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Bank:Federal Reserve Bank of San Francisco  Series:Proceedings 

Conference Paper
Noncooperative monetary policies in interdependent economies: time consistency and reputation

Proceedings

Conference Paper
Challenges in deposit insurance reform

Proceedings

Conference Paper
The roles of comovement and inventory investment in the reduction of output volatility

More than 80 percent of the decline in the variance of aggregate output since 1984 is accounted for by a decline in the covariance (and correlation) of output among industries that hold inventories. Using a HAVAR macro model (Fratantoni and Schuh 2003) with only two sectors, manufacturing and trade, we show that this decline in comovement ? and thus much of the Great Moderation in aggregate and industry-level output ? is explained largely by changes in the structural relationships between sectors? sales and inventory investment, rather than by ?good luck.? A small part of the Moderation is ...
Proceedings , Issue Nov

Conference Paper
Exchange rate policy, international capital mobility and monetary policy instruments

Proceedings

Conference Paper
Capital mobility and monetary policy: Australia, Japan, and New Zealand

Proceedings

Conference Paper
The impact of monetary policy on exchange rates during financial crises

Proceedings , Issue Sep

Conference Paper
Crowding out redefined: the role of reserve accumulation

It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 percentage points lower during 1998-2012 than its average level in the decade before the crisis; if China and India are excluded, the estimated decline exceeds 9 percent. We document how in the wake of crisis home bias in finance usually increases markedly as public and private sectors look inward when external financing becomes prohibitively costly, ...
Proceedings , Issue Nov , Pages 1-43

Conference Paper
Indicator variables for optimal policy

The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. An example of optimal monetary policy with a partially observable potential output and a forward-looking indicator is examined. The optimal response to the optimal estimate of potential output displays certainty-equivalence, whereas the optimal response to the imperfect observation of output depends on the noise in this observation.
Proceedings

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anonymous 42 items

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