Search Results
Showing results 1 to 10 of approximately 115.
(refine search)
Working Paper
Credit Search and Credit Cycles
Wen, Yi; Dong, Feng; Wang, Pengfei
(2015-08-01)
The supply and demand of credit are not always well aligned and matched, as is reflected in the countercyclical excess reserve-to-deposit ratio and interest spread between the lending rate and the deposit rate. We develop a search-based theory of credit allocations to explain the cyclical fluctuations in both bank reserves and the interest spread. We show that search frictions in the credit market can not only naturally explain the countercyclical bank reserves and interest spread, but also generate endogenous business cycles driven primarily by the cyclical utilization rate of credit ...
Working Papers
, Paper 2015-23
Working Paper
Two-sided Market, R&D and Payments System Evolution
Li, Bin Grace; McAndrews, James J.; Wang, Zhu
(2019-02-08)
It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a two-sided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary ...
Working Paper
, Paper 19-3
Discussion Paper
The Post-Pandemic r*
Baker, Katie; Casey, Logan; Del Negro, Marco; Gleich, Aidan; Nallamotu, Ramya
(2023-08-09)
The debate about the natural rate of interest, or r*, sometimes overlooks the point that there is an entire term structure of r* measures, with short-run estimates capturing current economic conditions and long-run estimates capturing more secular factors. The whole term structure of r* matters for policy: shorter run measures are relevant for gauging how restrictive or expansionary current policy is, while longer run measures are relevant when assessing terminal rates. This two-post series covers the evolution of both in the aftermath of the pandemic, with today’s post focusing especially ...
Liberty Street Economics
, Paper 20230809
Working Paper
Macroeconomic Dynamics Near the ZLB : A Tale of Two Countries
Schorfheide, Frank; Cuba-Borda, Pablo A.; Aruoba, S. Boragan
(2016-05)
We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a zero lower bound (ZLB) constraint on nominal interest rates and a full set of stochastic fundamental shocks. In this equilibrium a sunspot shock can move the economy from a regime in which inflation is close to the central bank's target to a regime in which the central bank misses its target, inflation rates are negative, and interest rates are close to zero with high probability. A nonlinear filter is used to examine whether the U.S. in the aftermath of the Great Recession and Japan in the late 1990s ...
International Finance Discussion Papers
, Paper 1163
Working Paper
Forward Guidance: Communication, Commitment, or Both?
Bassetto, Marco
(2019-07-25)
A policy of forward guidance has been suggested either as a form of commitment ("Odyssean") or as a way of conveying information to the public ("Delphic"). I analyze the strategic interaction between households and the central bank as a game in which the central bank can send messages to the public independently of its actions. In the absence of private information, the set of equilibrium payoffs is independent of the announcements of the central bank: forward guidance as a pure commitment mechanism is a redundant policy instrument. When private information is present, central bank ...
Working Paper Series
, Paper WP-2019-5
Working Paper
A Comparison of Fed "Tightening" Episodes since the 1980s
Kliesen, Kevin L.
(2020-01-30)
Deciding to undertake a series of tightening actions present unique challenges for Federal Reserve policymakers. These challenges are both political and economic. Using a variety of economic and financial market metrics, this article examines how the economy and financial markets evolved in response to the five tightening episodes enacted by the FOMC since 1983. The primary aim is to compare the most-recent episode, from December 2015 to December 2018, with the previous four episodes. The findings in this article indicate that the current episode bears some resemblance to previous Fed ...
Working Papers
, Paper 2020-003
Journal Article
Inflation Control: Do Central Bankers Have It Right?
Williamson, Stephen D.
(2018)
Neo-Fisherites argue that conventional central banking wisdom has inflation control wrong, in that the way to increase (reduce) inflation is to increase (reduce) the central bank?s nominal interest rate target.
Review
, Volume 100
, Issue 2
, Pages 127-50
Report
The 2014 survey of consumer payment choice: technical appendix
Foster, Kevin; Angrisani, Marco; Hitczenko, Marcin
(2016-07-01)
This document serves as the technical appendix to the 2014 Survey of Consumer Payment Choice administered by the RAND Corporation. The Survey of Consumer Payment Choice (SCPC) is an annual study designed primarily to collect data on attitudes to and use of various payment instruments by consumers over the age of 18 in the United States. The main report, which introduces the survey and discusses the principal economic results, can be found at http://www.bostonfed.org/economic/cprc/SCPC. In this data report, we detail the technical aspects of the survey design, implementation, and analysis.
