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QE: when and how should the Fed exit?
Wen, 文一 - Federal Reserve Bank of St. Louis - 2014
The essence of Quantitative Easing (QE) is to reduce the costs of private borrowing through large-scale purchases of privately issue debts, instead of public debts (Ben Bernanke, 2009). Notwithstanding the effectiveness of this highly unconventional monetary policy in reviving private investment...
Persistent link: https://www.econbiz.de/10010798469
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Mortgages and monetary policy
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - Federal Reserve Bank of St. Louis - 2013
- than fixed-rate contracts. The source of impulse also matters: persistent inflation shocks have larger effects than …
Persistent link: https://www.econbiz.de/10011027315
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Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59
Wheelock, David; Carlson, Mark A. - Federal Reserve Bank of St. Louis - 2014
The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of...
Persistent link: https://www.econbiz.de/10010784192
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Reaction functions in a small open economy: What role for non-traded inflation?
Santacreu, Ana Maria - Federal Reserve Bank of St. Louis - 2005
I develop a structural general equilibrium model and estimate it for New Zealand using Bayesian techniques. The estimated model considers a monetary policy regime where the central bank targets overall inflation but is also concerned about output, exchange rate movements, and interest rate...
Persistent link: https://www.econbiz.de/10010961579
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The 2009 recovery act: stimulus at the extensive and intensive labor margins
Dupor, Bill; Mehkari, M. Saif - Federal Reserve Bank of St. Louis - 2014
This paper (i) estimates the local effects of government stimulus spending on labor market outcomes and (ii) shows how these effects can be obtained from a firm's optimal policy in the presence of costs to hiring workers. We analyze the American Recovery and Reinvestment Act of 2009 (Recovery...
Persistent link: https://www.econbiz.de/10010890136
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Fiscal Policy Spillovers: Points of Employment to Places of Residence
Dupor, Bill; McCrory, Peter B. - Federal Reserve Bank of St. Louis - 2014
In this paper, we study the effects of interregional spillovers from the government spending component of the American Recovery and Reinvestment Act of 2009 (the Recovery Act). Using cross-county Census Journey to Work commuting data, we cluster U.S. counties into local labor markets, each of...
Persistent link: https://www.econbiz.de/10010942506
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How Persistent are Monetary Policy Effects at the Zero Lower Bound?
Neely, Christopher - Federal Reserve Bank of St. Louis - 2014
duration of the unconventional monetary shocks. In addition, implied in-sample return predictability from the SVAR greatly … plausible predictability in asset returns are more stable and imply that the unconventional monetary policy shocks were fairly … shocks should respect the limited predictability in asset prices. …
Persistent link: https://www.econbiz.de/10010741548
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Three Scenarios for Interest Rates in the Transition to Normalcy
Gavin, William Thomas; Cooke, Diana A. - Federal Reserve Bank of St. Louis - 2014
This article develops time-series models to represent three alternative, potential monetary policy regimes as monetary policy returns to normal. The first regime is a return to the high and volatile inflation rate of the 1970s. The second regime, the one that most Federal Reserve officials and...
Persistent link: https://www.econbiz.de/10011096613
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Fixing Swiss potholes : the importance of improvements
Dueker, Michael (contributor);  … - 2003 - [Elektronische Ressource], rev.
Persistent link: https://www.econbiz.de/10001963020
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Inflation targeting in a small open economy: empirical results for Switzerland
Dueker, Michael; Fischer, Andreas M. - Federal Reserve Bank of St. Louis - 1995
This paper extends McCallum?s (1987) nominal targeting rule to a small open economy by allowing for feedback from the exchange rate. Instead of setting parameters in a McCallum-type targeting rule and simulating, the parameters are estimated using a markov switching model. We argue that a model...
Persistent link: https://www.econbiz.de/10005360539