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Central bank transparency and nonlinear learning dynamics
Eusepi, Stefano (contributor) - 2008
Central bank communication plays an important role in shaping market participants’ expectations. This paper studies a simple nonlinear model of monetary policy in which agents have incomplete information about the economic environment. It shows that agents’ learning and the dynamics of the...
Persistent link: https://www.econbiz.de/10003781685
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Trends in household debt and credit
Haughwout, Andrew; Lee, Donghoon; Scally, Joelle; … - 2019
the Great Recession, there was a historic run-up in household debt, driven primarily by housing debt, which coincided with …. We examine the trends in household debt before, during, and since the 2000s financial crisis and Great Recession. As we … household debt has recovered to its previous level in nominal terms, its composition and characteristics have changed …
Persistent link: https://www.econbiz.de/10011999884
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FOMC communication policy and the accuracy of fed funds futures
Middeldorp, Menno - 2011
Over the last two decades, the Federal Open Market Committee (FOMC), the rate-setting body of the United States Federal Reserve System, has become increasingly communicative and transparent. According to policymakers, one of the goals of this shift has been to improve monetary policy...
Persistent link: https://www.econbiz.de/10008987100
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The effects of policy guidance on perceptions of the fed's reaction function
Femia, Katherine; Friedman, Steven; Sack, Brian - 2013
In the past few years, the Federal Open Market Committee (FOMC) has been using forward guidance about the federal funds rate in a more explicit way than ever before. This paper explores the market reaction to the forward guidance, with particular focus on the use of calendar dates and economic...
Persistent link: https://www.econbiz.de/10010202644
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Central bank transparency, the accuracy of professional forecasts, and interest rate volatility
Middeldorp, Menno - 2011
Central banks worldwide have become more transparent. An important reason is that democratic societies expect more openness from public institutions. Policymakers also see transparency as a way to improve the predictability of monetary policy, thereby lowering interest rate volatility and...
Persistent link: https://www.econbiz.de/10009130516
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Financial stability monitoring
Adrian, Tobias; Covitz, Daniel M.; Liang, Jean Nellie - 2013
While the Dodd-Frank Act (DFA) broadens the regulatory reach to reduce systemic risks to the U.S. financial system, it does not address some important risks that could migrate to or emanate from entities outside the federal safety net. At the same time, it limits the types of interventions by...
Persistent link: https://www.econbiz.de/10009721298
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Household debt and saving during the 2007 recession
Chakrabarti, Rajashri; Lee, Donghoon; Klaauw, Wilbert … - 2011
Using credit report records and data collected from several household surveys, we analyze changes in household debt and … appears to reflect a considerable decline in household debt, as households paid down mortgage debt in particular. At the end … to become harder to obtain during 2010. -- household debt and saving ; 2007 recession ; credit access ; mortgage debt …
Persistent link: https://www.econbiz.de/10008935752
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Measuring student debt and its performance
Brown, Meta; Haughwout, Andrew; Lee, Donghoon; Scally, … - 2014
Studies continue to indicate that higher education is frequently a worthwhile investment for individuals and that it raises the productivity of the workforce as a whole. While the rising cost of post-secondary education has not eliminated this "college premium", it has raised new questions about...
Persistent link: https://www.econbiz.de/10010393218
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Inflation inequality in the United States
Hobijn, Bart (contributor); Lagakos, David (contributor) - 2003 - [Elektronische Ressource]
, we do not find much household-specific persistence in inflation disparities. -- consumption price inflation ; inequality … ; household inflation rates …
Persistent link: https://www.econbiz.de/10001908984
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Macroprudential supervision of financial institutions : lessons from the SCAP
Hirtle, Beverly J.; Schuermann, Til; Stiroh, Kevin J. - 2009
A fundamental conclusion drawn from the recent financial crisis is that the supervision and regulation of financial firms in isolation — a purely microprudential perspective — are not sufficient to maintain financial stability. Rather, a macroprudential perspective, which evaluates and...
Persistent link: https://www.econbiz.de/10003948196