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Keywords:Financial crises 

Conference Paper
Banking and currency crises; how common are twins?

Proceedings , Issue Sep

Will the financial crisis have a lasting effect on unemployment?

To understand Fed policy at this point, you have to look at this whole picture. We have good GDP growth, but a yawning shortfall of employment and output from potential levels. ; Presentation to the Chicago Booth Graduate School of Business Alumni Club of San Francisco, San Francisco, Ca, February 22, 2011
Speech , Paper 83

Working Paper
Nominal debt as a burden on monetary policy

We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium. Without full commitment, the optimal sequential policy is to deplete the outstanding stock of debt progressively until these extra costs disappear. Nominal debt is therefore a burden on monetary policy, not only because it must be serviced, but also because it creates a time inconsistency problem that ...
Working Paper Series , Paper WP-04-10

Working Paper
Pricing systemic crises: monetary and fiscal policy when savers are uncertain

The return on assets depends on the joint behavior of all savers; if all sell the asset simultaneously, then there will be a financial "Armageddon." We assume that risk-neutral savers' information about aggregate investment is too vague to form precise probability estimates, so they have Knightian uncertainty, and thus act to maximize their minimum payoff. Savers invest in a risky asset (economy-wide production) and in a riskless asset (government bonds). In times of high uncertainty, savers hold too many government bonds, lowering output. A monetary policy of lowering the risk-free rate ...
Finance and Economics Discussion Series , Paper 1999-33

Journal Article
As in the past, reform will follow crisis

The Regional Economist , Issue Jul , Pages 3

Working Paper
Market-based loss mitigation practices for troubled mortgages following the financial crisis

The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency rates. Until mid-2009, lenders and servicers pursued their own individual loss mitigation practices without being significantly influenced by government intervention. Using a unique dataset that precisely identifies loss mitigation actions, we study these methods?liquidation, repayment plans, loan modification, and refinancing?and analyze their effectiveness. We show that the majority of delinquent mortgages do not enter any loss mitigation program or become a part of ...
Working Paper Series , Paper WP-2011-03

Panic of 1907

Bank panics were a regular occurrence in the late 19th and early 20th centuries. The failure of one commodity speculator in October 1907 triggered a nationwide bank run. This publication tells how the panic developed, spread, and was resolved. A chronology is included along with a section of newspaper excerpts.

Two areas of present concern: the economic outlook and the pathology of Too-Big-to-Fail (with reference to Errol Flynn, Johnny Mercer, Gary Stern, and Voltaire)

Remarks before the Senior Delegates' Roundtable of the Fixed Income Forum, Carlsbad, California, July 23, 2009. ; "A lot of former negatives are being eliminated. We are seeing changes from negative impulses to slightly positive ones. This accentuates the positive in the aggregate. We probably have the beginnings of a faint recovery."
Speeches and Essays , Paper 8

Journal Article
LDC lending after the crisis

FRBSF Economic Letter



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Bernanke, Ben S. 26 items

Fisher, Richard W. 26 items

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Financial crises 582 items

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