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Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at The University of Wisconsin – Madison, October 9, 2008
Persistent link: https://www.econbiz.de/10010726542
Presentation by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for a Panel Discussion at the Conference on Financial Markets and Monetary Policy, Sponsored by the Federal Reserve Board and the Journal of Money, Credit, and Banking, Washington, D.C.,...
Persistent link: https://www.econbiz.de/10010726546
This paper finds strong evidence that many individuals choose to pay credit card bills even at the cost of mortgage delinquencies and foreclosures. While the popular press and some recent literature have suggested that this choice may emerge from steep declines in housing prices, we find...
Persistent link: https://www.econbiz.de/10008627102
This paper discusses a rigorous empirical standard for monetary policy models. The motivation for this discussion is that, if one wishes to conduct welfare analysis , one must be reasonably confident that the model provides a good approximation to underlying consumer and firm behavior over the...
Persistent link: https://www.econbiz.de/10005501354
This study estimates a model of overlapping nominal price contracts over three distinct monetary policy regimes, testing the stability of the parameters in the model across regimes. Upon finding a model that is stable over the three subsamples, the model then holds for the most recent monetary...
Persistent link: https://www.econbiz.de/10005379719
This paper extends the sticky-price models of Fuhrer and Moore (1995a,b) to include explicit, optimization-based consumption and investment decisions. The goal is to use the resulting model for monetary policy analysis; consequently, strong emphasis is placed on empirical validation of the...
Persistent link: https://www.econbiz.de/10005379721
The monetary transmission mechanism describes how policy-induced changes in the nominal money stock or the short-term nominal interest rate impact real variables such as aggregate output and employment. Specific channels of monetary transmission operate through the effects that monetary policy...
Persistent link: https://www.econbiz.de/10005379725
Even in a world with rational expectations, it has been well established theoretically that if the central bank possesses information superior to that available to the public, there is room for effective and socially beneficial countercyclical monetary policy. This paper tests whether...
Persistent link: https://www.econbiz.de/10005379729
As has been widely observed, the volatility of GDP has declined since the mid-1980s compared with prior years. One leading explanation for this decline is that monetary policy improved significantly in the later period. We utilize a cross-section of 2-digit manufacturing and trade industries to...
Persistent link: https://www.econbiz.de/10005379731
There has been a significant correlation between inward foreign direct investment in the United States and the U.S. real exchange rate since the 1970s. Two alternative reasons for this relationship are that the real exchange rate affects the relative cost of production and that the real exchange...
Persistent link: https://www.econbiz.de/10005379735