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Miranda-Agrippino, Silvia; Rey, Hélène - National Bureau of Economic Research - 2021

We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows...

Persistent link: https://www.econbiz.de/10012660005

Intermediary Balance Sheets and the Treasury Yield Curve

Du, Wenxin; Hébert, Benjamin; Li, Wenhao - National Bureau of Economic Research - 2022

We document regime change in the U.S. Treasury market post-Global Financial Crisis (GFC): dealers switched from a net short to a net long position in the Treasury market. We first derive bounds on Treasury yields that account for dealer balance sheet costs, which we call the net short and net...

Persistent link: https://www.econbiz.de/10013334440

Diverse Policy Committees Can Reach Underrepresented Groups

D'Acunto, Francesco; Fuster, Andreas; Weber, Michael - National Bureau of Economic Research - 2021

Increasing the diversity of policy committees has taken center stage worldwide, but whether and why diverse committees are more effective is still unclear. In a randomized control trial that varies the salience of female and minority representation on the Federal Reserve's monetary policy...

Persistent link: https://www.econbiz.de/10012629495

Identifying Monetary Policy Shocks Using the Central Bank's Information Set

Bachmann, Ruediger; Gödl-Hanisch, Isabel; Sims, Eric R. - National Bureau of Economic Research - 2021

We identify monetary policy shocks by exploiting variation in the central bank's information set. To be specific, we use differences between nowcasts of the output gap and inflation with final, revised estimates of these series to isolate movements in the policy rate unrelated to economic...

Persistent link: https://www.econbiz.de/10012794600

The Voice of Monetary Policy

Gorodnichenko, Yuriy; Pham, Tho; Talavera, Oleksandr - National Bureau of Economic Research - 2021

We develop a deep learning model to detect emotions embedded in press conferences after the meetings of the Federal Open Market Committee and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Fed's actions and the sentiment in policy...

Persistent link: https://www.econbiz.de/10012496146

Federal Reserve Structure and the Production of Monetary Policy Ideas

Bordo, Michael D.; Prescott, Edward Simpson - National Bureau of Economic Research - 2023

We evaluate the decentralized structure of the Federal Reserve System as a mechanism for generating and processing new ideas on monetary policy over the 1960 - 2000 period. We document the introduction of monetarism, rational expectations, credibility, transparency, and other monetary policy...

Persistent link: https://www.econbiz.de/10014437046

U.S. Stock Market Crashes and Their Aftermath : Implications for Monetary Policy

Mishkin, Frederic S. - 2002

This paper examines fifteen historical episodes of stock market crashes and their aftermath in the United States over the last one hundred years. Our basic conclusion from studying these episodes is that financial instability is the key problem facing monetary policy makers and not stock market...

Persistent link: https://www.econbiz.de/10012469722

Central Bank Digital Currency in Historical Perspective : Another Crossroad in Monetary History

Bordo, Michael D. - National Bureau of Economic Research - 2021

Digitalization of Money is a crossroad in monetary history. Advances in technology has led to the development of new … history: 1) The shift in the eighteenth and nineteenth century from commodity money (gold and silver coins) to convertible …This paper analyzes the arguments for a CBDC through the lens of monetary history. The bottom line is that the history …

Persistent link: https://www.econbiz.de/10012616619

Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy

Bordo, Michael D. - 2019

The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in...

Persistent link: https://www.econbiz.de/10012480044

Was the Great Depression a Watershed for American Monetary Policy?

Calomiris, Charles W. - 1997

The Great Depression changed the institutions governing monetary policy. These changes included the departure from the gold standard, an opening of a a new avenue for monetizing government debt, changes in the structure of the the Federal Reserve System, and new monetary powers of the Treasury....

Persistent link: https://www.econbiz.de/10012472858

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