Narrow search
Showing 1 - 10 of 444
Cover Image
Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record
Jalil, Andrew; Rua, Gisela - Federal Reserve Board (Board of Governors of the … - 2015
This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business...
Persistent link: https://www.econbiz.de/10011273691
Cover Image
Inflation Dynamics During the Financial Crisis
Gilchrist, Simon; Schoenle, Raphael; Sim, Jae W.; … - Federal Reserve Board (Board of Governors of the … - 2015
Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which...
Persistent link: https://www.econbiz.de/10011255348
Cover Image
Pricing decisions in an experimental dynamic stochastic general equilibrium economy
Noussair, Charles N.; Pfajfar, Damjan; Zsiros, Janos - Federal Reserve Board (Board of Governors of the … - 2014
We construct experimental economies, populated with human subjects, with a structure based on a nonlinear version of the New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. We analyze the behavior of firms' pricing decisions in four different experimental economies. We consider...
Persistent link: https://www.econbiz.de/10011075123
Cover Image
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
Cover Image
Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59
Carlson, Mark A.; Wheelock, David C. - Federal Reserve Board (Board of Governors of the … - 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/10010787050
Cover Image
Consumers' Attitudes and Their Inflation Expectations
Ehrmann, Michael; Pfajfar, Damjan; Santoro, Emilianio - Federal Reserve Board (Board of Governors of the … - 2015
This paper studies consumers' inflation expectations using micro-level data from the Surveys of Consumers conducted by University of Michigan. It shows that beyond the well-established socio-economic factors such as income, age or gender, other characteristics such as the households' financial...
Persistent link: https://www.econbiz.de/10011261278
Cover Image
A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System
Ferrante, Francesco - Federal Reserve Board (Board of Governors of the … - 2015
particular, shadow banks, by pooling different loans, improve on the diversification of their idiosyncratic risk and increase the …
Persistent link: https://www.econbiz.de/10011268457
Cover Image
Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis
Carlson, Mark A.; Duygan-Bump, Burcu; Nelson, William R. - Federal Reserve Board (Board of Governors of the … - 2015
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR),...
Persistent link: https://www.econbiz.de/10011255344
Cover Image
Banking panics and deflation in dynamic general equilibrium
Carapella, Francesca - Federal Reserve Board (Board of Governors of the … - 2015
This paper develops a framework to study the interaction between banking, price dynamics, and monetary policy. Deposit contracts are written in nominal terms: if prices unexpectedly fall, the real value of banks' existing obligations increases. Banks default, panics precipitate, economic...
Persistent link: https://www.econbiz.de/10011261279
Cover Image
Modeling Money Market Spreads: What Do We Learn about Refinancing Risk?
Brousseau, Vincent; Nikolaou, Kleopatra; Pill, Huw - Federal Reserve Board (Board of Governors of the … - 2014
We quantify the effect of refinancing risk on euro area money market spreads, a major factor driving spreads during the … borrow over a given horizon, thus increasing refinancing risk. We measure refinancing risk by quantifying the sensitivity of … frequency. Results suggest that refinancing risk affects the spread significantly across time, albeit in a largely varying …
Persistent link: https://www.econbiz.de/10011119859