Search Results
Speech
What the Moment Demands
Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, 33rd Frankfurt European Banking Congress, Frankfurt, Germany, November 17, 2023, 3:30 PM CET (local), 6:30 AM PST
Working Paper
The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy
Elevated government debt levels in advanced economies have risen rapidly as sovereigns absorbed private sector losses and cyclical deficits blew up in the Global Financial Crisis and subsequent slump. A rush to fiscal austerity followed but its justifications and impacts have been heavily debated. Research on the effects of austerity on macroeconomic aggregates remains unsettled, mired by the difficulty of identifying multipliers from observational data. This paper reconciles seemingly disparate estimates of multipliers within a unified framework. We do this by first evaluating the validity ...
Speech
Keynote Address: The Economic Outlook
Speaking before an audience in Bucks County, PA, Philadelphia Fed President Patrick Harker said that a "new normal" in the economy may mean rethinking policy targets. "Things are unlikely to return to what we considered their relative norms before the recession," he said.
Working Paper
The long–run macroeconomic impacts of fuel subsidies
Many developing and emerging market countries have subsidies on fuel products. Using a small open economy model with a non-traded sector I show how these subsidies impact the steady state levels of macroeconomic aggregates such as consumption, labor supply, and aggregate welfare. These subsidies can lead to crowding out of non-oil consumption, inefficient inter-sectoral allocations of labor, and other distortions in macroeconomic variables. Across steady states aggregate welfare is reduced by these subsidies. This result holds for a country with no oil production and for a net exporter of ...
Working Paper
Bank Linkages and International Trade
We show that bank linkages have a positive effect on international trade. We construct the global banking network (GBN) at the bank level, using individual syndicated loan data from Loan Analytics for 1990-2007. We compute network distance between bank pairs and aggregate it to country pairs as a measure of bank linkages between countries. We use data on bilateral trade from IMF DOTS as the subject of our analysis and data on bilateral bank lending from BIS locational data to control for financial integration and financial flows. Using gravity approach to modeling trade with country-pair and ...
Working Paper
Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited
We develop flexible semiparametric time series methods that are then used to assess the causal effect of monetary policy interventions on macroeconomic aggregates. Our estimator captures the average causal response to discrete policy interventions in a macro-dynamic setting, without the need for assumptions about the process generating macroeconomic outcomes. The proposed procedure, based on propensity score weighting, easily accommodates asymmetric and nonlinear responses. Application of this estimator to the effects of monetary restraint shows the Fed to be an effective inflation fighter. ...
Speech
Unconventional monetary policy and central bank communications : a speech at the University of Chicago Booth School of Business U.S. Monetary Policy Forum, New York, New York, February 25, 2011
remarks at the U.S. Monetary Policy Forum, New York, New York, February 25, 2011
Speech
Assessing potential financial imbalances in an era of accommodative monetary policy : a speech at the 2011 International Conference: Real and Financial Linkage and Monetary Policy, Bank of Japan, Tokyo, Japan, June 1, 2011
remarks at the 2011 International Conference: Real and Financial Linkage and Monetary Policy, Bank of Japan, Tokyo, Japan, June 2, 2011
Speech
The Dual Transformation of R&S and Monetary Policy
Remarks at Research and Statistics at 100: A Look at the Past, Present, and Future, Board of Governors of the Federal Reserve System, Washington, DC.
Speech
Ten Years Gone
Remarks at the 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.