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Conference Paper
Effects of Social Security reform on private and national saving
Journal Article
Mutual funds and the U.S. equity market
Mutual funds have become an important intermediary between households and financial markets, especially the equity market. About half of all households have a mutual fund account, and mutual funds hold about one-fifth of household financial assets. Because households have favored equity investments in their mutual fund accounts, mutual funds currently hold about one-fifth of all publicly traded U.S. equities. In addition to discussing the recent growth of mutual funds and their role in household finances, this article analyzes the relationship between households' investment decisions in ...
Working Paper
The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies
After reaching the effective lower bound for the federal funds rate in late 2008, the Federal Reserve turned to two unconventional policy tools--quantitative easing and increasingly explicit and forward-leaning guidance for the future path of the federal funds rate--in order to provide additional monetary policy accommodation. We use survey data from the Blue Chip Economic Indicators to infer changes in private-sector perceptions of the implicit interest rate rule that the Federal Reserve would use following liftoff from the effective lower bound. Using our estimates of the changes over time ...