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Keywords:Disclosure of information 

Opening the temple: annual report essay

In an essay in the 2011 annual report, San Francisco Fed President and CEO John C. Williams describes the Fed's move out of the shadows toward greater openness and transparency, the necessity for this change, and where there is more that can be done.
Annual Report

What does interconnectedness imply for macroeconomic and financial cooperation?

Remarks at the Swiss National Bank-International Monetary Fund Conference, Zurich, Switzerland.
Speech , Paper 81

Federal Reserve lending disclosure

Testimony of Thomas C. Baxter, Jr., and Scott G. Alvarez, General Counsel of the Board of Governors, before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
Speech , Paper 54

Central bank transparency, the accuracy of professional forecasts, and interest rate volatility

Central banks worldwide have become more transparent. An important reason is that democratic societies expect more openness from public institutions. Policymakers also see transparency as a way to improve the predictability of monetary policy, thereby lowering interest rate volatility and contributing to economic stability. Most empirical studies support this view. However, there are three reasons why more research is needed. First, some (mostly theoretical) work suggests that transparency has an adverse effect on predictability. Second, empirical studies have mostly focused on average ...
Staff Reports , Paper 496

FOMC communication policy and the accuracy of Fed Funds futures

Over the last two decades, the Federal Open Market Committee (FOMC), the rate-setting body of the United States Federal Reserve System, has become increasingly communicative and transparent. According to policymakers, one of the goals of this shift has been to improve monetary policy predictability. Previous academic research has found that the FOMC has indeed become more predictable. Here, I contribute to the literature in two ways. First, instead of simply looking at predictability before and after the Fed?s communication reforms in the 1990s, I identify three distinct periods of reform and ...
Staff Reports , Paper 491

Central bank transparency and the crowding out of private information in an experimental asset market

Central banks have become increasingly communicative. An important reason is that democratic societies expect more transparency from public institutions. Central bankers, based on empirical research, also believe that sharing information has economic benefits. Communication is seen as a way to improve the predictability of monetary policy, thereby lowering financial market volatility and contributing to a more stable economy. However, a potential side-effect of providing costless public information is that market participants may be less inclined to invest in private information. Theoretical ...
Staff Reports , Paper 487

Deferred compensation, risk, and company value: investor reactions to CEO incentives

Many commentators have suggested that companies pay top executives with deferred compensation, a type of incentive known as inside debt. Recent SEC disclosure reforms greatly increased the transparency of deferred compensation. We investigate stockholder and bondholder reactions to companies' initial reports of their CEOs' inside debt positions in early 2007, when new disclosure rules took effect. We find that bond prices rise, equity prices fall, and the volatility of both securities drops upon disclosures by firms whose CEOs have sizable defined benefit pensions or deferred compensation. ...
Staff Reports , Paper 445

U.S. experience with bank stress tests

Based on remarks at the Group of 30 plenary meeting, Bern, Switzerland.
Speech , Paper 59

Financial stability and economic growth

Remarks at the 2011 Bretton Woods Committee International Council Meeting, Washington, D.C.>
Speech , Paper 62

Factors affecting efforts to limit payments to AIG counterparties

Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.
Speech , Paper 13


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