Research Data Report
, Paper 16-4
Working Paper
A Quantitative Theory of Relationship Lending
Dempsey, Kyle; Faria-e-Castro, Miguel
(2022-09-23)
Banks' loan pricing decisions reflect the fact that borrowers tend to have long-lasting relationships with lenders. Therefore, pricing decisions have an inherently dynamic component: high interest rates may yield higher static profits per loan, but in the long run they erode a banks' customer base and reduce future profitability. We study this tradeoff using a dynamic banking model which embeds lending relationships using deep habits (“customer capital”) and costs of adjusting loan portfolio composition. High customer capital raises the level and decreases the interest rate elasticity of ...
Working Papers
, Paper 2022-033
Working Paper
Unconventional monetary policy and the behavior of shorts
McInish, Thomas H.; Neely, Christopher J.; Planchon, Jade
(2021-09-30)
We investigate the behavior of shorts, considered sophisticated investors, before and after a set of Federal Reserve unconventional monetary policy announcements that spot bond markets did not fully anticipate. Short interest in agency securities systematically predicts bond price changes and other asset returns on the days of monetary announcements, particularly when growth or monetary news is released, indicating shorts correctly anticipated these surprises. Shorts also systematically rebalanced after announcements in the direction of the announcement surprise when the announcement released ...
Working Papers
, Paper 2017-031
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of St. Louis 41 items
Federal Reserve Bank of New York 15 items
Federal Reserve Bank of Kansas City 10 items
Board of Governors of the Federal Reserve System (U.S.) 9 items
Federal Reserve Bank of Boston 9 items
Federal Reserve Bank of Cleveland 7 items
Federal Reserve Bank of Dallas 7 items
Federal Reserve Bank of Chicago 4 items
Federal Reserve Bank of San Francisco 4 items
Federal Reserve Bank of Atlanta 3 items
Federal Reserve Bank of Richmond 3 items
Federal Reserve Bank of Minneapolis 2 items
Federal Reserve Bank of Philadelphia 1 items
show more (8)
show less
FILTER BY Series
Working Papers 44 items
Working Paper Series 8 items
Finance and Economics Discussion Series 7 items
Globalization Institute Working Papers 7 items
Research Data Report 7 items
Staff Reports 7 items
Economic Bulletin 5 items
Liberty Street Economics 5 items
Review 5 items
Research Working Paper 4 items
Economic Policy Review 3 items
Working Paper 3 items
Working Papers (Old Series) 3 items
International Finance Discussion Papers 2 items
Consumer Payments Research Data Reports 1 items
Economic Review 1 items
FRB Atlanta CQER Working Paper 1 items
FRB Atlanta Working Paper 1 items
Staff Report 1 items
show more (14)
show less
FILTER BY Content Type
FILTER BY Author
Andolfatto, David 11 items
Angrisani, Marco 8 items
Faria-e-Castro, Miguel 8 items
Foster, Kevin 8 items
Hitczenko, Marcin 8 items
Williamson, Stephen D. 8 items
Bullard, James B. 6 items
Smith, Andrew Lee 5 items
Coibion, Olivier 4 items
Del Negro, Marco 4 items
Gorodnichenko, Yuriy 4 items
McInish, Thomas H. 4 items
Neely, Christopher J. 4 items
Planchon, Jade 4 items
Bognanni, Mark 3 items
