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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

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