Search Results
Working Paper
Fiscal Dominance and US Monetary: 1940–1975
This narrative investigates the frictions that existed between the Federal Reserve?s monetary policies and the US Treasury?s debt-management operations from the onset of the Second World War through the end of the Federal Reserve?s even-keel actions in mid-1975. The analysis suggests that three factors can help explain why the Federal Reserve compromised the attainment of its statutorily mandated monetary-policy objectives for debt-management reasons: 1) the existence of an existential threat, 2) the fear that to do otherwise would create instability in the banking sector, and 3) the ...
Conference Paper
Getting the most out of mandatory subordinated debt requirement
Journal Article
Choosing a Credit Counseling Agency
Consumers can go online to get advice about choosing the right agency.
Journal Article
Notes from the field: interview with CCCS of Greater Dallas
In an interview with the Federal Reserve Bank of Dallas, Todd Mark, vice president of education at Consumer Credit Counseling Service (CCCS) of Greater Dallas, discusses the biggest issues clients are facing.
Working Paper
Sovereign debt restructurings and the IMF: implications for future official interventions
This paper studies the role played by the IMF during sovereign debt restructurings and extracts lessons for future official interventions. To do so, I compare twelve recent debt restructurings. I begin by detailing the main features (?restructuring strategies?) of each episode. I then analyze the involvement of the Fund and relate it to the above-cited strategies. Despite the wide heterogeneity both in restructuring strategies and in the scope of IMF?s involvement, the Fund exerted a substantial influence. This influence came, not only through the provision of official finance and by setting ...
Briefing
U.S. household deleveraging: what do the aggregate and household-level data tell us?
Deleveraging is the process by which households decide that their level of debt is inconsistent with their revised economic outlook and adjust their leverage accordingly, primarily by substituting debt repayment for consumption. Household deleveraging is a commonly cited reason for the sluggish consumption growth experienced during the current economic recovery from the Great Recession. This policy brief analyzes the impact of household debt repayment on consumer spending during and after the Great Recession by using aggregate and household-level data. Overall, the data show little evidence ...
Journal Article
A reconsideration of the risk sensitivity of U.S. banking organization subordinated debt spreads: a sample selection approach
The authors estimate a sample selection model over three distinct regulatory "regimes" when the treatment of bank bondholders (in the event of bank failures) differed substantially. They then estimate their selection model to test the strength of bond market discipline over these three regulatory regimes, finding that bank bond spreads are positively associated with bank risk measures during all three regimes, even during the too-big-to-fail period.
Report
Market-Function Asset Purchases
This paper investigates the goals, costs, and benefits of official-sector purchases of government securities for the purpose of restoring market functionality. We explore the design of market-function purchase programs, including their communication, triggers, operational protocols, exit, and wind-down strategies. We further discuss whether, under some circumstances, fiscal buybacks might be a useful alternative or complement to central-bank market-function purchase programs, and how these buybacks could be funded. The use of fiscal buybacks to support market functionality can be aligned with ...
Journal Article
Tiger by the tail
Journal Article
Treasury prospects