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Working Paper
Supply and demand shifts of shorts before Fed announcements during QE1–QE3
Planchon, Jade; McInish, Thomas H.; Neely, Christopher J. (2020-12-17)
Cohen, Diether, and Malloy (Journal of Finance, 2007), find that shifts in the demand curve predict negative stock returns. We use their approach to examine changes in supply and demand at the time of FOMC announcements. We show that shifts in the demand for borrowing Treasuries and agencies predict quantitative easing. A reduction in the quantity demanded at all points along the demand curve predicts expansionary quantitative easing announcements.
Working Papers , Paper 2020-051

Discussion Paper
Preparing for Takeoff? Professional Forecasters and the June 2013 FOMC Meeting
Moench, Emanuel; Eusepi, Stefano; Crump, Richard K. (2013-09-09)
Following the June 18-19 Federal Open Market Committee (FOMC) meeting different measures of short-term interest rates increased notably. In the chart below, we plot two such measures: the two-year Treasury yield and the one-year overnight indexed swap (OIS) forward rate, one year in the future. The vertical line indicates the final day of the June FOMC meeting. To what extent did this rise in rates following the June FOMC meeting reflect a shift in the expected future path of the federal funds rate (FFR)? Market participants and policy makers often directly read the expected path from ...
Liberty Street Economics , Paper 20130909

Working Paper
Ties That Bind: Estimating the Natural Rate of Interest for Small Open Economies
Grossman, Valerie; Martinez-Garcia, Enrique; Wynne, Mark A.; Zhang, Ren (2021-03-05)
This paper estimates the natural rate of interest for six small open economies (Australia, Canada, South Korea, Sweden, Switzerland and the U.K.) with a structural New Keynesian model using Bayesian techniques. Our empirical analysis establishes the following four main findings: First, we show that the open economy framework provides a better fit of the data than its closed economy counterpart for the six countries we investigate. Second, we also show that, in all six countries, a Taylor (1993)-type monetary policy rule that tracks the Wicksellian short-term natural rate fits the data better ...
Globalization Institute Working Papers , Paper 359

Speech
The Economic Outlook and Monetary Policy 09.28.16 Greater Cleveland Partnership Middle-Market Forum, Cleveland, OH
Mester, Loretta J. (2016-09-28)
It is a pleasure to welcome you to the Federal Reserve Bank of Cleveland. Since my arrival in Cleveland over two years ago, I have seen first-hand the important role that the Greater Cleveland Partnership plays in supporting the growth of our regional economy and I am very proud to serve on its board. Of course, as president of one of the country?s 12 Federal Reserve Banks I have a keen interest in our regional economy. As we gather in the lobby of this historic building, it is hard not to think back to a time more than 100 years ago and applaud the Congressmen ? yes, they were all men back ...
Speech , Paper 76

Global Perspectives: Richard Clarida on U.S. Monetary Policy
Wynne, Mark A. (2019-03-07)
Federal Reserve Vice Chairman Richard Clarida discusses a range of topics, including the challenges facing monetary policymakers, the U.S. fiscal situation and the global role of the dollar.
Dallas Fed Economics

Working Paper
Inequality in the Welfare Costs of Disinflation
Pugsley, Benjamin; Rubinton, Hannah (2019-12-04)
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. Even with perfectly flexible prices, 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, almost half of all borrowers (14 percent of all households) would prefer to avoid the ...
Working Papers , Paper 2020-021

Journal Article
Monetary Policy at the Zero Lower Bound: Revelations from the Summary of Economic Projections
Kahn, George A.; Palmer, Andrew (2016-04)
George A. Kahn and Andrew Palmer assess how FOMC participants' projections that policy would lift off from its effective lower bound related to their projections for inflation and unemployment.
Macro Bulletin

Discussion Paper
Choosing the Right Policy in Real Time (Why That’s Not Easy)
Schorfheide, Frank; Del Negro, Marco; Hasegawa, Raiden B. (2015-03-25)
As an economist, you make policy recommendations at any point in time that depend on what model of the economy you have in mind and on your assessment of the state of the economy. One can see these points play out in the current discussion about the timing of interest rate liftoff and the speed of the subsequent renormalization. If you think nominal rigidities are not all that important, you are likely to conclude that accommodative policies won’t do much for growth but will generate inflation. Similarly, if you are convinced that the economy is already firing on all cylinders, you may see ...
Liberty Street Economics , Paper 20150325

Conference Paper
Challenges for Monetary Policy: Economic Policy Symposium, Jackson Hole, Wyoming, August 22-24, 2019
Kansas City, Federal Reserve Bank (2019-08-22)
Proceedings - Economic Policy Symposium - Jackson Hole

Blog
A Couple of Insights from the April Current Population Survey
Robertson, John C. (2020-05-18)
The latest reading of the Atlanta Fed’s Wage Growth Tracker indicates that wage growth is slowing. It came in at 3.3 percent for April, down from 3.5 percent in March and 3.7 percent in February. This slowing primarily reflects the relatively large decline in the employment of those who typically experience the fastest wage growth: young workers. In February, those aged 16–24 accounted for about 12 percent of employment. By April, that share had dropped to under 10 percent. This change has significant bearing on the Wage Growth Tracker because those aged 16–24 had median wage growth of ...
Macroblog

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