Search Results
Speech
Fed policy to the bond yield
Presentation to the Midwest Region of the National Association of State Treasurers, Missouri History Museum, St. Louis - July 12, 2002
Working Paper
Convergence and anchoring of yield curves in the Euro area
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional daily fluctuations, and conditional responses to major macroeconomic data announcements. Our findings also suggest a substantial increase in the anchoring of long-term inflation expectations since EMU, particularly for Italy and Spain, which ...
Journal Article
Prospects for China's corporate bond market
This Economic Letter explores whether China's corporate bond market is likely to develop as an alternative to bank financing for private Chinese firms.
Journal Article
The EMU effect on the currency denomination of international bonds
This Economic Letter reviews recent work that focuses on micro-level data to study the impact of the launch of the EMU on the currency denomination of international bonds.
Working Paper
The Impact of Unconventional Monetary Policy on Firm Financing Constraints : Evidence from the Maturity Extension Program
This paper investigates the impact of unconventional monetary policy on firm financial constraints. It focuses on the Federal Reserve?s maturity extension program (MEP), intended to lower longer-term rates and flatten the yield curve by reducing the supply of long-term government debt. Consistent with those models that emphasize bond market segmentation and limits to arbitrage, around the MEP?s announcement, stock prices rose most sharply for those firms that are more dependent on longer-term debt. These firms also issued more long-term debt during the MEP and expanded employment and ...
Journal Article
Has the bond market forgotten oil?
Journal Article
Emerging Bond Markets and COVID-19: Evidence from Mexico
The pandemic caused by the coronavirus is depressing economic activity and severely straining government budgets globally. Without international support, the ability of emerging economies to weather this crisis will depend crucially on access to and the cost of borrowing in domestic government bond markets. Analyzing bond flows and risk premiums for Mexican government bonds during the pandemic gives some insights into a major emerging economy’s experience. Mexican risk premiums have increased more than 1 percentage point above predicted levels, pointing to tighter funding conditions for the ...
Speech
Implementing the Federal Reserve's asset purchase program
Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.