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Central Bank Purchases of Private Assets

Williamson, Stephen D. - Federal Reserve Bank of St. Louis - 2014

A model is constructed in which consumers and banks have incentives to fake the quality of collateral. Conventional monetary easing can exacerbate these problems, in that the mispresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central...

Persistent link: https://www.econbiz.de/10010938568

The Expected Inflation Channel of Government Spending in the Postwar U.S.

Dupor, Bill; Li, Rong - Federal Reserve Bank of St. Louis - 2013

expected inflation, which in turn, reduces the real interest rate and leads to an increase in private consumption. This paper …

Persistent link: https://www.econbiz.de/10011027321

The 2009 recovery act: stimulus at the extensive and intensive labor margins

Dupor, Bill; Mehkari, M. Saif - Federal Reserve Bank of St. Louis - 2014

This paper (i) estimates the local effects of government stimulus spending on labor market outcomes and (ii) shows how … reinforces the importance of the intensive labor margin. …

Persistent link: https://www.econbiz.de/10010890136

Fiscal Policy Spillovers: Points of Employment to Places of Residence

Dupor, Bill; McCrory, Peter B. - Federal Reserve Bank of St. Louis - 2014

U.S. counties into local labor markets, each of which we further partition into two subregions. We then compare … differential labor market outcomes and Recovery Act spending at the regional and subregional levels using instrumental variables …

Persistent link: https://www.econbiz.de/10010942506