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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
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Deposit interest rate ceilings as credit supply shifters: bank level evidence on the effects of Regulation Q
Koch, Christoffer - Federal Reserve Bank of Dallas - 2014
frequently during the Great Inflation era due to fixed deposit rate ceilings. I estimate the effect of deposit rate ceilings …
Persistent link: https://www.econbiz.de/10011027116
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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
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The international monetary and financial system: its Achilles heel and what to do about it
BORIO, Claudio - Federal Reserve Bank of Dallas - 2014
trade and financial protectionism and, possibly, stagnation combined with inflation. …
Persistent link: https://www.econbiz.de/10011114878
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The international monetary and financial system: a capital account perspective
BORIO, Claudio; James, Harold; Shin, Hyun Song - Federal Reserve Bank of Dallas - 2014
In analysing the performance of the international monetary and financial system (IMFS), too much attention has been paid to the current account and far too little to the capital account. This is true of both formal analytical models and historical narratives. This approach may be reasonable when...
Persistent link: https://www.econbiz.de/10011114883
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Japan’s financial crises and lost decades
Hirakata, Naohisa; Sudo, Nao; Takei, Ikuo; Ueda, Kozo - Federal Reserve Bank of Dallas - 2014
In this paper we explore the role of financial intermediation malfunction in macroeconomic fluctuations in Japan. To this end we estimate, using Japanese data, a financial accelerator model in which the balance sheet conditions of entrepreneurs in a goods-producing sector and those of a...
Persistent link: https://www.econbiz.de/10011160714
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Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59
Carlson, Mark A.; Wheelock, David - Federal Reserve Bank of Dallas - 2014
to 1951, changes in required reserve ratios were the primary means by which the Fed responded to expected inflation. The … rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external pressures on the Fed …
Persistent link: https://www.econbiz.de/10011114880
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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
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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
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Pricing-to-market and optimal interest rate policy
Cooke, Dudley - Federal Reserve Bank of Dallas - 2014
I study optimal interest rate policy in a small open economy with consumer search in the product market. When there are search frictions, firms price-to-market, with implications for the design of monetary policy. Country-specific shocks generate deviations from the law of one price for traded...
Persistent link: https://www.econbiz.de/10011084958