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Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59

Wheelock, David; Carlson, Mark A. - Federal Reserve Bank of St. Louis - 2014

The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of...

Persistent link: https://www.econbiz.de/10010784192

Withstanding great recession like China

Wen, 文一; Wu, Jing - Federal Reserve Bank of St. Louis - 2014

Persistent link: https://www.econbiz.de/10010748402

The cost of business cycles with heterogeneous trading technologies

Chien, YiLi - Federal Reserve Bank of St. Louis - 2014

This paper investigates the welfare cost of business cycles in an economy where households have heterogeneous trading technologies. In an economy with aggregate risk, the different portfolio choices induced by heterogeneous trading technologies lead to a larger consumption inequality in...

Persistent link: https://www.econbiz.de/10010798471

Mortgages and monetary policy

Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - Federal Reserve Bank of St. Louis - 2013

Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed debt levels and payment to income ratios suggest the...

Persistent link: https://www.econbiz.de/10011027315

Metro Business Cycles

Arias, Arias , Maria A.; Gascon, Charles S.; Rapach, … - Federal Reserve Bank of St. Louis - 2014

We construct monthly economic-activity indices for 51 U.S. metropolitan statistical areas for 1990 to 2014. Each index is computed via a dynamic factor model that includes 14 variables measuring various aspects of economic activity in a metro area. We estimate the dynamic factor model using the...

Persistent link: https://www.econbiz.de/10011027333

Self-Fulfilling Credit Cycles

Azariadis, Costas; Wen, 文一; Kaas, Leo - Federal Reserve Bank of St. Louis - 2015

. We show that these sunspot shocks are quantitatively important, accounting for around half of output volatility. …

Persistent link: https://www.econbiz.de/10011206263

The role of jumps in volatility spillovers in foreign exchange markets: meteor shower and heat waves revisited

Neely, Christopher; Lahaye, Jerome - Federal Reserve Bank of St. Louis - 2014

We investigate the role of jumps in transmitting volatility between foreign exchange markets (Engle, Ito, and Lin, 1990 … different implications for the impact of jumps on exchange rate volatility transmission. Specifically, isolated and successive … jumps have opposite predictions for future volatility. Although the realized volatility literature finds that heat wave …

Persistent link: https://www.econbiz.de/10010951615