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Betting the house
Jorda, Oscar; Schularick, Moritz; Taylor, Alan M. - Federal Reserve Bank of San Francisco - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011114889
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The policy preferences of the U.S. Federal Reserve
Dennis, Richard - Federal Reserve Bank of San Francisco - 2001
This paper uses a small data-consistent model of the United States to identify and estimate the Federal Reserve's policy preferences. We find critical differences between the policy regimes in operation during the Burns-Miller and Volcker-Greenspan periods. Over the Volcker-Greenspan period we...
Persistent link: https://www.econbiz.de/10005401550
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The policy preferences of the U.S. Federal Reserve
Dennis, Richard - Federal Reserve Bank of San Francisco - 2001
This paper uses a small data-consistent model of the United States to identify and estimate the Federal Reserve's policy preferences. We find critical differences between the policy regimes in operation during the Burns-Miller and Volcker-Greenspan periods. Over the Volcker-Greenspan period we...
Persistent link: https://www.econbiz.de/10010702173
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Monetary policy effectiveness in China: evidence from a FAVAR model
Fernald, John; Spiegel, Mark M; Swanson, Eric T. - Federal Reserve Bank of San Francisco - 2014
We use a broad set of Chinese economic indicators and a dynamic factor model framework to estimate Chinese economic activity and inflation as latent variables. We incorporate these latent variables into a factor-augmented vector autoregression (FAVAR) to estimate the effects of Chinese monetary...
Persistent link: https://www.econbiz.de/10010752048
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Monetary policy and real exchange rate dynamics in sticky-price models
Carvalho, Carlos; Nechio, Fernanda - Federal Reserve Bank of San Francisco - 2014
We study how real exchange rate dynamics are affected by monetary policy in dynamic, stochastic, general equilibrium, sticky-price models. Our analytical and quantitative results show that the source of interest rate persistence – policy inertia or persistent policy shocks – is key. When the...
Persistent link: https://www.econbiz.de/10011026913
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Monetary and financial integration in the EMU: Push or pull?
Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2008
A number of studies have recently noted that monetary integration in the European Monetary Union (EMU) has been accompanied by increased financial integration. This paper examines the channels through which monetary union increased financial integration, using international panel data on...
Persistent link: https://www.econbiz.de/10005712201
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Who drove the boom in euro-denominated bond issues?
Hale, Galina; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2008
between the response to the advent of the euro by new and seasoned bond issuers, and to condition on other issue … characteristics. We find that the impact on new issuers is larger than on seasoned issuers and that most of the increase in the euro … composition in the long run, these results imply that aggregate studies might be underestimating the euro effect. We also find …
Persistent link: https://www.econbiz.de/10005498401
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Eurosystem monetary targeting: lessons from U.S. data.
Rudebusch, Glenn D.; Svensson, Lars E.O. - Federal Reserve Bank of San Francisco - 1999
Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...
Persistent link: https://www.econbiz.de/10005401625
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Eurosystem monetary targeting: lessons from U.S. data.
Rudebusch, Glenn D.; Svensson, Lars E.O. - Federal Reserve Bank of San Francisco - 1999
Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...
Persistent link: https://www.econbiz.de/10010702213
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Monetary policy in Pacific Basin countries : papers presented at a Conference sponsored by the Federal Reserve Bank of San Francisco
Cheng, Hang-sheng (contributor) - 1988
Persistent link: https://www.econbiz.de/10000762531