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Keywords:monetary policy 

Labor Markets and Monetary Policy

Remarks by Michael H. Moskow President and Chief Executive Officer Federal Reserve Bank of Chicago
Speech , Paper 4

Working Paper
Binary Conditional Forecasts

While conditional forecasting has become prevalent both in the academic literature and in practice (e.g., bank stress testing, scenario forecasting), its applications typically focus on continuous variables. In this paper, we merge elements from the literature on the construction and implementation of conditional forecasts with the literature on forecasting binary variables. We use the Qual-VAR [Dueker (2005)], whose joint VAR-probit structure allows us to form conditional forecasts of the latent variable which can then be used to form probabilistic forecasts of the binary variable. We apply ...
Working Papers , Paper 2019-29

Exploring Economic Conditions and the Implications for Monetary Policy

Eric Rosengren’s comments were delivered at the Boston Fed’s Annual Regional & Community Bankers Conference, and were a based on a speech he delivered on October 11, 2019.

Journal Article
A Monetarist View of the Fed’s Balance Sheet Normalization Period

The Federal Reserve currently holds over $4 trillion in fixed-income assets. However, since the fall of 2017 the Fed has been in a ?balance sheet normalization period,? during which the size of its balance sheet is gradually shrinking over time. In particular, the Federal Open Market Committee (FOMC) has been instructing the Federal Reserve trading desk to reduce its security holdings by reinvesting principal payments only to the extent that these payments exceed gradually raising caps. These caps on redemptions will be maintained until the Fed considers that its balance sheet has reached a ...
Economic Perspectives , Issue 2 , Pages 2-14

The Main Street Lending Program and Other Federal Reserve Actions

Today I’ll focus on two of the Federal Reserve’s lending programs being run by the Boston Fed: the Money Market Mutual Fund Liquidity Facility and the Main Street Lending Program.

The New Stone Soup

Remarks at the Iveagh House Lecture, Dublin, Ireland, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, February 10, 2020.

Corporate Debt Maturity and Monetary Policy

Do firms lengthen the maturity of their borrowing following a flattening of the Treasury yield curve that results from monetary policy operations? We explore this question separately for the years before and during the zero lower bound (ZLB) period, recognizing that the same change in the yield curve slope signifies different states of the economy and monetary policy over the two regimes. We find that the answer is robustly yes for the pre-ZLB period: Firms extended the maturity of their bond issuance by nearly three years in response to a policy-induced reduction of 1 percentage point in the ...
Current Policy Perspectives

Working Paper
An Early Experiment with \"Permazero\"

We investigate a monetary regime with persistent, near-zero policy interest rates ("permazero" in the terminology of Bullard 2015). This regime was implemented in 1683 by a prominent early central bank called the Bank of Amsterdam ("Bank"). The Bank fixed its policy rate at one-half percent and held it unchanged for more than a century. Maintaining the rate helped stabilize the value of Bank money. We employ archival data to reconstruct the Bank's activities during a portion of that interval (1736?91) for which data are most readily available. The data suggest that "permazero" worked ...
FRB Atlanta Working Paper , Paper 2017-5

Journal Article
The Overnight Money Market

This video presentation provides a simple overview of the recent evolution of the U.S. overnight money market and how the Federal Reserve?s tools to implement monetary policy have evolved with the market. The visualization and narration of the money market?s main financial instruments, participants, and respective interactions are meant to simplify complex concepts and relation networks that constitute the foundation of short-term borrowing and lending in U.S. financial markets. For more details, please see the video transcript and references therein.
Economic Perspectives , Issue Q III , Pages 77-78

Journal Article
Making Technical Adjustments: The Difference Between “Conducting” and “Implementing” Monetary Policy

Technical adjustments to the Fed’s administered rates help to implement existing monetary policy in changing market conditions.
Economic Synopses , Issue 21 , Pages 1-2



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