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Fed’s Mortgage-Backed Securities Purchases Sought Calm, Accommodation During Pandemic
Frame, W. Scott; Greene, Brian; Hull, Cindy E.; Zorsky, Josh (2021-08-26)
We explore the Federal Reserve’s purchases of agency MBS—mortgage bonds guaranteed by Ginnie Mae, Fannie Mae and Freddie Mac—and related market dynamics during the pandemic, including why mortgage rates fell to historic lows.
Dallas Fed Economics

Journal Article
Monetary policy and the behavior of long-term real interest rates
Fuhrer, Jeffrey C. (1995-09)
A time-honored description of the "monetary transmission channel" suggests that the Fed controls the federal funds rate, which affects the rates on longer-term credit market instruments, which affect the expected real (inflation-adjusted) rates on longer-term instruments, which affect real spending on interest-sensitive goods, which affects unemployment and inflation. And yet one key link in the chain, the expected real long-term interest rate, is not observable.> This article explores the link between the behavior of monetary policy and inferences about the behavior of the expected ...
New England Economic Review , Issue Sep , Pages 39-52

Working Paper
Pre-announcement effects, news, and volatility: monetary policy and the stock market
Bomfim, Antúlio N. (2000)
I examine pre-announcement and news effects on the stock market in the context of public disclosure of monetary policy decisions. The results suggest that the stock market tends to be relatively quiet--conditional volatility is abnormally low--on days preceding regularly scheduled policy announcements. Although this calming effect is routinely reported in anecdotal press accounts, it is statistically significant only over the past four to five years, a result that I attribute to changes in the Federal Reserve's disclosure practices in early 1994. The paper also looks at how the actual ...
Finance and Economics Discussion Series , Paper 2000-50

Journal Article
The 1973 national economic plan: slowing the boom
Carlson, Keith M. (1973-03)
Review , Volume 55 , Issue Mar , Pages 2-9

Working Paper
Inequality in the Welfare Costs of Disinflation
Rubinton, Hannah; Pugsley, Benjamin (2021-09-23)
We use an incomplete markets economy to quantify the distribution of welfare gains and losses of the US “Volcker” disinflation. In the long run households prefer low inflation, but disinflation requires a transition period and a redistribution from net nominal borrowers to net nominal savers. Welfare costs may be significant for households with nominal liabilities. When calibrated to match the micro and macro moments of the early 1980s high-inflation environment and the actual changes in the nominal interest rate and inflation during the Volcker disinflation, nearly 60 percent of all ...
Working Papers , Paper 2020-021

Report
Time variation in asset price responses to macro announcements
Grisse, Christian; Goldberg, Linda S. (2013-08-01)
Although the effects of economic news announcements on asset prices are well established, these relationships are unlikely to be stable. This paper documents the time variation in the responses of yield curves and exchange rates using high-frequency data from January 2000 through August 2011. Significant time variation in news effects is present for those announcements that have the largest effects on asset prices. The time variation in effects is explained by economic conditions, including the level of policy rates at the time of the news release, and risk conditions: Government bond yields ...
Staff Reports , Paper 626

Conference Paper
Noncooperative monetary policies in interdependent economies: time consistency and reputation
Henderson, Dale W.; Canzoneri, Matthew B. (1986)
Proceedings

Working Paper
Does monetary policy keep up with the Joneses? Optimal interest-rate smoothing with consumption externalities
Chugh, Sanjay K. (2004)
Changes in monetary policy are typically implemented gradually, an empirical observation known as interest-rate smoothing. We propose the explanation that time-non-separable preferences may render interest-rate smoothing optimal. We find that when consumers have "catching-up-with-the-Joneses" preferences, optimal monetary policy reacts gradually to shocks to prevent inefficiently fast adjustments in consumption. We also extend our basic model to investigate the effects of capital formation and nominal rigidities on the dynamics of optimal monetary policy. Optimal policy responses continue ...
International Finance Discussion Papers , Paper 812

Speech
Headline versus core inflation in the conduct of monetary policy : a speech at the Business Cycles, International Transmission and Macroeconomic Policies Conference, HEC Montreal, Montreal, Canada, October 20, 2007
Mishkin, Frederic S. (2007)
Speech , Paper 332

Conference Paper
Asset price and monetary policy : Japan's experience
Yamaguchi, Yutaka (1999)
Proceedings - Economic Policy Symposium - Jackson Hole

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