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Internal capital markets and corporate politics in a banking group

Cremers, Martijn; Huang, Rocco; Sautner, Zacharias - Federal Reserve Bank of Philadelphia - 2009

This study looks inside a large retail-banking group to understand how influence within the group affects internal capital allocations and lending behavior at the member bank level. The group consists of 181 member banks that jointly own a headquarters. Influence is measured by the divergence...

Persistent link: https://www.econbiz.de/10008627182

Corporate governance structure and mergers

Elijah Brewer, III; William E. Jackson, III; Jagtiani, … - Federal Reserve Bank of Philadelphia - 2010

Few transactions have the potential to generate revelations about the market value of corporate assets and liabilities as mergers and acquisitions (M&A). Corporate governance and control mechanisms such as independent directors, independent blockholders, and managerial share ownership are...

Persistent link: https://www.econbiz.de/10008643751

Fiscal volatility shocks and economic activity

Fernandez-Villaverde, Jesus; Guerron-Quintana, Pablo; … - Federal Reserve Bank of Philadelphia - 2011

The authors study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity. Fiscal deficits and public debt have risen sharply in the wake of the financial crisis. While these developments make fiscal consolidation inevitable, there is considerable...

Persistent link: https://www.econbiz.de/10009216227

Soverign risk and the effects of fiscal retrenchment in deep recessions

Corsetti, Giancarlo; Kuester, Keith; Meier, Andre; … - Federal Reserve Bank of Philadelphia - 2011

The authors analyze the effects of government spending cuts on economic activity in an environment of severe fiscal strain, as reflected by a sizeable risk premium on government debt. Specifically, they consider a "sovereign risk channel," through which sovereign default risk spills over to the...

Persistent link: https://www.econbiz.de/10009320690

Macroeconomic dynamics near the ZLB: a tale of two equilibria

Aruoba, S. Boragan; Schorfheide, Frank - Federal Reserve Bank of Philadelphia - 2013

This paper studies the dynamics of a New Keynesian dynamic stochastic general equilibrium (DSGE) model near the zero lower bound (ZLB) on nominal interest rates. In addition to the standard targeted-inflation equilibrium, we consider a deflation equilibrium as well as a Markov sunspot...

Persistent link: https://www.econbiz.de/10010681653

Floats, pegs and the transmission of fiscal policy

Corsetti, Giancarlo; Kuester, Keith; Muller, Gernot J. - Federal Reserve Bank of Philadelphia - 2011

According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper the authors reconsider the transmission of shocks to government spending across these regimes within a standard New Keynesian model of a small open economy....

Persistent link: https://www.econbiz.de/10008852842

Lliquidity, trends, and the great recession

Guerron-Quintana, Pablo; Jinnai, Ryo - Federal Reserve Bank of Philadelphia - 2014

The authors study the impact that the liquidity crunch in 2008-2009 had on the U.S. economy’s growth trend. To this end …, the authors propose a model featuring endogenous productivity a la Romer and a liquidity friction a la Kiyotaki-Moore. A … key finding in the authors’ study is that liquidity declined around the Lehman Brothers’ demise, which led to the severe …

Persistent link: https://www.econbiz.de/10010930295

Fiscal policy: ex ante and ex post

Croushore, Dean; van Norden, Simon - Federal Reserve Bank of Philadelphia - 2014

The surge in fiscal deficits since 2008 has put a renewed focus on the authors’ understanding of fiscal policy. The interaction of fiscal and monetary policy during this period has also been the subject of much discussion and analysis. This paper gives new insight into past fiscal policy and...

Persistent link: https://www.econbiz.de/10010930299

A narrative analysis of post-World War II changes in federal aid

Carlino, Gerald; Inman, Robert - Federal Reserve Bank of Philadelphia - 2012

Because of lags in legislating and implementing fiscal policy, private agents can often anticipate future changes in tax policy and government spending before these changes actually occur, a phenomenon referred to as fiscal foresight. Econometric analysis that fails to model fiscal foresight may...

Persistent link: https://www.econbiz.de/10010575624

Real-time data and fiscal policy analysis: a survey of the literature

Cimadomo, Jacopo - Federal Reserve Bank of Philadelphia - 2011

This paper surveys the empirical research on fiscal policy analysis based on real-time data. This literature can be broadly divided in three groups that focus on: (1) the statistical properties of revisions in fiscal data; (2) the political and institutional determinants of fiscal data revisions...

Persistent link: https://www.econbiz.de/10009146814