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How good are the government’s deficit and debt projections and should we care?

Kliesen, Kevin L.; Thornton, Daniel L. - In: Review (2012) Jan, pp. 21-39

Each year, the Congressional Budget Office (CBO) publishes its Budget and Economic Outlook. The CBO’s deficit projections for the current fiscal year (FY) and the next 10 FYs are widely followed because they provide an assessment of the medium-term budget outlook based on current law and a...

Persistent link: https://www.econbiz.de/10009416054

Stability Criteria and Convergence: The Role of the System of National Accounts for Fiscal Policy in Europe

Brück, Tilman; Cors, Andreas; Zimmermann, Klaus F.; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2002

The standardisation of the European systems of national accounts has progressed significantly in recent years. Some room for interpretation remains in regard to some accounting standards, the periodicity of the data, and the quality of the forecasts of budget deficits. Yet national accounts data...

Persistent link: https://www.econbiz.de/10005069043

The expected federal budget surplus: how much confidence should the public and policymakers place in the projections?

Kliesen, Kevin L.; Thornton, Daniel L. - In: Review (2001) Mar, pp. 11-24

When the government runs a deficit, it can borrow from the public—that is, it can create debt. Conversely, when the government runs a surplus, it can retire that debt. For the past three years, the federal government has recorded budget surpluses, and both the White House Office of Management...

Persistent link: https://www.econbiz.de/10005726131

Japanese banking problems: implications for Southeast Asia

Peek, Joe; Rosengren, Eric S. - Federal Reserve Bank of Boston - 1998

Japanese banks are among the world's largest global financial intermediaries, with a significant presence in many regions, particularly the United States and Southeast Asia. In addition to being among the world's largest banks, they have some of the world's largest problems. Recent studies have...

Persistent link: https://www.econbiz.de/10005379769

The international transmission of financial shocks: the case of Japan

Peek, Joe; Rosengren, Eric S. - Federal Reserve Bank of Boston - 1996

One of the more dramatic financial events of the late 1980s and early 1990s was the surge in Japanese stock prices that was immediately followed by a very sharp decline of more than 50 percent. While the unprecedented fluctuations in Japanese stock prices were domestic financial shocks, the...

Persistent link: https://www.econbiz.de/10005379789

Japanese banking problems: implications for lending in the United States

Peek, Joe; Rosengren, Eric S. - In: New England Economic Review (1999) Jan, pp. 25-36

Fueled by a high saving rate, active exporting firms, and a booming stock market, Japanese banks expanded aggressively worldwide during the 1980's. By 1988, all of the 10 largest banks in the world were Japanese, with a significant presence in Southeast Asia, Europe, Latin America, and the...

Persistent link: https://www.econbiz.de/10005428540

The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2000

It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be...

Persistent link: https://www.econbiz.de/10005360541

Identifying the liquidity effect: the case of nonborrowed reserves

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 1996

Despite the fact that efforts to identify it empirically have largely been futile, the liquidity effect plays a central … statistically significant and economically important liquidity effect when nonborrowed reserves is used as the indicator of monetary … a liquidity effect. The paper points out how changes in the demand for borrowed reserves can be used to identify whether …

Persistent link: https://www.econbiz.de/10005360647

Is bank lending important for the transmission of monetary policy? proceedings of a conference held in June 1995

Peek, Joe; Rosengren, Eric S. - In: Conference Series ; [Proceedings] 39 (1995) Jun

Persistent link: https://www.econbiz.de/10005361254

Does the Federal Reserve have an informational advantage? you can bank on it

Peek, Joe; Rosengren, Eric S.; Tootell, Geoffrey M. B. - Federal Reserve Bank of Boston - 1998

Even in a world with rational expectations, it has been well established theoretically that if the central bank possesses information superior to that available to the public, there is room for effective and socially beneficial countercyclical monetary policy. This paper tests whether...

Persistent link: https://www.econbiz.de/10005379729

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