Search Results
Showing results 1 to 10 of approximately 64.
(refine search)
Working Paper
A Global Lending Channel Unplugged? Does U.S. Monetary Policy Affect Cross-border and Affiliate Lending by Global U.S. Banks?
Ongena, Steven; Temesvary, Judit; Owen, Ann L.
(2018-02-02)
We examine how U.S. monetary policy affects the international activities of U.S. Banks. We access a rarely studied U.S. bank-level regulatory dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and quantitative easing (after the onset of the crisis) affects changes in cross-border claims by U.S. banks across countries, maturities and sectors, and also affects changes in claims by their foreign affiliates. We find robust evidence consistent with the existence of a potent global bank lending channel. In response to changes in U.S. monetary ...
Finance and Economics Discussion Series
, Paper 2018-008
Working Paper
U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies
Sapriza, Horacio; Londono, Juan M.; Bowman, David
(2014-06-23)
We investigate the effects of U.S. unconventional monetary policies on sovereign yields, foreign exchange rates, and stock prices in emerging market economies (EMEs), and we analyze how these effects depend on country-specifc characteristics. We find that, although EME asset prices, mainly those of sovereign bonds, responded strongly to unconventional monetary policy announcements, these responses were not outsized with respect to a model that takes into account each country's time-varying vulnerability to U.S. interest rates affected by monetary policy shocks.
International Finance Discussion Papers
, Paper 1109
Working Paper
Macroeconomic news and asset prices before and after the zero lower bound
Yung, Julieta; Koch, Christoffer
(2016-10-01)
With short-term policy interest rates constrained by their effective zero lower bound (ZLB), monetary policy relied on communicating the future path of policy conditional on incoming macroeconomic data. Motivated by this, we exploit intra-day prices to investigate how updates on the state of the U.S. economy affect interest rates and exchange rates before and after the ZLB. We find that releases reflecting the dual mandate of the Fed rose in importance and ? as an ex-post acknowledgement of the sources of the Great Recession ? additional housing market indicators and GDP revisions, that ...
Globalization Institute Working Papers
, Paper 287
Working Paper
The Prudential Use of Capital Controls and Foreign Currency Reserves
Bianchi, Javier; Lorenzoni, Guido
(2021-11-12)
We provide a simple framework to study the prudential use of capital controls and currency reserves that have been explored in the recent literature. We cover the role of both pecuniary externalities and aggregate demand externalities. The model features a central policy dilemma for emerging economies facing large capital outflows: the choice between increasing the policy rate to stabilize the exchange rate and decreasing the policy rate to stabilize employment. Ex ante capital controls and reserve accumulation can help mitigate this dilemma. We use our framework to survey the recent ...
Working Papers
, Paper 787
Report
On the Desirability of Capital Controls
Heathcote, Jonathan; Perri, Fabrizio
(2016-01-15)
In a standard two-country international macro model, we ask whether imposing restrictions on international non contingent borrowing and lending is ever desirable. The answer is yes. If one country imposes capital controls unilaterally, it can generate favorable changes in the dynamics of equilibrium interest rates and the terms of trade, and thereby benefit at the expense of its trading partner. If both countries simultaneously impose capital controls, the welfare effects are ambiguous. We identify calibrations in which symmetric capital controls improve terms of trade insurance against ...
Staff Report
, Paper 523
Report
The emerging market economies in times of taper-talk and actual tapering
Diez, Federico J.
(2014-11-14)
The emerging market economies (EME) experienced financial distress during two recent periods, both linked to the prospect of the Federal Reserve starting to slow its asset purchases. This policy change was expected to reverse the capital flows directed to the EME. Despite this aggregate effect, a closer analysis shows that there were significant differences across the EME during the time when talk of the upcoming taper began and the period when the policy was implemented. The author makes use of the literature on currency crises to analyze the different cross-country responses and to identify ...
Current Policy Perspectives
, Paper 14-6
Working Paper
Fiscal stabilization with partial exchange rate pass-through
Kersting, Erasmus K.
