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Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - Federal Reserve Bank of St. Louis - 2013

Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed debt levels and payment to income ratios suggest the...

Persistent link: https://www.econbiz.de/10011027315

Regional disparities in the transmission of monetary policy

Owyang, Michael T. (contributor); … - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001979830

Tobins̉ imperfect asset substitution in optimizing general equilibrium

Andrés, Javier (contributor); … - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001987130

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

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

Money and the transmission mechanism in the optimizing IS-LM specification

Nelson, Edward (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001982849

Stock prices, firm size, and changes in the federal funds rate target

Guo, Hui (contributor) - 2003 - [Elektronische Ressource],rev

Persistent link: https://www.econbiz.de/10001971174

On the relevance of credit market structure to monetary policy

Blei, Sharon - Federal Reserve Bank of St. Louis - 2007

Credit affects the economy via various channels: its price, collateral requirements and the extent of rationing. Would … the intensity of monetary transmission be affected by the market structure of the credit industry? Using a spatial … competition framework I demonstrate how credit market structure can affect the transmission of monetary policy changes into real …

Persistent link: https://www.econbiz.de/10005065528

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

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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