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The Fed’s Primary Market Corporate Credit Facility, explained
anonymous (2020-07-16)
The Fed is buying corporate bonds. Companies can use the money they borrow through these bonds for a variety of purposes such as paying down debt and sustaining operations until the economy returns to pre-COVID-19 conditions. When such businesses can sustain operations, they preserve jobs and continue to buy goods and services from other companies.
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Journal Article
A new approach to gauging inflation expectations
Haubrich, Joseph G. (2009-08)
This Economic Commentary explains a relatively new method of uncovering inflation expectations, real interest rates, and an inflation-risk premium. It provides estimates of expected inflation from one month to 30 years, an estimate of the inflation-risk premium, and a measure of real interest rates, particularly a short (one-month) rate, which is not readily available from the TIPS market. Calculations using the method suggest that longer-term inflation expectations remain near historic lows. Furthermore, the inflation-risk premium is also low, which in the model means that inflation is not ...
Economic Commentary , Volume 2009 , Issue Aug , Pages 4

Working Paper
Co-movement in sticky price models with durable goods
Fuerst, Timothy S.; Carlstrom, Charles T. (2006)
In an interesting paper Barsky, House, and Kimball (2005) demonstrate that in a standard sticky price model a monetary contraction will lead to a decline in nondurable goods production but an increase in durable goods production, so that aggregate output is little changed. This lack of co-movement between nondurables and durables is wildly at odds with the data and occurs because, by assumption, durable goods prices are relatively more flexible than nondurable goods prices. We investigate possible solutions to this puzzle: nominal wage stickiness and credit constraints. We demonstrate that by ...
Working Papers (Old Series) , Paper 0614

Working Paper
Reforming the US Long-Term Care Insurance Market
Braun, R. Anton; Kopecky, Karen A. (2024-08-14)
Nursing home risk is significant and costly. Yet, most Americans pay for long-term care (LTC) expenses out-of-pocket. This chapter examines reforms to both public and private LTCI provision using a structural model of the US LTCI market. Three policies are considered: universal public LTCI, no public LTCI coverage, and a policy that exempts asset holdings from the public insurance asset test on a dollar-for-dollar basis with private LTCI coverage. We find that this third reform enhances social welfare and creates a vibrant private LTCI market while preserving the safety net provided by public ...
Working Papers , Paper 24-17

Journal Article
Should social security be privatized?
Gokhale, Jagadeesh (1995-09)
An examination of the rationale for public pension programs, a look at how the current U.S. Social Security system evolved, and an analysis of the issues surrounding privatization.
Economic Commentary , Issue Sep

Journal Article
What constitutes substantial employment gains in today’s labor market?
Tasci, Murat; Schweitzer, Mark E. (2013-06)
The Federal Open Market Committee (FOMC) has tied its asset purchases to a ?substantial improvement? in labor market conditions. While we don?t speculate on what the FOMC means by substantial improvement, we do explore the level of monthly job gains that would gradually deliver the underlying trend unemployment rate within a reasonable timeframe, under several plausible scenarios. We find that the path of monthly job gains, which is highly dependent on a few key parameters, is likely to be smaller than the path associated with previous recoveries.
Economic Commentary , Issue Jun

Conference Paper
Universities, innovation and economic growth ; proceedings of a conference sponsored by the Federal Reserve Bank of Cleveland, November 16–17, 2006
anonymous (2006-11)
This conference convened academics, angel networks, business leaders, civic and community officials, county and state economic development leaders, law firm representatives, legislators, public policy officials, researchers, and venture financing bankers to examine how universities, innovation, and the economy are not separate entities, but engaged participants working toward a common goal ? stimulating economic growth. Experts from across the country tackled tough questions: How do universities contribute to local innovation and economic growth processes? What are the real-world applications ...
Proceedings , Issue Nov

Working Paper
Using SMVAM as a linear approximation to a nonlinear function: a note
Thomson, James B.; Demirgüč-Kunt, Asli (1988)
A study contending that the linear statistical market-value accounting model (SMVAM) is a reasonable approximation of the relationship between market and book equity for firms with positive balance sheets, but that the linear approximation is inadequate when the data sample includes firms whose balance sheets show a low or negative liquidation value.
Working Papers (Old Series) , Paper 8810

Working Paper
Liquidity and asset market dynamics
Wright, Randall; Rocheteau, Guillaume (2010)
We study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation, capitalization, output and welfare are positively related. It can also generate a variety of nonstationary equilibria, even when fundamentals are deterministic and time invariant, including periodic, chaotic, and stochastic (sunspot) equilibria with recurrent market crashes. Some equilibria have asset price trajectories that resemble bubbles growing and bursting. We also analyze endogenous private and public ...
Working Papers (Old Series) , Paper 1016

Working Paper
The Unintended Consequences of Employer Credit Check Bans on Labor and Credit Markets
Glover, Andrew; Tasci, Murat; Cortes, Kristle Romero (2018-01-10)
Since the Great Recession, 11 states have restricted employers? access to the credit reports of job applicants. We document that county-level vacancies decline between 9.5 percent and 12.4 percent after states enact these laws. Vacancies decline significantly in affected occupations but remain constant in those that are exempt, and the decline is larger in counties with many subprime residents. Furthermore, subprime borrowers fall behind on more debt payments and reduce credit inquiries postban. The evidence suggests that, counter to their intent, employer credit check bans disrupt labor and ...
Working Papers (Old Series) , Paper 1625

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