(2009)
This paper examines the role of fiscal stabilization policy in a two-country framework that allows for a general degree of exchange rate pass-through. I derive analytical solutions for optimal monetary and fiscal policy which are shown to depend on the degree of pass-through. In the case of partial pass-through, an optimizing policy maker uses countercyclical fiscal stabilization in addition to monetary stabilization. However, in the extreme cases of complete or zero pass-through, the fiscal stabilization instrument is not employed. There is also no additional gain from the fiscal instrument ...
Globalization Institute Working Papers
, Paper 31
Journal Article
Common Fluctuations in OECD Budget Balances
Rapach, David E.; Neely, Christopher J.
(2015)
The authors use a dynamic latent factor model to analyze comovements in OECD surpluses. The world factor underlying common fluctuations in budget surpluses across countries explains an average of 28 to 44 percent of the variation in individual country surpluses. The world factor, which can be interpreted as a global budget surplus index, declines substantially in the 1980s, rises throughout much of the 1990s, peaks in 2000, and declines again after the financial crisis of 2008. The authors then estimate similar world factors in national output gaps, dividend-to-price ratios, and military ...
Review
, Volume 97
, Issue 2
, Pages 109-132
Working Paper
Inflation Globally
Nechio, Fernanda; Jordà, Òscar
(2018-12-07)
The Phillips curve remains central to stabilization policy. Increasing financial linkages, international supply chains, and managed exchange rate policy have given core currencies an outsized influence on the domestic affairs of world economies. We exploit such influence as a source of exogenous variation to examine the effects of the recent financial crisis on the Phillips curve mechanism. Using a difference-in-differences approach, and comparing countries before and after the 2008 financial crisis sorted by whether they endured or escaped the crisis, we are able to assess the evolution of ...
Working Paper Series
, Paper 2018-15
Working Paper
Risk Taking and Interest Rates : Evidence from Decades in the Global Syndicated Loan Market
Lee, Seung Jung; Stebunovs, Viktors; Liu, Lucy Qian
(2017-01)
We study how low interest rates in the United States affect risk taking in the market for cross-border corporate loans. Because banks tend to originate these loans with intent to sell to nonbank investors, we examine risk taking by the broad financial system. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of cross-border spillover effects of U.S. monetary policy and highlights the global lending and risk-taking channels. We find that movements in the U.S. interest rates have an important effect on ex-ante credit risk of ...
International Finance Discussion Papers
, Paper 1188
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of Dallas 18 items
Board of Governors of the Federal Reserve System (U.S.) 15 items
Federal Reserve Bank of San Francisco 9 items
Federal Reserve Bank of New York 5 items
Federal Reserve Bank of St. Louis 5 items
Federal Reserve Bank of Boston 4 items
Federal Reserve Bank of Kansas City 3 items
Federal Reserve Bank of Minneapolis 3 items
Federal Reserve Bank of Atlanta 1 items
Federal Reserve Bank of Chicago 1 items
show more (5)
show less
FILTER BY Series
Globalization Institute Working Papers 17 items
Working Paper Series 10 items
Finance and Economics Discussion Series 8 items
Working Papers 8 items
International Finance Discussion Papers 6 items
Staff Reports 5 items
Research Working Paper 3 items
Review 2 items
Staff Report 2 items
Current Policy Perspectives 1 items
