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Working Paper
U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies
Bowman, David; Londono, Juan M.; Sapriza, Horacio (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

Speech
The Federal Reserve’s Pandemic Response
Held, Michael (2020-06-25)
Remarks at Union of Arab Banks Webinar: Global Banking in Light of COVID-19 and Geopolitical Development (delivered via videoconference).
Speech

Journal Article
The Money Market Mutual Fund Liquidity Facility
Anadu, Kenechukwu E.; Cipriani, Marco; Craver, Ryan M.; La Spada, Gabriele (2022-07-01)
In this article, the authors discuss the run on prime money market funds (MMFs) that occurred in March 2020, at the onset of the COVID-19 pandemic, and describe the Money Market Mutual Fund Liquidity Facility (MMLF), which the Federal Reserve established in response to it. They show that the MMLF, like a similarly structured Federal Reserve facility established during the 2008 financial crisis, was an important tool in stemming investor outflows from MMFs and restoring calm in short-term funding markets. The usage of the facility was higher by funds that suffered larger outflows. After the ...
Economic Policy Review , Volume 28 , Issue 1

Working Paper
The Evolution of the Federal Reserve Swap Lines since 1962
Humpage, Owen F.; Bordo, Michael D.; Schwartz, Anna J. (2014-10-02)
In this paper, we describe the evolution of the Federal Reserve?s swap lines from their inception in 1962 as a mechanism to forestall claims on US gold reserves under Bretton Woods to their use during the Great Recession as a means of extending emergency dollar liquidity. We describe the Federal Reserve?s successes and failures. We argue that swaps calm crisis situations by both supplementing foreign countries? dollar reserves and by signaling central-bank cooperation. We show how swaps exposed the Federal Reserve to conditionality and raised fears that they bypassed the Congressional ...
Working Papers (Old Series) , Paper 1414

Working Paper
Considerations regarding the use of the discount window to support economic activity through a funding for lending program
Carlson, Mark A.; Zarutskie, Rebecca (2022-10)
This paper considers the use of the Federal Reserve's ability to provide loans to depository institutions under its discount window lending authority in support of achieving its monetary policy objectives through a funding for lending program. Broadly, a funding for lending program could be structured as one in which the Federal Reserve makes ample low-cost funding available to banks or a program in which the Federal Reserve only provides low-cost funding conditional on the banks meeting certain lending targets. We provide a general description of how a funding for lending program could be ...
Finance and Economics Discussion Series , Paper 2022-070

Working Paper
The Emergence of Forward Guidance As a Monetary Policy Tool
Nelson, Edward (2021-05-17)
Forward guidance—the issuance by a central bank of public statements concerning the likely future settings of its policy instruments—is widely regarded as a new tool of monetary policy. The analysis in this paper shows that Federal Reserve policymakers from the 1950s onward actually accepted the premises of forward guidance: the notion that longer-term interest rates are key yields in aggregate spending decisions; and the proposition that indications of intentions regarding future short-term interest rate policy can affect longer-term rates. Over the same period, they were nevertheless ...
Finance and Economics Discussion Series , Paper 2021-033

Briefing
Perspectives on the Banking Turmoil of 2023
Ennis, Huberto M. (2023-10)
The banking turmoil of March 2023 was a significant incident in the U.S. financial system that threatened to create a general macroeconomic problem. There were multiple factors at play that explain what happened. In this article, I discuss some of those factors in detail to gain a more complete understanding of why and how the turmoil happened and the way policy addressed it.
Richmond Fed Economic Brief , Volume 23 , Issue 35

Working Paper
Federal Reserve Policy and Bretton Woods
Humpage, Owen F.; Bordo, Michael D. (2014-08-27)
During the Bretton Woods era, balance-of-payments developments, gold losses, and exchange rate concerns had little influence on Federal Reserve monetary policy, even after 1958 when such issues became critical. The Federal Reserve could largely disregard international considerations because the U.S. Treasury instituted a number of stop-gap devices?the gold pool, the general agreement to borrow, capital restraints, sterilized foreign-exchange operations?to shore up the dollar and Bretton Woods. These, however, gave Federal Reserve policymakers the latitude to focus on domestic objectives and ...
Working Papers (Old Series) , Paper 1407

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