DiCecio, Riccardo 3 items
Martin, Antoine 3 items
Martin, Fernando M. 3 items
McAndrews, James J. 3 items
Akinci, Ozge 2 items
Aruoba, S. Boragan 2 items
Baker, Katie 2 items
Bech, Morten L. 2 items
Benigno, Gianluca 2 items
Bundick, Brent 2 items
Casey, Logan 2 items
Cuba-Borda, Pablo A. 2 items
Dempsey, Kyle 2 items
Fisher, Jonas D. M. 2 items
Gleich, Aidan 2 items
Kliesen, Kevin L. 2 items
Knotek, Edward S. 2 items
Luck, Stephan 2 items
Matschke, Johannes 2 items
McGowan, John 2 items
Nallamotu, Ramya 2 items
Nosal, Ed 2 items
Queraltó, Albert 2 items
Sattiraju, Sai 2 items
Schorfheide, Frank 2 items
Singh, Aarti 2 items
Valcarcel, Victor J. 2 items
Wang, Zhu 2 items
Wynne, Mark A. 2 items
Zaman, Saeed 2 items
Zhang, Ren 2 items
Abbassi, Puriya 1 items
Acharya, Sushant 1 items
Andrade, Philippe 1 items
Azariadis, Costas 1 items
Bassetto, Marco 1 items
Bianchi, Javier 1 items
Bräuning, Falk 1 items
Bu, Chunya 1 items
Campbell, Jeffrey R. 1 items
Candia, Bernardo 1 items
Carapella, Francesca 1 items
Christensen, Jens H. E. 1 items
Clarida, Richard H. 1 items
Curdia, Vasco 1 items
Davig, Troy A. 1 items
Dogra, Keshav 1 items
Dong, Feng 1 items
Duffie, Darrell 1 items
Duncan, Roberto 1 items
Eichengreen, Barry 1 items
Eisenbach, Thomas M. 1 items
Fernald, John G. 1 items
Ferroni, Filippo 1 items
Foerster, Andrew T. 1 items
Frache, Serafin 1 items
Gautier, Erwan 1 items
Georgarakos, Dmitris 1 items
Gilchrist, Simon 1 items
Gillan, James M. 1 items
Gomis-Porqueras, Pedro 1 items
Han, Pengfei 1 items
Harry, Cooperman 1 items
Hassan, Tarek A. 1 items
Herbst, Edward 1 items
Herbst, Edward P. 1 items
Hetzel, Robert L. 1 items
Higa-Flores, Kenji 1 items
Ho, Steven Wei 1 items
Humpage, Owen F. 1 items
Infante, Sebastian 1 items
Ingber, Jeffrey F. 1 items
Jaimovich, Nir 1 items
Janet Hua, Jiang, 1 items
Kam, Timothy 1 items
Keating, John W. 1 items
Kelly, Logan J. 1 items
Kenny, Geoff 1 items
Klee, Elizabeth C. 1 items
Kollmann, Robert 1 items
Kroeger, Alexander 1 items
Kumar, Saten 1 items
Li, Bin Grace 1 items
Li, Canlin 1 items
Lluberas, Rodrigo 1 items
Lucca, David O. 1 items
Mattesini, Fabrizio 1 items
Melosi, Leonardo 1 items
Mertens, Thomas M. 1 items
Meyer, Brent 1 items
Mondragon, Jorge 1 items
Nechio, Fernanda 1 items
Norman, Peter 1 items
Nourbash, Ethan 1 items
Palida, Ali 1 items
Phelan, Gregory 1 items
Prescott, Edward C. 1 items
Puzzello, Daniela 1 items
Rebelo, Sergio 1 items
Rogers, John 1 items
Sarkar, Asani 1 items
Schulze, Niels 1 items
Sengupta, Rajdeep 1 items
Shin, Minchul 1 items
Skeie, David R. 1 items
Spiegel, Mark M. 1 items
Suda, Jacek 1 items
Sultanum, Bruno 1 items
Swanson, Eric T. 1 items
Tiziano, Robele 1 items
Toh, Ying Lei 1 items
Tran, Thao 1 items
Truman, Edwin M. 1 items
Villalvazo, Sergio 1 items
Waller, Christopher J. 1 items
Wang, Pengfei 1 items
Wang, Zachry 1 items
Weber, Michael 1 items
Wei, Min 1 items
Wen, Yi 1 items
Wessel, Ryan 1 items
Wong, Arlene 1 items
Wright, Jonathan H. 1 items
Wright, Randall 1 items
Wu, Wenbin 1 items
Yang, Yilin 1 items
Yue, Vivian Z. 1 items
Zakrajšek, Egon 1 items
Zhang, Ji 1 items
Zhang, Shengxing 1 items
Zhang, Tony 1 items
Zhong, Molin 1 items
Zhou, Hao 1 items
Zimmermann, Thomas 1 items
show more (144)
show less
FILTER BY Jel Classification
E5 67 items
E3 20 items
