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A black swan in the money market
Taylor, John B.; Williams, John C. - Federal Reserve Bank of San Francisco - 2008
At the center of the financial market crisis of 2007-2008 was a highly unusual jump in spreads between the overnight inter-bank lending rate and term London inter-bank offer rates (Libor). Because many private loans are linked to Libor rates, the sharp increase in these spreads raised the cost...
Persistent link: https://www.econbiz.de/10005361479
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Monetary policy when interest rates are bounded at zero
Fuhrer, Jeff; Madigan, Brian - Federal Reserve Bank of San Francisco - 1994
several policy rules that involve either high or low inflation targets. We determine the extent to which the zero bound on … aggregate output, when zero inflation results in low nominal rates. In general, the results suggest that real long-term interest … rates drop considerably in response to an adverse spending shock under a variety of policy rules and inflation rates. The …
Persistent link: https://www.econbiz.de/10005078238
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Monetary policy and the behavior of long-term interest rates
Fuhrer, Jeff; Moore, George - Federal Reserve Bank of San Francisco - 1993
combination with sluggish inflation adjustment and a structural IS curve that relates output to the rationally expected long …
Persistent link: https://www.econbiz.de/10005078311
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Nominal interest rates and the news
Bauer, Michael D. - Federal Reserve Bank of San Francisco - 2011
How do interest rates react to news? This paper presents a new methodology, based on a simple dynamic term structure model, which provides for an integrated analysis of the effects of monetary policy actions and macroeconomic news on the term structure of interest rates. I find several new...
Persistent link: https://www.econbiz.de/10009321082
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The signaling channel for Federal Reserve bond purchases
Bauer, Michael D.; Rudebusch, Glenn D. - Federal Reserve Bank of San Francisco - 2011
Previous research has emphasized the portfolio balance effects of Federal Reserve bond purchases, in which a reduced bond supply lowers term premia. In contrast, we find that such purchases have important signaling effects that lower expected future short term interest rates. Our evidence comes...
Persistent link: https://www.econbiz.de/10009321083
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Measuring the effect of the zero lower bound on medium- and longer-term interest rates
Swanson, Eric T.; Williams, John C. - Federal Reserve Bank of San Francisco - 2012
The zero lower bound on nominal interest rates has constrained the Federal Reserve’s setting of the overnight federal funds rate for over three years running. According to many macroeconomic models, such an extended period of being stuck at the zero bound has important implications for the...
Persistent link: https://www.econbiz.de/10010551214
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Unconventional monetary policy: lessons from the past three years
Williams, John C. - Federal Reserve Bank of San Francisco - 2011
Presentation to the Swiss National Bank Research Conference, Zurich, Switzerland, September 23, 2011
Persistent link: https://www.econbiz.de/10010724794
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Time varying equilibrium real rates and monetary policy analysis
Trehan, Bharat; Wu, Tao - Federal Reserve Bank of San Francisco - 2004
change in inflation is noticeably lower than is suggested by recent analyses (of inflation in the 1970s, for example) that … authority places upon inflation. …
Persistent link: https://www.econbiz.de/10010702132
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Monetary policy inertia: fact or fiction?
Rudebusch, Glenn D. - Federal Reserve Bank of San Francisco - 2005
Estimated monetary policy rules often appear to indicate a sluggish partial adjustment of the policy interest rate by the central bank. In fact, such evidence does not appear to be persuasive, since the illusion of monetary policy inertia may reflect spuriously omitted persistent influences on...
Persistent link: https://www.econbiz.de/10010702144
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Monetary policy with imperfect knowledge
Orphanides, Athanasios; Williams, John C. - Federal Reserve Bank of San Francisco - 2005
interest rate is determined by the inflation rate and the change in the unemployment rate, perform well when knowledge is both …
Persistent link: https://www.econbiz.de/10010702179