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Keywords:Assets (Accounting) 

Journal Article
Monetary policy implementation: common goals but different practices

While the goals that guide monetary policy in different countries are very similar, central banks diverge in their methods of implementing policy. This study of the policy frameworks of four central banks?the Federal Reserve, the European Central Bank, the Bank of England, and the Swiss National Bank?focuses on two notable areas of difference. The first is the choice of an interest rate target, a standard feature of conventional monetary policy. The second is the choice of instruments for managing the central banks? expanded balance sheets?a decision made necessary by the banks? ...
Current Issues in Economics and Finance , Volume 17 , Issue Nov

Journal Article
Liquid asset holdings of individuals and businesses

Federal Reserve Bulletin , Issue Jun

Speech
The implementation of current asset purchases

Remarks at the Annual Meeting with Primary Dealers, New York City.
Speech , Paper 98

Report
Why are Switzerland's foreign assets so low? The growing financial exposure of a small open economy

Switzerland's international investment position shows a puzzling feature since 1999: Large and persistent current account surpluses have failed to boost the value of Swiss foreign assets. In this paper, we link this pattern to the substantial increase in the leveraging of Switzerland's international assets and liabilities over the last twenty years, which we document in detail. We estimate the impact of exchange rate and asset prices movements on Swiss net foreign assets, and show that they led to substantial valuations losses since 1999, accounting for between one-quarter and one-half of the ...
Staff Reports , Paper 283

Journal Article
Solving the present crisis and managing the leverage cycle

Yale University professor John Geanakoplos discusses implications of ?the leverage cycle??a phenomenon in which leverage is excessive prior to a financial crisis and unacceptably low during the crisis?for regulatory policy and reform. Presented as the keynote address at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve Bank of New York, February 19-20, 2009.
Economic Policy Review , Volume 16 , Issue Aug , Pages 101-131

Speech
Remarks on the role of central bank interactions with financial markets

Remarks at New York University's Stern School of Business, New York City.
Speech , Paper 94

Working Paper
Properties of equilibrium asset prices under alternative learning schemes

This paper characterizes equilibrium asset prices under adaptive, rational and Bayesian learning schemes in a model where dividends evolve on a binomial lattice. The properties of equilibrium stock and bond prices under learning are shown to differ significantly compared with prices under full information rational expectations. Learning causes the discount factor and risk-neutral probability measure to become path-dependent and introduces serial correlation and volatility clustering in stock returns. We also derive conditions under which the expected value and volatility of stock prices will ...
Working Papers , Paper 2005-009

Report
Financial intermediary balance sheet management

Conventional discussions of balance sheet management by nonfinancial firms take the set of positive net present value (NPV) projects as given, which in turn determines the size of the firm?s assets. The focus is on the composition of equity and debt in funding such assets. In contrast, the balance sheet management of financial intermediaries reveals that it is equity that behaves like the predetermined variable, and the asset size of the bank or financial intermediary is determined by the degree of leverage that is permitted by market conditions. The relative stickiness of equity reveals ...
Staff Reports , Paper 532

Working Paper
Pessimistic beliefs under rational learning: quantitative implications for the equity premium puzzle

In the presence of infrequent but observable structural breaks, we show that a model in which the representative agent is on a rational learning path concerning the real consumption growth process can generate high equity premia and low risk-free interest rates. In fact, when the model is calibrated to U.S. consumption growth data, average risk premia and bond yields similar to those displayed by post- depression (1938-1999) U.S. historical experience are generated for low levels of risk aversion. Even ruling out pessimistic beliefs, recursive learning inflates the equity premium without ...
Working Papers , Paper 2005-005

Speech
The implementation of current asset purchases

Remarks at the Forecasters Club of New York, New York City.
Speech , Paper 100

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