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COVID Response : The Municipal Liquidity Facility
Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021
responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to help …
Persistent link: https://www.econbiz.de/10013211407
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The Option Value of Municipal Liquidity : Evidence from Federal Lending Cutoffs during COVID-19
Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021
We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions … eligibility population cutoffs introduced by the federal sector’s Municipal Liquidity Facility (MLF) to study the effects of an … emergency liquidity option on yields, primary debt issuance, and public sector employment. We find that while the announcement …
Persistent link: https://www.econbiz.de/10013322528
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The Forward Guidance Puzzle
Del Negro, Marco - 2012
With short-term interest rates at the zero lower bound, forward guidance has become a key tool for central bankers, and yet we know little about its effectiveness. Standard medium-scale DSGE models tend to grossly overestimate the impact of forward guidance on the macroeconomy — a phenomenon...
Persistent link: https://www.econbiz.de/10013099189
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The FRBNY DSGE Model
Del Negro, Marco - 2013
The goal of this paper is to present the dynamic stochastic general equilibrium (DSGE) model developed and used at the Federal Reserve Bank of New York. The paper describes how the model works, how it is estimated, how it rationalizes past history, including the Great Recession, and how it is...
Persistent link: https://www.econbiz.de/10013074011
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Long-Term Debt Pricing and Monetary Policy Transmission under Imperfect Knowledge
Eusepi, Stefano - 2012
Under rational expectations, monetary policy is generally highly effective in stabilizing the economy. Aggregate demand management operates through the expectations hypothesis of the term structure: Anticipated movements in future short-term interest rates control current demand. This paper...
Persistent link: https://www.econbiz.de/10013110960
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Optimal Interest Rate Rules and Inflation Stabilization versus Price-Level Stabilization
Giannoni, Marc P. - 2012
This paper compares the properties of interest rate rules such as simple Taylor rules and rules that respond to price-level fluctuations — called Wicksellian rules — in a basic forward-looking model. By introducing appropriate history dependence in policy, Wicksellian rules perform better...
Persistent link: https://www.econbiz.de/10013110962