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A state-level analysis of the Great Moderation

Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007

the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

Persistent link: https://www.econbiz.de/10005360567

Near-rational exuberance

Bullard, James B.; Evans, George W.; Honkapohja, Seppo - Federal Reserve Bank of St. Louis - 2004

monetary policy framework. Inclusion of judgement in forecasts can lead to self-fulfilling fluctuations, but without the …

Persistent link: https://www.econbiz.de/10005707643

The simple analytics of money and credit in a quasi-linear environment

Andolfatto, David - Federal Reserve Bank of St. Louis - 2011

Lagos and Wright (2005) demonstrate how the essential properties of a money-search model are preserved in an … markets under limited commitment and private information. The analysis demonstrates clearly how insurance, credit, and money … the Friedman rule. In particular, I find that the same frictions that render money essential may at the same time operate …

Persistent link: https://www.econbiz.de/10009357965

Rehypothecation

Andolfatto, David; Martin, Fernando M.; Zhang, Shengxing - Federal Reserve Bank of St. Louis - 2014

Rehypothecation refers to the practice of re-using (selling or pledging as collateral) an asset that has already been pledged as collateral for a loan. We develop a dynamic general equilibrium monetary model where an “asset shortage” motivates the rehypothecation of assets. We find that in...

Persistent link: https://www.econbiz.de/10011160737

Are government spending multipliers greater during periods of slack? evidence from 20th century historical data

Owyang, Michael T.; Ramey, Valerie A.; Zubairy, Sarah - Federal Reserve Bank of St. Louis - 2013

A key question that has arisen during recent debates is whether government spending multipliers are larger during times when resources are idle. This paper seeks to shed light on this question by analyzing new quarterly historical data covering multiple large wars and depressions in the U.S. and...

Persistent link: https://www.econbiz.de/10011027317