Inflation has completed a virtual 4-decade ?roundtrip?, receding to levels not seen since the early-1960s. Based on measures favored by the Federal Reserve, it is well within the Fed?s long-run objective. But now is not the time to be complacent about inflation. Recent data suggest that core...

The Enron debacle has produced an out-pouring of soul-searching by Congress and the media about the state of corporate governance and remedies for perceived ills. While this dithering continues, corporate boards and CEOs as well as their accountants and lawyers already are reacting to pressures...

In 2000, in 20 buyback operations, the Treasury purchased a total of $30 billion of par value marketable debt that it had previously issued, with maturities ranging from 12 to 27 years. In each of the first two quarters of 2001, it will purchase, in two buyback operations per month, about $9...

Este trabajo estudia el contenido de los discursos de los funcionarios de la Fed, poniendo el foco en la estabilidad financiera, desde 1997 hasta 2018. En él se desarrollan indicadores que miden tanto la intensidad como el tono de los discursos de los miembros de la Junta de Gobernadores y los...

Summary of Banco de España Working Paper no. 2110

The U.S. Federal Reserve (Fed) is expected to start raising policy interest rates in the near term and thus commence a tightening cycle for the first time in nearly a decade. The taper tantrum episode of May-June 2013 is a reminder that even a long anticipated change in Fed policies can trigger...

High-frequency changes in interest rates around FOMC announcements are a standard method of measuring monetary policy shocks. However, some recent studies have documented puzzling effects of these shocks on private-sector forecasts of GDP, unemployment, or inflation that are opposite in sign to...

This paper analyzes the heterogeneous effects of monetary policy on workers with differing levels of labor force attachment. Exploiting variation in labor market tightness across metropolitan areas, we show that the employment of populations with lower labor force attachment—Blacks, high...

Bankers are directors of Federal Reserve Banks. I document that a) banker directors of the New York Fed attend more meetings about the financial sector; b) elections for Reserve Bank directorships are more contested for bankers, but less so for large banks and American Banking Association...

John Maynard Keynes (1930) asserted that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate. Recent empirical research shows that Keynes's conjecture holds for long-term Treasury yields in the United States. This paper...