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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
This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity” of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that...
Persistent link: https://www.econbiz.de/10011114878
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Can interest rate factors explain exchange rate fluctuations?
Yung, Julieta - Federal Reserve Bank of Dallas - 2014
This paper explores whether interest rate factors, derived from the yield curve, can explain exchange rate fluctuations at different horizons. Using a dynamic term structure model under no-arbitrage, exchange rates are modeled as the ratio of two countries’ stochastic discount factors. Key to...
Persistent link: https://www.econbiz.de/10011114879
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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
sheets of the decision units that straddle national borders, be these banks or non-financial companies. We illustrate these …
Persistent link: https://www.econbiz.de/10011114883
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Evaluating the productive efficiency and performance of US commercial banks
Barr, Richard S. (contributor); Killgo, Kory A. (contributor) - 1999 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001591744
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Heterogeneous bank lending responses to monetary policy: new evidence from a real-time identification
Bluedorn, John; Bowdler, Christopher; Koch, Christoffer - Federal Reserve Bank of Dallas - 2014
We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending, at … both the bank and U.S. state levels. Using an exogenous policy measure identified from narratives on FOMC intentions and … real-time economic forecasts, we find much stronger dynamic effects and greater heterogeneity in U.S. bank lending …
Persistent link: https://www.econbiz.de/10010772615
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Do restrictions on home equity extraction contribute to lower mortgage defaults? evidence from a policy discontinuity at the Texas’ border
Kumar, Anil - Federal Reserve Bank of Dallas - 2014
Texas is the only US state that limits home equity borrowing to 80 percent of home value. This paper exploits this policy discontinuity around the Texas’ interstate borders and uses a multidimensional regression discontinuity design framework to find that limits on home equity borrowing in...
Persistent link: https://www.econbiz.de/10011184281
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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
inscribed in Regulation Q on the transmission of federal funds rate changes to bank level credit growth using a historic bank … bindingness of Regulation Q suggest that individual banks’ lending growth was smaller the more binding the legally fixed rate … ceiling. Interaction terms with monetary policy suggest that the policy impact on bank level credit growth was non-linear at …
Persistent link: https://www.econbiz.de/10011027116
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Sharing the burden: monetary and fiscal responses to a world liquidity trap
Cook, David; Devereux, Michael B. - Federal Reserve Bank of Dallas - 2011
With integrated trade and financial markets, a collapse in aggregate demand in a large country can cause "natural real interest rates" to fall below zero in all countries, giving rise to a global "liquidity trap." This paper explores the optimal policy response to this type of shock, when...
Persistent link: https://www.econbiz.de/10009292929
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Keynesian economics without the LM and IS curves: a dynamic generalization of the Taylor-Romer model
Koenig, Evan F. - Federal Reserve Bank of Dallas - 2008
John Taylor and David Romer champion an approach to teaching undergraduate macroeconomics that dispenses with the LM half of the IS-LM model and replaces it with a rule for setting the interest rate as a function of inflation and the output gap - i.e., a Taylor rule. But the IS curve is...
Persistent link: https://www.econbiz.de/10004993781
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Export shocks and the zero bound trap
Fujiwara, Ippei - Federal Reserve Bank of Dallas - 2010
When a small open economy experiences a sufficiently large negative export shock, it is vulnerable to falling into a zero bound trap. In addition, such a shock can have very large impact on the economy compared to the case when the zero bound is not a binding constraint. This could be one...
Persistent link: https://www.econbiz.de/10008690997