FRB Atlanta Working Paper 1 items
Federal Reserve Bulletin 1 items
show more (7)
show less
FILTER BY Content Type
FILTER BY Author
Jordà, Òscar 6 items
Taylor, Alan M. 5 items
Martinez-Garcia, Enrique 4 items
Schularick, Moritz 4 items
Temesvary, Judit 4 items
Bodenstein, Martin 3 items
Contessi, Silvio 3 items
Correa, Ricardo 3 items
Georgiadis, Georgios 3 items
Goldberg, Linda S. 3 items
Takats, Elod 3 items
Berrospide, Jose M. 2 items
Bräuning, Falk 2 items
Corsetti, Giancarlo 2 items
Duncan, Roberto 2 items
Fujiwara, Ippei 2 items
Guerrieri, Luca 2 items
Lee, Seung Jung 2 items
Liu, Lucy Qian 2 items
Londono, Juan M. 2 items
Niepmann, Friederike 2 items
Sapriza, Horacio 2 items
Sheremirov, Viacheslav 2 items
Spiegel, Mark M. 2 items
Stebunovs, Viktors 2 items
Tai, Andrew 2 items
Tille, Cedric 2 items
Acharya, Sushant 1 items
Auer, Raphael 1 items
Auer, Simone 1 items
Barbiero, Omar 1 items
Bayoumi, Tamim 1 items
Bengui, Julien 1 items
Bhattarai, Saroj 1 items
Bianchi, Javier 1 items
Borio, Claudio 1 items
Bowman, David 1 items
Chatterjee, Arpita 1 items
De Pace, Pierangelo 1 items
Dedola, Luca 1 items
Diez, Federico J. 1 items
Dilts Stedman, Karlye 1 items
Durdu, Ceyhun Bora 1 items
Farmer, Roger E. A. 1 items
Filardo, Andrew J. 1 items
Gagnon, Joseph E. 1 items
Heathcote, Jonathan 1 items
Hirata, Hideaki 1 items
Jancokova, Martina 1 items
Kam, Timothy 1 items
Kamber, Gunes 1 items
Kapicka, Marek 1 items
Kehoe, Patrick J. 1 items
Kersting, Erasmus K. 1 items
Koch, Christoffer 1 items
Kose, M. Ayhan 1 items
Kydland, Finn E. 1 items
LaBriola, Joe 1 items
Landry, Anthony E. 1 items
Leduc, Sylvain 1 items
Levin, Andrew T. 1 items
Li, Li 1 items
Liu, Zheng 1 items
Lorenzoni, Guido 1 items
Mandelman, Federico S. 1 items
Martin, Alex 1 items
Matschke, Johannes 1 items
Mendoza, Enrique G. 1 items
Nechio, Fernanda 1 items
Neely, Christopher J. 1 items
Nicolo, Giovanni 1 items
Ohanian, Lee E. 1 items
Ongena, Steven 1 items
Otrok, Christopher 1 items
Owen, Ann L. 1 items
Park, Woong Yong 1 items
Pastorino, Elena 1 items
Perri, Fabrizio 1 items
Rapach, David E. 1 items
Restrepo-Echavarria, Paulina 1 items
Rice, Tara N. 1 items
Rogers, John H. 1 items
Saborowski, Christian 1 items
Schumann, Ben 1 items
Singh, Sanjay R. 1 items
Sly, Nicholas 1 items
Sunakawa, Takeki 1 items
Tesar, Linda L. 1 items
Thoenissen, C. 1 items
Tryon, Ralph W. 1 items
Waddle, Andrea L. 1 items
Wang, Jiao 1 items
Ward, Felix 1 items
Weber, Caroline 1 items
White, William R. 1 items
Wright, Mark L. J. 1 items
Yung, Julieta 1 items
Zarazaga, Carlos E. 1 items
Zer, Ilknur 1 items
Zhang, Jing 1 items
Zhu, Feng 1 items
show more (96)
show less
FILTER BY Jel Classification
F41 24 items
E52 21 items
F44 14 items
E44 13 items
G15 12 items
F33 8 items
G21 8 items
F32 7 items
E61 6 items
E32 5 items
E51 5 items
F34 5 items
E01 4 items
E30 4 items
E31 4 items
E58 4 items
F36 4 items
C11 3 items
C50 3 items
E12 3 items
E47 3 items
E5 3 items
E50 3 items
E62 3 items
F21 3 items
F30 3 items
C30 2 items
C32 2 items
E66 2 items
F23 2 items
F31 2 items
F37 2 items
F38 2 items
F43 2 items
F47 2 items
F62 2 items
G12 2 items
G20 2 items
G38 2 items
N10 2 items
N20 2 items
B52 1 items
C14 1 items
C31 1 items
C52 1 items
C53 1 items
D62 1 items
E00 1 items
E13 1 items
E40 1 items
E43 1 items
E60 1 items
E63 1 items
F01 1 items
F02 1 items
F13 1 items
F14 1 items
F35 1 items
F40 1 items
F45 1 items
F51 1 items
G01 1 items
G14 1 items
G18 1 items
G28 1 items
G33 1 items
H32 1 items
H62 1 items
H87 1 items
O19 1 items
O54 1 items
show more (67)
show less
FILTER BY Keywords
Monetary Policy 8 items
spillovers 5 items
international spillovers 4 items
Capital controls 3 items
Macroprudential policies 3 items
financial linkages 3 items
