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Fiscal positions and government bond yields in OECD countries

Gruber, Joseph W.; Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 2010

We examine the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term government bond yields in the OECD. In order to control for the endogenity of fiscal positions to the business cycle we utilize forward projections of fiscal positions from the OECD's Economic...

Persistent link: https://www.econbiz.de/10008799638

Bank lending and economic activity in Japan: did "financial factors" contribute to the recent downturn?

Brunner, Allan D.; Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 1995

In this paper, we examine the role of "financial factors" in Japan and attempt to gauge their recent impact on the … to Japan's recent recession. We find that exogenous declines in equity prices contributed significantly to the decline in …

Persistent link: https://www.econbiz.de/10005368499

Determinants of the 1991-93 Japanese recession: evidence from a structural model of the Japanese economy

Brunner, Allan D.; Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 1994

in Japan and to assess whether the recent behavior of the Japanese economy differs from that in previous recessions …

Persistent link: https://www.econbiz.de/10005498765

Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico

Kamin, Steven B.; Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 1996

Exchange-rate based stabilizations, while useful in accelerating the disinflation process, typically lead to overvalued exchange rates and large current account deficits. These factors, in turn, make it difficult to sustain exchange rate pegs, placing heaving demands upon monetary policy to...

Persistent link: https://www.econbiz.de/10005368467

Financial globalization and monetary policy

Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 2010

, the financial crisis has highlighted the importance of cross-border channels for the transmission of liquidity and credit … liquidity provision and the lender-of-last resort functions of many central banks are being challenged. Accordingly …, international arrangements for liquidity provision may become increasingly important in the future. …

Persistent link: https://www.econbiz.de/10008498916

Did easy money in the dollar bloc fuel the global commodity boom?

Erceg, Christopher; Guerrieri, Luca; Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 2009

Among the various explanations for the runup in oil and commodity prices of recent years, one story focuses on the role of monetary policy in the United States and in developing economies. In this view, developing countries that peg their currencies to the dollar were forced to ease their...

Persistent link: https://www.econbiz.de/10008615666