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Homeowner Balance Sheets and Monetary Policy

Aladangady, Aditya - Federal Reserve Board (Board of Governors of the … - 2014

household depends on local housing market characteristics such as local geography and regulation. Cities with the largest … zoning laws to identify a marginal propensity to consume out of housing of 0.07. Homeowners with debt service ratios in the … values and spending. I discuss the implications of these results for the aggregate effects and regional heterogeneity in …

Persistent link: https://www.econbiz.de/10011095299

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 … the Federal Reserve's first MBS purchase program, demonstrating that this channel conveyed savings on monthly mortgage …

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

The ins and outs of mortgage debt during the housing boom and bust

Bhutta, Neil - Federal Reserve Board (Board of Governors of the … - 2014

From 1999 to 2013, U.S. mortgage debt doubled and then contracted sharply. Our understanding of the factors driving … this volatility in the stock of debt is hampered by a lack of data on mortgage flows. Using comprehensive, individual …-level panel data on consumer liabilities, I estimate detailed mortgage inflows and outflows. During the boom, inflows from real …

Persistent link: https://www.econbiz.de/10011075126

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

The choice of a monetary policy reaction function in a simple optimizing model

Henderson, Dale W.; Kim, Jinill - Federal Reserve Board (Board of Governors of the … - 1998

Monetary policy reaction functions are compared in a simple optimizing model with one-period nominal stickiness, i.i.d. shocks, and no capital accumulation. The interest rate is the instrument and is either kept constant, "interest rate targeting" for short, or used in targeting one of the...

Persistent link: https://www.econbiz.de/10005368273

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