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Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms

Cull, Robert; Li, Wei; Sun, Bo; Xu, Lixin Colin - Federal Reserve Board (Board of Governors of the … - 2015

We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially...

Persistent link: https://www.econbiz.de/10011269077

Financing Constraints and Unemployment: Evidence from the Great Recession

Duygan-Bump, Burcu; Leykov, Alexey; Montoriol-Garriga, Judit - Federal Reserve Board (Board of Governors of the … - 2014

Exploiting the differential financing needs across industrial sectors, this paper shows that financing constraints of small businesses in the United States are one of the drivers explaining the unemployment dynamics during the Great Recession. We show that workers in small firms are more likely...

Persistent link: https://www.econbiz.de/10011075116

Community Bank Performance: How Important are Managers?

Amel, Dean F.; Prager, Robin A. - Federal Reserve Board (Board of Governors of the … - 2014

the shares of bank branches, deposits, banking assets, and small business loans held by community banks in the U.S. have … characteristics include population, per capita income, unemployment rate, and banking market structure. We find that community bank … changes in the business strategies of larger banks and non-bank financial service providers, have purportedly made it more …

Persistent link: https://www.econbiz.de/10010784173

An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases

Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015

In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and...

Persistent link: https://www.econbiz.de/10011273692

Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations

Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - Federal Reserve Board (Board of Governors of the … - 2015

We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...

Persistent link: https://www.econbiz.de/10011255343

Optimal monetary and fiscal policy: a linear-quadratic approach

Benigno, Pierpaolo; Woodford, Michael - Federal Reserve Board (Board of Governors of the … - 2004

We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the only available sources of government revenue are...

Persistent link: https://www.econbiz.de/10005368129

The optimal degree of discretion in monetary policy

Athey, Susan; Atkeson, Andrew; Kehoe, Patrick J. - Federal Reserve Board (Board of Governors of the … - 2004

How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the...

Persistent link: https://www.econbiz.de/10005368142

Optimal inflation persistence: Ramsey taxation with capital and habits

Chugh, Sanjay - Federal Reserve Board (Board of Governors of the … - 2005

Ramsey models of fiscal and monetary policy with perfectly-competitive product markets and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit...

Persistent link: https://www.econbiz.de/10005368152

Global asset prices and FOMC announcements

Hausman, Joshua; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2006

This paper documents the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate...

Persistent link: https://www.econbiz.de/10005368193

Monetary policy's role in exchange rate behavior

Faust, Jon; Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 1999

While much empirical work has addressed the role of monetary policy shocks in exchange rate behavior, conclusions have been clouded by the lack of plausible identifying assumptions. We apply a recently developed inference procedure allowing us to relax dubious identifying assumptions. This work...

Persistent link: https://www.econbiz.de/10005368248

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