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Structural change in US wage determination

Rich, Robert W. (contributor); … - 2001 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001589687

Benefits and spillovers of greater competition in Europe : a macroeconomic assessment

Bayoumi, Tamim A. (contributor); Laxton, Douglas (contributor) - 2004 - [Elektronische Ressource]

We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area...

Persistent link: https://www.econbiz.de/10002101549

Dynamic prediction pools: an investigation of financial frictions and forecasting performance

Del Negro, Marco; Schorfheide, Frank; Hasegawa, Raiden B. - Federal Reserve Bank of New York - 2014

) models, with and without financial frictions, for output growth and inflation in the period 1992 to 2011. We find strong …

Persistent link: https://www.econbiz.de/10010938565

The FRBNY staff underlying inflation gauge: UIG

Amstad, Marlene; Potter, Simon; Roberts, Richard - Federal Reserve Bank of New York - 2014

Monetary policymakers and long-term investors would benefit greatly from a measure of underlying inflation that uses … all relevant information, is available in real time, and forecasts inflation better than traditional underlying inflation … measures such as core inflation measures. This paper presents the “FRBNY Staff Underlying Inflation Gauge (UIG)” for CPI and …

Persistent link: https://www.econbiz.de/10011027238

Common determinants of bond and stock market liquidity : the impact of financial crises, monetary policy, and mutual fund flows

Chordia, Tarun (contributor); Sarkar, Asani (contributor); … - 2001 - [Elektronische Ressource]

We study common determinants of daily bid-ask spreads and trading volume for the bond and stock markets over the 1991-98 period. We find that spread changes in one market are affected by lagged spread and volume changes in both markets. Further, spread and volume changes are predictable to a...

Persistent link: https://www.econbiz.de/10001629622

The overnight interbank market : evidence from the G-7 and the euro zone

Prati, Alessandro (contributor); … - 2001 - [Elektronische Ressource]

This study of the major industrial countries' interbank markets for overnight loans links the behavior of very short-term interest rates to the operating procedures of the countries' central banks. Previous studies have focused on key features of the U.S. federal funds rate's behavior. We find...

Persistent link: https://www.econbiz.de/10001630855

An investigation of the gains from commitment in monetary policy

Schaumburg, Ernst (contributor); … - 2003 - [Elektronische Ressource]

This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...

Persistent link: https://www.econbiz.de/10001783067

Banks' reserve management, transaction costs, and the timing of federal reserve intervention

Bartolini, Leonardo (contributor); … - 2000 - [Elektronische Ressource]

We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each "reserve maintenance period", when the...

Persistent link: https://www.econbiz.de/10001512195

An empirical analysis of stock and bond market liquidity

Chordia, Tarun (contributor); Sarkar, Asani (contributor); … - 2003 - [Elektronische Ressource]

This paper explores liquidity movements in stock and Treasury bond markets over a period of more than 1800 trading days. Cross-market dynamics in liquidity are documented by estimating a vector autoregressive model for liquidity (that is, bid-ask spreads and depth), returns, volatility, and...

Persistent link: https://www.econbiz.de/10001752003

The execution of monetary policy : a tale of two central banks

Bartolini, Leonardo (contributor); … - 2003 - [Elektronische Ressource]

The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a "hands-off" approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The...

Persistent link: https://www.econbiz.de/10001752004