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Keywords:economic stabilization OR Economic stabilization OR Economic Stabilization 

Discussion Paper
Have postwar economic fluctuations been stabilized?

Previous investigations of whether the volatility of the U.S. economy diminished after World War II have been inconclusive because of questionable prewar macroeconomic aggregates. We examine, more broadly, the hypothesis of the stabilization of the postwar economy by focusing on the duration of business cycles, rather than their amplitude; in the process, we avoid the debate about the quality of prewar aggregates. Using distribution-free statistics, we find clear evidence of postwar duration stabilization in terms of a shift toward longer expansions and shorter contractions. Moreover, we find ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 33

Report
Stabilizing expectations under monetary and fiscal policy coordination

This paper analyzes how the formation of expectations constrains monetary and fiscal policy design. Economic agents have imperfect knowledge about the economic environment and the policy regime in place. Households and firms learn about the policy regime using historical data. Regime uncertainty substantially narrows, relative to a rational expectations analysis of the model, the menu of policies consistent with expectations stabilization. When agents are learning about the policy regime, there is greater need for policy coordination: the specific choice of monetary policy limits the set of ...
Staff Reports , Paper 343

Journal Article
Strategic behavior in the tri-party repo market

The repo market in the United States played a significant role during the 2007?2009 global financial crisis. A large portion of the transactions in this market take the form of a tri-party repo, where a third party (a clearing bank) intermediates between the borrower and the lender. The sudden withdrawal of tri-party repo funding was a critical factor leading to the demise of Bear Stearns. It is now widely believed that the tri-party repo infrastructure has some serious vulnerabilities. Using non-cooperative game theory to analyze the strategic interactions between the main players in this ...
Economic Quarterly , Volume 97 , Issue 4Q , Pages 389-413

Journal Article
Monetary policy debates reflect theoretical issues

A review of some of the important developments in economic theory that have altered our understanding of the real-nominal interaction, and a discussion of the implications for monetary policy.
Economic Commentary , Issue May

Journal Article
The automatic fiscal stabilizers: quietly doing their thing

Economic Policy Review , Issue Apr , Pages 35-67

Working Paper
Stabilization policy: a framework for analysis

Working Papers , Paper 45

Journal Article
A monetarist model for economic stabilization

Review , Volume 52 , Issue Apr , Pages 7-25

Conference Paper
Commentary : Is there a role for discretionary fiscal policy?

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Stabilization actions in 1969--how much restraint?

Review , Volume 51 , Issue September , Pages 4-7

Speech
On the economic outlook and the commitment to price stability

Remarks at the Rotary Club of Nashville, Nashville, Tennessee, July 20, 2009
Speech , Paper 6

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