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Bank:Federal Reserve Bank of Kansas City 

Journal Article
Does faster loan growth lead to higher loan losses?

During the last couple of years, concern has increased that the exceptionally rapid growth in business loans at commercial banks has been due in large part to excessively easy credit standards. Some analysts argue that competition for loan customers has greatly increased, causing banks to reduce loan rates and ease credit standards to obtain new business. Others argue that as the economic expansion has continued and memories of past loan losses have faded, banks have become more willing to take risks. Whichever explanation is correct, the acceleration in loan growth could lead eventually to a ...
Economic Review , Volume 84 , Issue Q II , Pages 57-75

Journal Article
Reducing unemployment: current issues and policy options: a summary of the Bank's 1994 symposium

Reducing unemployment has become a top priority for economic policy in most industrialized nations. While unemployment will ebb somewhat as countries recover from the recent global recession, millions are likely to remain jobless for a variety of structural reasons. Moreover, there is a disturbing trend in many industrialized countries toward long-term unemployment, especially among low-skilled workers. This trend has had less effect on measured unemployment in the United States than in Europe in part because U.S. workers have greater incentives to accept low-wage jobs. Nonetheless, virtually ...
Economic Review , Volume 79 , Issue Q IV , Pages 45-58

Conference Paper
What operating procedures should be adopted to maintain price stability? practical issues (general discussion)

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
The current state of the art in rural equity markets : leading edge institutions

Proceedings – Rural and Agricultural Conferences , Issue Aug , Pages 77-83

Working Paper
Should We Be Puzzled by Forward Guidance?

Although a growing literature argues output is too sensitive to future interest rates in standard macroeconomic models, little empirical evidence has been put forth to evaluate this claim. In this paper, we use a range of vector autoregression models to answer the central question of how much output responds to changes in interest rate expectations following a monetary policy shock. Despite distinct identification strategies and sample periods, we find surprising agreement regarding this elasticity across empirical models. We then show that in a standard model of nominal rigidity estimated ...
Research Working Paper , Paper RWP 20-01

Journal Article
Who Are the Unbanked? Characteristics Beyond Income

As the U.S. economy recovered from the Great Recession, more households entered the banking system. Still, 9 million households were unbanked in 2015. Understanding the characteristics of these households is critical in designing effective policies for financial inclusion. Policymakers often consider low income to be the defining characteristic of the unbanked. However, this broad characterization may mask large differences in banking status within low-income groups. {{p}} Fumiko Hayashi and Sabrina Minhas examine which household characteristics beyond income are associated with households? ...
Economic Review , Issue Q II , Pages 55-70

Conference Paper
Asset price and monetary policy : Japan's experience

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Commentary : should the European Central Bank and the Federal Reserve be concerned about fiscal policy?

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Income inequality : issues and policy options : a symposium, Jackson Hole, Wyoming, August 27-29, 1998

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Jackson Hole 2022 - Luncheon Address: A Story of Tailwinds and Headwinds: Aggregate Supply and Macroeconomic Stabilization

Proceedings - Economic Policy Symposium - Jackson Hole

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