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

growth and inflation decline right after and up to a year following a FTS spell. …

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

Returns to Active Management: The Case of Hedge Funds

Kazemi, Maziar; Islamaj, Ergys - Federal Reserve Board (Board of Governors of the … - 2014

Do more active hedge fund managers generate higher returns than their less active peers? We attempt to answer this question. Using Kalman Filter techniques, we estimate the risk exposure dynamics of a large sample of live and dead equity long-short hedge funds. These estimates are then used to...

Persistent link: https://www.econbiz.de/10010892321

How Well Did Social Security Mitigate the Effects of the Great Recession?

Peterman, William B.; Sommer, Kamila - Federal Reserve Board (Board of Governors of the … - 2014

This paper quantifies the welfare implications of the U.S. Social Security program during the Great Recession. We find that the average welfare losses due to the Great Recession for agents alive at the time of the shock are notably smaller in an economy with Social Security relative to an...

Persistent link: https://www.econbiz.de/10010784157

The Evolution of Retirement Wealth

Devlin-Foltz, Sebastian; Henriques, Alice M.; … - Federal Reserve Board (Board of Governors of the … - 2015

Is the current mix of tax preferences for employer-sponsored pensions and individual retirement saving in the U.S. delivering the best possible retirement-preparedness across and within generations? Using data from the triennial Survey of Consumer Finances for 1989 through 2013, cohort-based...

Persistent link: https://www.econbiz.de/10011255342

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

expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased … government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external …

Persistent link: https://www.econbiz.de/10010787050

The Domestic and International Effects of Interstate U.S. Banking

Cacciatore, Matteo; Ghironi, Fabio; Stebunovs, Viktors - Federal Reserve Board (Board of Governors of the … - 2014

This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial...

Persistent link: https://www.econbiz.de/10010886231

Large Capital Inflows, Sectoral Allocation, and Economic Performance

Benigno, Gianluca; Converse, Nathan; Fornaro, Luca - Federal Reserve Board (Board of Governors of the … - 2015

This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic...

Persistent link: https://www.econbiz.de/10011268459

Taxes and International Risk Sharing

Epstein, Brendan; Mukherjee, Rahul; Ramnath, Shanthi - Federal Reserve Board (Board of Governors of the … - 2014

capita consumption fluctuations across countries. Theory implies a close relationship between relative consumption growth …

Persistent link: https://www.econbiz.de/10010787056

Banks, Capital Flows and Financial Crises

Akinci, Ozge; Queraltó, Albert - Federal Reserve Board (Board of Governors of the … - 2014

This paper proposes a macroeconomic model with financial intermediaries (banks), in which banks face occasionally binding leverage constraints and may endogenously affect the strength of their balance sheets by issuing new equity. The model can account for occasional financial crises as a result...

Persistent link: https://www.econbiz.de/10011075151

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 … and the forecasts of contemporary business analysts, we show that inflation expectations increased dramatically. Second …, using an event-studies approach, we identify the impact on financial markets of the key events that shifted inflation …

Persistent link: https://www.econbiz.de/10011273691

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