international banking 3 items
Bank lending channel 2 items
Bayesian Estimation 2 items
Monetary transmission 2 items
Unconventional monetary policy 2 items
Wicksellian Natural Rate 2 items
emerging markets 2 items
exchange rates 2 items
local projections 2 items
monetary shocks 2 items
trade networks 2 items
Bank credit 2 items
Business cycles 2 items
Capital Flows 2 items
Cross-Border Claims 2 items
Diff-In-Diff Analysis 2 items
Global banking 2 items
International risk sharing 2 items
Macroprudential Policy 2 items
Monetary policy cooperation 2 items
Quantitative easing 2 items
Terms of trade 2 items
Trilemma 2 items
Argentina 1 items
Bayesian Methods 1 items
Beggar-thy-Neighbor 1 items
Bilateral Tax Treaties 1 items
Commodity prices 1 items
Comovement 1 items
Cross-border bank lending 1 items
Cross-country analysis 1 items
Cross-country externalities 1 items
Cross-country insurance 1 items
Cross-country transfers 1 items
Currency denomination 1 items
Currency misalignments 1 items
Current account balance 1 items
Domestic Capital Markets 1 items
Dominant-currency pricing 1 items
European debt crisis 1 items
Federal Reserve 1 items
Fiscal externalities 1 items
Fiscal policy 1 items
Foreign exchange intervention 1 items
Foreign exchange interventions 1 items
GDP 1 items
General Equilibrium 1 items
Global factors 1 items
Global imbalances 1 items
Global spillovers 1 items
International 1 items
International Business Cycles 1 items
International Capital Markets 1 items
International financial markets 1 items
International liquidity regulation 1 items
International transfers 1 items
Keynes 1 items
Labor Markets 1 items
Marshall-Lerner-Robinson condition 1 items
New Keynesian 1 items
Open Economy Model 1 items
Open-Economy New Keynesian Model 1 items
Open-loop Nash games 1 items
Optimal currency area 1 items
Optimal policy 1 items
Phillips Curve 1 items
Risk taking 1 items
Risk-taking 1 items
Search and matching 1 items
Survey Expectations 1 items
Synchronization 1 items
Syndicated leveraged loans 1 items
Syndicated loans 1 items
Taper tantrum 1 items
Tax treaties 1 items
Trade linkages 1 items
U.S. monetary policy 1 items
U.S. shocks 1 items
Unemployment 1 items
Welfare 1 items
asset markets and risk sharing 1 items
banking crises 1 items
booms 1 items
business 1 items
capacity utilization 1 items
capital accumulation 1 items
capital flow management 1 items
cross-border capital flows 1 items
currency crises 1 items
currency mismatch 1 items
dollar-priced trade 1 items
enterprises 1 items
exchange rate pass-through 1 items
exchange rate sensitivity 1 items
external debt opportunistic defaults 1 items
financial crises 1 items
financial globalization 1 items
financial stability 1 items
fiscal austerity 1 items
historical panel data 1 items
hysteresis 1 items
indeterminacy 1 items
instrumental variables 1 items
intellectual property rights 1 items
internal capital market 1 items
international finance 1 items
international policy cooperation 1 items
international trade 1 items
large-scale asset purchase program 1 items
leverage 1 items
limited commitment constraints 1 items
liquidity 1 items
liquidity traps 1 items
marcroprudential regulation 1 items
missing capital 1 items
monetary interventions 1 items
monetary policy autonomy 1 items
monetary policy shocks 1 items
money neutrality 1 items
optimal contract 1 items
optimal monetary policy 1 items
optimal targeting rules 1 items
policy coordination 1 items
recessions 1 items
strategic interaction 1 items
sudden stop 1 items
tariffs 1 items
tax competition 1 items
technology capital transfers 1 items
trade imbalances 1 items
transmission 1 items
trilemma mechanism 1 items
welfare analysis 1 items
show more (153)
show less