD Act 1 items
CARES Act 1 items
Capital requirements 1 items
Commercial Paper Funding Facility (CPFF) 1 items
Community banks 1 items
Competitive responsiveness 1 items
Conditional forecast 1 items
Core PCE prices 1 items
Credit Constrains 1 items
Credit boom 1 items
Credit card market 1 items
Credit gap 1 items
Credit relationships 1 items
Credit view 1 items
Currency in circulation 1 items
Depository institutions 1 items
Deregulation 1 items
Distributional Effect of Monetary Policy 1 items
Dollar, American 1 items
Early warning 1 items
Federal Reserve Board and Federal Reserve System 1 items
Federal Reserve liquidity facilities 1 items
Financial Intermediation 1 items
Firm dynamics 1 items
Floating exchange rates 1 items
Frinancial Frictions 1 items
Great Moderation 1 items
Great Recession 1 items
HQLA 1 items
Heterogeneous Money Demand 1 items
Incomes policy 1 items
Incomplete Markets 1 items
Inflation 1 items
Inflation targeting 1 items
Intermediary asset pricing 1 items
International finance 1 items
Japan 1 items
Karl Brunner 1 items
LCR 1 items
LSAPs 1 items
Lending Channel 1 items
Liquid assets 1 items
Liquidity Regulation 1 items
Liquidity Trap 1 items
Margin loans 1 items
Markov-switching 1 items
Means of payment 1 items
Menu costs 1 items
Milton Friedman 1 items
Misallocation 1 items
Monetary Transmission 1 items
Monetary aggregates 1 items
Monetary base 1 items
Monetary base control 1 items
Monetary policy autonomy 1 items
Money and banking 1 items
Money markets 1 items
Money multiplier 1 items
Money supply 1 items
Money view 1 items
NAIRU 1 items
National banks 1 items
Oligopoly 1 items
Payments crisis 1 items
Policy 1 items
Private money 1 items
Production Networks 1 items
Propagation of Shocks 1 items
QE 1 items
Real GDP 1 items
Reallocation 1 items
Regulation Q 1 items
Regulations 1 items
Repo 1 items
Required Reserves 1 items
Reserve balances 1 items
Reserve targets 1 items
Safe assets 1 items
Small and Large firms 1 items
Structural Change 1 items
Synthetic control 1 items
Threshold regression 1 items
Time-Varying Labor Wedge 1 items
Time-Varying Velocity of Money 1 items
Transaction services 1 items
U.K. economic policy 1 items
U.K. monetary policy 1 items
Velocity 1 items
Wage Inflation 1 items
Welfare Costs of Inflation 1 items
account-to-account (A2A) transfers 1 items
accounting 1 items
asset-based tokens 1 items
asymmetry 1 items
auditing 1 items
banks 1 items
bitcoin 1 items
booms 1 items
central banking 1 items
commercial paper 1 items
compliance 1 items
conditional response 1 items
consensus 1 items
corporate bond facility 1 items
corporate bonds 1 items
corporate finance 1 items
cost channel 1 items
cost-benefit analysis 1 items
costly external finance 1 items
credit availability 1 items
credit performance 1 items
credit score 1 items
crypto-assets 1 items
cryptoassets 1 items
default 1 items
dollar 1 items
e-money 1 items
economic consensus 1 items
economic finality 1 items
economic history 1 items
ethereum 1 items
euro area 1 items
fast payments systems 1 items
financial innovations 1 items
financial intermediaries 1 items
financial shocks 1 items
fintech 1 items
fixed-rate contracts 1 items
hacking 1 items
history of money 1 items
household debt 1 items
hysteresis 1 items
inequality 1 items
inflation-output tradeoff 1 items
instrumental variables 1 items
interest rate 1 items
liquidity constraint 1 items
liquidity premium 1 items
loan modification 1 items
loans 1 items
local projections. 1 items
long-term yield 1 items
medium of exchange 1 items
missing deflation 1 items
money neutrality 1 items
mortgage 1 items
mortgage lending 1 items
negative equity 1 items
nonfinancial corporations 1 items
nonlinearity 1 items
optimal monetary policy 1 items
permissioned DLT 1 items
person-to-person (P2P) payments 1 items
prediction. 1 items
privacy 1 items
proportionality 1 items
regtech 1 items
regulation 1 items
risk premium 1 items
shadow banking 1 items
short-term wholesale funding 1 items
small business loans 1 items
speculative bubble 1 items
stablecoins 1 items
sticky customer base 1 items
strategic default 1 items
supervision 1 items
suptech 1 items
swap 1 items
theft 1 items
time variation 1 items
token- and account- based payment payments 1 items
tokenisation 1 items
total factor productivity 1 items
tri-party repo 1 items
unemployment 1 items
wallets 1 items
welfare 1 items
zombie firms 1 items
show more (234)
show less