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Working Paper
A Macroeconomic Model of Central Bank Digital Currency
Paul, Pascal; Ulate, Mauricio; Wu, Jing Cynthia (2024-04-08)
We develop a quantitative New Keynesian DSGE model to study the introduction of a central bank digital currency (CBDC): government-backed digital money available to retail consumers. At the heart of our model are monopolistic banks with market power in deposit and loan markets. When a CBDC is introduced, households benefit from an expansion of liquidity services and higher deposit rates as bank deposit market power is curtailed. However, deposits also flow out of the banking system and bank lending contracts. We assess this welfare trade-off for a wide range of economies that differ in their ...
Working Paper Series , Paper 2024-11

Working Paper
Measuring Inclusion: Gender and Coauthorship at the Federal Reserve Board
Datta, Deepa Dhume; Vigfusson, Robert J. (2024-12-05)
Relative to diversity, inclusion is much harder to measure. We measure inclusion of women in economics using novel data on coauthoring relationships among Federal Reserve Board economists. Individual coauthoring relationships are voluntary, yet inclusion in coauthoring networks can be central to research productivity and career success. We document gender affinity in coauthoring, with individuals up to 34 percent more likely to have a same-gender coauthor in the data relative to what would be predicted by random assignment. Because women account for under 30 percent of Federal Reserve Board ...
Finance and Economics Discussion Series , Paper 2024-091

Working Paper
Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank
Hetzel, Robert L. (2018-01-09)
In his great work A History of the Federal Reserve System, vol. 1, Allan Meltzer contended that monetary policymakers in the Depression simply ignored the quantity theoretic prescriptions that would have prevented contractionary monetary policy. Practically, he was arguing that the Fed should have accepted the responsibilities for economic stabilization now taken for granted with the modern concept of a central bank. In reality, decades of monetarist criticism had to pass before the Fed accepted both responsibility for the behavior of the price level and economic stabilization. In effect, ...
Working Paper , Paper 18-2

Working Paper
FOMC Responses to Calls for Transparency
Acosta, Miguel (2015-07-10)
I apply latent semantic analysis to Federal Open Market Committee (FOMC) transcripts and minutes from 1976 to 2008 in order to analyze the Fed's responses to calls for transparency. Using a newly constructed measure of the transparency of deliberations, I study two events that define markedly different periods of transparency over this 32-year period. First, the 1978 Humphrey-Hawkins Act increased the degree to which the FOMC used meeting minutes to convey the content of its meetings. Historical evidence suggests that this increased transparency reflected a response to the Act's requirement ...
Finance and Economics Discussion Series , Paper 2015-60

Working Paper
Assessing the Impact of Central Bank Digital Currency on Private Banks
Andolfatto, David (2018-10-05)
I investigate the theoretical impact of central bank digital currency (CBDC) on a monopolistic banking sector. The framework combines the Diamond (1965) model of government debt with the Klein (1971) and Monti (1972) model of banking. There are two main results. First, the introduction of interest-bearing CBDC increases financial inclusion, diminishing the demand for physical cash. Second, while interest-bearing CBDC reduces monopoly profit, it need not disintermediate banks in any way. CBDC may, in fact, lead to an expansion of bank deposits if CBDC competition compels banks to raise their ...
Working Papers , Paper 2018-026

Speech
The Outlook for the Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World
Mester, Loretta J. (2016-04-01)
Good afternoon. I thank Ellen Zentner and the New York Association for Business Economics for the invitation to speak to you today. I believe that one of the important responsibilities of a Federal Reserve policymaker is to share his or her economic perspectives with the public. Congress has wisely given the Fed independence in making monetary policy decisions in pursuit of our statutory goals of price stability and maximum employment. I say "wisely" because a body of research and practical experience both here and abroad show that when central banks formulate monetary policy free from ...
Speech , Paper 69

Journal Article
Central Banks and Climate Risks
Harnish, Molly (2019-04)
Some researchers look at climate change and see economic uncertainty. Central banks are beginning to take notice
Econ Focus , Issue 2Q-3Q , Pages 8-13

Unleashing Hamilton’s Financial Revolution
Willardson, Niel D. (2020-11-03)
The federal government’s assumption of Revolutionary War debt was part of what historians now describe as Hamilton’s financial revolution.
On the Economy

Journal Article
Responses of International Central Banks to the COVID-19 Crisis
Haas, Jacob; Neely, Christopher J.; Emmons, William R. (2020-10-22)
This article reviews and explains the recent policy reactions of the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan to the financial and macroeconomic turmoil caused by the COVID-19 pandemic. The financial and monetary policy actions of major central banks in the most recent crisis have, by some metrics, surpassed their responses to the Global Financial Crisis of 2007-09 in both swiftness and scope.
Review , Volume 102 , Issue 4 , Pages 338-384

Discussion Paper
The Role of Central Bank Lending Facilities in Monetary Policy
Sarkar, Asani; Lee, Helene (2017-06-30)
Central bank lending facilities were vital during the financial crisis of 2007-08 when many banks and nonbank financial institutions turned to them to meet funding needs as private funding dried up. Since then, there has been renewed interest in the design of central bank lending facilities in the post-crisis period. In this post, we compare the Federal Reserve’s discount window with the lending facilities at three other major central banks: the Bank of England (BoE), the European Central Bank (ECB), and the Bank of Japan (BoJ). We observe that, relative to the other central banks, the ...
Liberty Street Economics , Paper 20170630

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