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Believe only what you see: credit rating agencies, structured finance, and bonds

Elamin, Mahmoud - Federal Reserve Bank of Cleveland - 2012

This paper identifies rating verifiability as a key difference that explains why credit rating agencies (CRAs) failed to mitigate information asymmetries in the structured finance market but succeeded in the bond market. Two infinitely repeated models are analyzed. In the first, the rating is...

Persistent link: https://www.econbiz.de/10011133753

Investment spikes and uncertainty in the petroleum refining industry

Dunne, Timothy; Mu, Xiaoyi - Federal Reserve Bank of Cleveland - 2008

This paper investigates the effect of uncertainty on the investment decisions of petroleum refineries in the US. We … construct uncertainty measures from commodity futures market and use data on actual capacity changes to measure investment … model the investment process using hazard models. An increase in uncertainty decreases the probability a refinery adjusts …

Persistent link: https://www.econbiz.de/10005728983

Believe only what you see: credit rating agencies, structured finance, and bonds

Elamin, Mahmoud - Federal Reserve Bank of Cleveland - 2012

Persistent link: https://www.econbiz.de/10010592567

Inflation uncertainty : a conference sponsored by the Federal Reserve Bank of Cleveland, November 4 - 6, 1992

In: Journal of money, credit and banking : JMCB 25 (1993) 3, pp. 469-708

Persistent link: https://www.econbiz.de/10001149968

Monetary policy regimes: a synthesis of the monetary control and rational expectations literatures

Hoehn, James G. - Federal Reserve Bank of Cleveland - 1984

The monetary control literature has attempted to explore the effects of alternative policies without succeeding in incorporating rational expectations or in integrating analysis of the money supply sector into a complete macroeconomic framework. the rational expectations approach, while...

Persistent link: https://www.econbiz.de/10005526587

The effects of disinflationary policies on monetary velocity

Gavin, William T.; Dewald, William G. - Federal Reserve Bank of Cleveland - 1989

A study of the effect of disinflation policies on monetary velocity, which shows a systematic relation between unexpected changes in the money-income relationship and changes in the trends of inflation rates, and which concludes that the failure to commit to a stable price policy tends to...

Persistent link: https://www.econbiz.de/10005526589

Learning and the central bank

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2001

It is well known that sunspot equilibria may arise under an interest-rate operating procedure in which the central bank varies the nominal rate with movements in future inflation (a forward-looking Taylor rule). This paper demonstrates that these sunspot equilibria may be learnable in the sense...

Persistent link: https://www.econbiz.de/10005526594

Interest rate rules are infeasible and fail to complete macroeconomic models

Hoehn, James G. - Federal Reserve Bank of Cleveland - 1987

A discussion of the circumstances under which interest rate rules are consistent with nominal determinacy in macroeconomic models.

Persistent link: https://www.econbiz.de/10005526598

Imperfect capital markets and nominal wage rigidities

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2002

Should monetary policy respond to asset prices? This paper analyzes a general equilibrium model with imperfect capital markets and rigid nominal wages. Within the context of this model, there is a natural role for the benevolent central bank to dampen the real effects of asset price movements.

Persistent link: https://www.econbiz.de/10005526616

Monetary policy in a financial crisis

Christiano, Lawrence J.; Gust, Christopher; Roldos, Jorge - Federal Reserve Bank of Cleveland - 2002

What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what conditions will a cut stimulate output and employment, and raise welfare? Under which will it have the opposite effects? The authors answer these questions in a general class...

Persistent link: https://www.econbiz.de/10005526624