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Returning to the Nest: Debt and Parental Co-residence Among Young Adults

Dettling, Lisa J.; Hsu, Joanne W. - Federal Reserve Board (Board of Governors of the … - 2014

This paper examines the relationship between a young adults' debt burden and the decision to co-reside with a parent. Using a quarterly panel of young adults' credit histories, and controlling for age, county, and quarter fixed effects, and local demographic characteristics, unemployment rates,...

Persistent link: https://www.econbiz.de/10011075118

Jumps in Bond Yields at Known Times

Kim, Don H.; Wright, Jonathan H. - Federal Reserve Board (Board of Governors of the … - 2014

We construct a no-arbitrage term structure model with jumps in the entire state vector at deterministic times but of random magnitudes. Jump risk premia are allowed for. We show that the model implies a closed-form representation of yields as a time-inhomogeneous affine function of the state...

Persistent link: https://www.econbiz.de/10011095294

The scarcity value of Treasury collateral: Repo market effects of security-specific supply and demand factors

D'Amico, Stefania; Fan, Roger; Kitsul, Yuriy - Federal Reserve Board (Board of Governors of the … - 2014

In the special collateral repo market, forward agreements are security-specific, which may magnify demand and supply effects. We quantify the scarcity value of Treasury collateral by estimating the impact of security-specific demand and supply factors on the repo rates of all outstanding U.S....

Persistent link: https://www.econbiz.de/10010892306

Unspanned macroeconomic factors in the yield curve

Coroneo, Laura; Giannone, Domenico; Modugno, Michele - Federal Reserve Board (Board of Governors of the … - 2014

In this paper, we extract common factors from a cross-section of U.S. macro-variables and Treasury zero-coupon yields. We find that two macroeconomic factors have an important predictive content for government bond yields and excess returns. These factors are not spanned by the cross-section of...

Persistent link: https://www.econbiz.de/10010886225

The Low Frequency Effects of Macroeconomic News on Government Bond Yields

Altavilla, Carlo; Giannone, Domenico; Modugno, Michele - Federal Reserve Board (Board of Governors of the … - 2014

This study analyzes the reaction of the U.S. Treasury bond market to innovations in macroeconomic fundamentals. We identify these innovations with macroeconomic news, defined as differences between the actual releases and their market expectations. We show that macroeconomic news explain about...

Persistent link: https://www.econbiz.de/10010886226

Flights to Safety

Baele, Lieven; Bekaert, Geert; Inghelbrecht, Koen; Wei, Min - Federal Reserve Board (Board of Governors of the … - 2014

Using only daily data on bond and stock returns, we identify and characterize flight to safety (FTS) episodes for 23 countries. On average, FTS days comprise less than 3% of the sample, and bond returns exceed equity returns by 2.5 to 4%. The majority of FTS events are country-specific not...

Persistent link: https://www.econbiz.de/10010787051

The U.S. and U.K. activities of Japanese banks: 1980-1988

Terrell, Henry S.; Dohner, Robert S.; Lowrey, Barbara R. - Federal Reserve Board (Board of Governors of the … - 1989

these two markets with the regulatory environment for banks in Japan, with Japan's overall external financial position, as … environment in Japan, including restraints on interest rates, and possible quantitative restraints, has had an important impact on … States as substitutes for their head offices in extending commercial and industrial loans to Japan-based companies as well as …

Persistent link: https://www.econbiz.de/10005368172

More evidence on the link between bank health and investment in Japan

Gibson, Michael S. - Federal Reserve Board (Board of Governors of the … - 1996

Among stock-market-listed Japanese firms in 1994-95, the financial health of the firm's main bank did not significantly affect its investment behavior, after controlling for stock market valuation and cash flow. However, among the subset of bank-dependent firms, investment was lower by over 50...

Persistent link: https://www.econbiz.de/10005368185

Realignment of the yen-dollar exchange rate: aspects of the adjustment process in Japan

Loopesko, Bonnie E.; Johnson, Robert A. - Federal Reserve Board (Board of Governors of the … - 1987

is warranted. ; We then turn to the adjustment process. First, we present evidence that a narrowing of Japan's record … be counter-productive. The model shows that this outcome is possible, but we argue that for an economy with Japan … impact on domestic demand in Japan and on trade with the developing countries. …

Persistent link: https://www.econbiz.de/10005368234

A primer on the Japanese banking system

Frankel, Allen B.; Morgan, Paul B. - Federal Reserve Board (Board of Governors of the … - 1991

This paper examines the effects of the liberalization of the Japanese financial system in the past twenty years. The changes are viewed in terms of their current and potential future impact on the Japanese banking industry. The purpose of this paper is to provide a discussion of the situation...

Persistent link: https://www.econbiz.de/10005368381