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Institutional quality, the cyclicality of monetary policy and macroeconomic volatility

Duncan, Roberto - Federal Reserve Bank of Dallas - 2014

stabilize inflation and output. In the long run, a lower IQL tends to discourage external liabilities. If there is a positive …. Given this low wealth effect, the real appreciation leads to an expansion of the labor supply. Wages drop and inflation … diminishes. The central bank reacts by cutting its policy rate to stabilize inflation and generates a negative comovement between …

Persistent link: https://www.econbiz.de/10010772608

Exchange rate flexibility under the zero lower bound

Devereux, Michael B.; Cook, David - Federal Reserve Bank of Dallas - 2014

An independent currency and a flexible exchange rate generally helps a country in adjusting to macroeconomic shocks. But recently in many countries, interest rates have been pushed down close to the lower bound, limiting the ability of policy-makers to accommodate shocks, even in countries with...

Persistent link: https://www.econbiz.de/10011084966

A closer look at the Phillips curve using state-level data

Kumar, Anil; Orrenius, Pia - Federal Reserve Bank of Dallas - 2014

do not make a distinction between the relative impacts of short-term vs. long-term unemployment on wage inflation. Using …

Persistent link: https://www.econbiz.de/10010942918

The zero lower bound and endogenous uncertainty

Plante, Michael; Richter, Alexander William; … - Federal Reserve Bank of Dallas - 2014

This paper documents a strong negative correlation between macroeconomic uncertainty and real GDP growth since the Great Recession. Prior to that event the correlation was weak, even when conditioning on recessions. At the same time, many central banks reduced their policy rate to its zero lower...

Persistent link: https://www.econbiz.de/10011027118

Inflation targeting and the anchoring of inflation expectations: cross-country evidence from consensus forecasts

Davis, Jonathan Scott; Presno, Ignacio - Federal Reserve Bank of Dallas - 2014

Using survey data of inflation expectations across a 36 developed and developing countries, this paper examines whether … the adoption of inflation targeting has helped to anchor inflation expectations. We examine the response of inflation … expectations following a shock to inflation, inflation expectations, and oil prices. For the 13 countries that adopted inflation …

Persistent link: https://www.econbiz.de/10010772603

The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence

Truman, Edwin Malcolm - Federal Reserve Bank of Dallas - 2014

financial policy and analysis covering four areas: the emergence and taming of the great inflation, developments in US external …

Persistent link: https://www.econbiz.de/10011114882

Hot money and quantitative easing: the spillover effect of U.S. monetary policy on Chinese housing, equity and loan markets

Zhou, Hao; Ho, Steven Wei; Zhang, Ji - Federal Reserve Bank of Dallas - 2014

We study a factor-augmented vector autoregression model to estimate the effects of changes in U.S. monetary policy, as well as changes in U.S. policy uncertainty, on the Chinese economy. We find that since the Great Recession, a decline in the U.S. policy rate would result in a significant...

Persistent link: https://www.econbiz.de/10011114885

Doctrinal determinants, domestic and international of Federal Reserve policy, 1914-1933

Eichengreen, Barry - Federal Reserve Bank of Dallas - 2014

This paper describes the doctrinal foundations of Federal Reserve policy from the establishment of the institution through the early 1930s, focusing on the role of international factors in those doctrines and conceptions. International considerations were at most part of the constellation of...

Persistent link: https://www.econbiz.de/10011084956

The Federal Reserve in a globalized world economy

Taylor, John B. - Federal Reserve Bank of Dallas - 2014

This paper starts from the theoretical observation that simple rules-based monetary policy will result in good economic performance in a globalized world economy and the historical observation that this occurred during the Great Moderation period of the 1980s and 1990s. It tries to answer a...

Persistent link: https://www.econbiz.de/10011084963

Working less and bargain hunting more: macro implications of sales during Japan's lost decades

Sudo, Nao; Ueda, Kozo; Watanabe, Kota; Watanabe, Tsutomu - Federal Reserve Bank of Dallas - 2014

Standard New Keynesian models have often neglected temporary sales. In this paper, we ask whether this treatment is appropriate. In the empirical part of the paper, we provide evidence using Japanese scanner data covering the last two decades that the frequency of sales was closely related with...

Persistent link: https://www.econbiz.de/10011084969

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