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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

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

What drives housing dynamics in China? a sign restrictions VAR approach

Gete, Pedro; Bian, Timothy Yang - Federal Reserve Bank of Dallas - 2014

the estimation uses price indices not coming from China’s National Bureau of Statistics. …

Persistent link: https://www.econbiz.de/10011084957

Institutional quality, the cyclicality of monetary policy and macroeconomic volatility

Duncan, Roberto - Federal Reserve Bank of Dallas - 2014

In contrast to industrialized countries, emerging market economies are characterized by proor acyclical monetary policies and high output volatility. This paper argues that those facts can be related to a long-run feature of the economy - namely, its institutional quality (IQL). The paper...

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

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

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 …; declines in the unemployment rate below the average unemployment rate exert significantly higher wage pressure than changes in … the unemployment rate above the historical average. We also find that the short-term unemployment rate has a strong …

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

Economic & financial review

Federal Reserve Bank of Dallas - Dallas, Tex. : Bank - 1999,2 - 2001; damit Ersch. eingest.

Persistent link: https://www.econbiz.de/10001406015

Economic & financial policy review

Federal Reserve Bank of Dallas - Dallas, Tex. : The Bank - 1.2002 -

Persistent link: https://www.econbiz.de/10001640283

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