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Speech
Monetary policy in a low inflation and low unemployment economy: remarks at the Economic Club of New York, New York, New York, May 21, 2019
Rosengren, Eric S. (2019-05-21)
Boston Fed president Eric Rosengren explored the current economic environment, characterized by low unemployment and lower-than-target inflation ? which are somewhat opposing signals for monetary policymakers.
Speech , Paper 144

Working Paper
Limited Household Risk Sharing: General Equilibrium Implications for the Term Structure of Interest Rates
Mitra, Indrajit; Xu, Yu (2020-11-09)
We present a theory in which limited risk sharing of idiosyncratic labor income risk plays a key role in determining the dynamics of interest rates. Our production-based model relates the cross-sectional distribution of labor income risk to observable aggregate labor market variables. Our model makes two key predictions. First, it predicts positive risk premia for long-term bonds while simultaneously matching key macroeconomic moments. Second, it predicts a negative correlation between current labor market conditions (as measured by labor market tightness or the job-finding rate) and future ...
FRB Atlanta Working Paper , Paper 2020-20

Newsletter
Understanding Recent Fluctuations in Short-Term Interest Rates
Schulhofer-Wohl, Sam (2019)
In mid-September 2019, there were sudden, large fluctuations in short-term interest rates. Why did these fluctuations happen, and what do they tell us about the Federal Reserve?s monetary policy toolkit?
Chicago Fed Letter

Discussion Paper
The Housing Boom and the Decline in Mortgage Rates
Liu, Haoyang; Lucca, David O.; Parker, Dean; Rays-Wahba, Gabriela (2021-09-07)
During the pandemic, national home values and housing activity soared as mortgage rates declined to historic lows. Under the canonical “user cost” house price model, home values are held to be very sensitive to interest rates, especially at low interest rate levels. A calibration of this model can account for the house price boom with the observed decline in interest rates. But empirically, we find that home values are nowhere near as sensitive to interest rates as the user cost model predicts. This lower sensitivity is also found in prior economic research. Thus, the historical ...
Liberty Street Economics , Paper 20210907

Journal Article
Make-up Strategies for Monetary Policy
Drautzburg, Thorsten (2021-12-02)
How the Federal Reserve is addressing the challenge of the long-term decline in interest rates.
Economic Insights , Volume 6 , Issue 4 , Pages 9-15

Speech
Central bank balance sheets: misconceptions and realities: remarks at the Credit Suisse Asian Investment Conference, Hong Kong, China, March 26, 2019
Rosengren, Eric S. (2019-03-26)
Federal Reserve Bank of Boston President Eric Rosengren explored misconceptions about the Fed?s balance sheet ? the assets the central bank holds, and the liabilities and capital used to finance those assets ? in a speech in Hong Kong.
Speech , Paper 142

Speech
St. Louis Fed Chief James Bullard Interviewed by Wall Street Journal
Bullard, James B. (2022-01-12)
Federal Reserve Bank of St. Louis President James Bullard said the U.S. central bank should start raising interest rates “sooner rather than later,” and that he sees a March rate rise as likely amid high inflation. He also said a strong job market could push the unemployment rate to under 3% this year, during an interview with The Wall Street Journal’s Michael S. Derby on Wednesday.
Speech

Newsletter
On the Move: Mortgage Basics
Bertelsen, Kris (2022-02)
Buying a home is a major financial decision, and for young people in particular the entire process can seem overwhelming. Learn about mortgages and the steps people can take early in life to prepare themselves financially to buy a home, in this February 2022 issue of Page One Economics: Focus on Finance.
Page One Economics Newsletter

Working Paper
Monetary Policy Implementation With an Ample Supply of Reserves
Schulhofer-Wohl, Sam; Kim, Kyungmin; Nosal, Ed; Afonso, Gara; Martin, Antoine; Potter, Simon M. (2020-01-02)
Methods of monetary policy implementation continue to change. The level of reserve supply—scarce, abundant, or somewhere in between—has implications for the efficiency and effectiveness of an implementation regime. The money market events of September 2019 highlight the need for an analytical framework to better understand implementation regimes. We discuss major issues relevant to the choice of an implementation regime, using a parsimonious framework and drawing from the experience in the United States since the 2007-2009 financial crisis. We find that the optimal level of reserve supply ...
Working Paper Series , Paper WP 2020-02

Speech
The New Stone Soup
Daly, Mary C. (2020-02-10)
Remarks at the Iveagh House Lecture, Dublin, Ireland, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, February 10, 2020.
Speech

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