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Bank:Federal Reserve Bank of Cleveland 

Journal Article
What’s really going on in housing markets?

Most of the public concern about housing markets is based on claims that house prices have increased at historically anomalous rates and that house prices have outpaced incomes. The first claim is based on inaccurate historical data. The second is linked to relaxed credit constraints. House prices are likely to fall further, but not for the reasons usually proposed.
Economic Commentary , Issue Jul

Journal Article
Federal credit and insurance programs: beyond the deficit diversion

An examination of the budgetary and economic effects of federal credit and insurance programs, highlighting the problems inherent in making federal budget deficits the centerpiece of fiscal decisionmaking.
Economic Commentary , Issue Nov

Working Paper
Optimal fiscal policy when public capital is productive: a business cycle perspective

A presentation of a dynamic general-equilibrium model with productive public capital to help account for differences in the business cycle characteristics of public- versus private- sector expenditures in postwar U.S. data.
Working Papers (Old Series) , Paper 9507

Working Paper
The computational experiment: an econometric tool

A specification of the steps in designing a computational experiment to address a well-posed quantitative question, emphasizing that the computational experiment is an econometric tool used in the task of deriving the quantitative implications of theory.
Working Papers (Old Series) , Paper 9420

Journal Article
Combining bank supervision and monetary policy

In the United States, the Federal Reserve has responsibility for both monetary policy and bank supervision. Other countries separate these functions to varying degrees. What lies behind this global diversity? Should a central bank be charged with conducting monetary policy and regulating banks, or does it make more sense ? both economic and political ? to keep these activities separate? The answer is not a simple yes or no. Rather, it appears that the right choice depends on a country?s prevailing conditions, including its financial system, its political environment, and the preferences of ...
Economic Commentary , Issue Nov

Journal Article
Price stability: is a tough central bank enough?

What is the best way to achieve price stability? Conventional wisdom says that a tough, independent central bank is all that is necessary. However, a new view?the fiscal theory of the price level?argues that an appropriate fiscal policy is also required, no matter how tough the central bank may be. The choice of the fiscal theory versus the conventional view has significant implications for the way central banks do business.
Economic Commentary , Issue Aug

Journal Article
Open and operating: providing liquidity to avoid a crisis

The terrorist attacks of 9/11 triggered a staggering increase in demand for U.S. dollars all over the world, a demand that threatened to disrupt the American payments system but was met swiftly and successfully by the Federal Reserve. Earlier in the nation?s history, the system didn?t respond so well to severe shocks. This Commentary describes financial crises that occurred during one period in which the country had no central bank.
Economic Commentary , Issue Feb

Journal Article
Stripdowns and bankruptcy: lessons from agricultural bankruptcy reform

One type of financial reform being proposed to deal with the aftermath of the housing crisis is allowing bankruptcy judges the authority to modify residential mortgages in a way referred to as a stripdown. The reform is seen by some as a partial solution to the rise in foreclosures and as a Pandora?s box by others. But the debate is not new one. The 1980s farm foreclosure crisis sparked similar proposals and concerns. Congress decided to enact legislation that contained a stripdown provision, resulting in the creation of Chapter 12 in the bankruptcy code. The effects of Chapter 12 stripdown ...
Economic Commentary , Issue Aug

Journal Article
Are the New Basel III Capital Buffers Countercyclical? Exploring the Option of a Rule-Based Countercyclical Buffer

Countercyclical capital regulation can reduce the procyclicality of the banking system and dampen aggregate economic fluctuations. I describe two new capital buffers introduced in Basel III and discuss why their countercyclical effects may be small. If over time regulators want to increase the degree of countercyclicality of capital regulation, they might consider adopting a rule-based countercyclical buffer, that is, a buffer that is automatically lowered during recessions according to a rule. I present a conservative example of such a rule and its effects on capital requirements over the ...
Economic Commentary , Volume 2018 , Issue 03 , Pages 6

Working Paper
Agency costs, net worth, and business fluctuations: a computable general equilibrium analysis

An analysis of the quantitative effects of agency costs in a real business cycle model, showing that these costs can explain why output growth displays positive autocorrelation at short horizons.
Working Papers (Old Series) , Paper 9602

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