E6 12 items
G2 12 items
E52 9 items
D12 8 items
D14 8 items
G01 8 items
G1 8 items
C5 7 items
F3 6 items
C32 5 items
E2 5 items
E44 5 items
G21 5 items
G28 5 items
N1 5 items
E31 4 items
E58 4 items
F4 4 items
G12 4 items
G18 4 items
C11 3 items
C52 3 items
E1 3 items
E43 3 items
C15 2 items
C3 2 items
E00 2 items
E24 2 items
E32 2 items
E42 2 items
E51 2 items
F31 2 items
F33 2 items
F34 2 items
G15 2 items
O3 2 items
O4 2 items
B1 1 items
B2 1 items
B22 1 items
C18 1 items
C62 1 items
C7 1 items
D82 1 items
D83 1 items
E0 1 items
E61 1 items
F2 1 items
F32 1 items
F41 1 items
F45 1 items
F5 1 items
F52 1 items
F53 1 items
G0 1 items
G00 1 items
G11 1 items
G14 1 items
G20 1 items
G23 1 items
H6 1 items
N22 1 items
O31 1 items
O35 1 items
show more (62)
show less
FILTER BY Keywords
monetary policy 19 items
financial crises 7 items
Money 7 items
inflation 7 items
COVID-19 6 items
Quantitative Easing 6 items
interest rates 6 items
liquidity 6 items
Treasury securities 5 items
heterogeneous households 5 items
life cycle economies 5 items
nominal GDP targeting 5 items
Agency securities 4 items
Dynamic Stochastic General Equilibrium (DSGE) models 4 items
Large-Scale Asset Purchases (LSAP) 4 items
Treasury bond short interest 4 items
bailouts 4 items
credit market participation 4 items
fiscal multipliers 4 items
nonlinear methods 4 items
poststratification estimates 4 items
raking 4 items
sample selection 4 items
survey cleaning 4 items
survey design 4 items
Bayesian Analysis 4 items
Optimal monetary policy 4 items
non-state contingent nominal contracting 4 items
financial crisis 4 items
Federal Open Market Committee 3 items
Federal Reserve 3 items
Gini coefficients 3 items
Great Recession 3 items
Pandemic 3 items
inequality 3 items
monetary unions 3 items
time-varying parameters 3 items
yield curves 3 items
safe assets 3 items
Banking 2 items
Central Banks 2 items
Digital Currency 2 items
Federal Open Market Committee (FOMC) 2 items
Inflation targeting 2 items
Markups 2 items
Monopoly 2 items
New Keynesian model 2 items
Nonlinear Filtering 2 items
Nonlinear Solution Methods 2 items
Regime-Switching Models 2 items
Sequential Monte Carlo 2 items
Vector Autoregressions 2 items
banks 2 items
communications 2 items
countercyclical capital buffers 2 items
federal funds 2 items
financial stability 2 items
inflation expectations 2 items
liquidity traps 2 items
macroeconomy 2 items
macroprudential policy 2 items
natural rates 2 items
payment systems 2 items
post-pandemic 2 items
r* 2 items
r-star 2 items
randomized controlled trials 2 items
recession 2 items
relationship lending 2 items
risk premiums 2 items
state-space models 2 items
stochastic volatility 2 items
survey expectations 2 items
surveys 2 items
term premium 2 items
zero lower bound (ZLB) 2 items
Business cycles 2 items
Customer Capital 2 items
DSGE Models 2 items
Employment 2 items
Federal Reserve Board And Federal Reserve System 2 items
Federal funds rate 2 items
Forecasting 2 items
Forward guidance 2 items
Technology adoption 2 items
Yield curve control 2 items
Zero lower bound 2 items
100 percent reserve banking 1 items
Agency mortgage-backed securities (MBS) 1 items
Alternative Financial Services (AFS) 1 items
Asset pricing 1 items
Asset purchase programs 1 items
Bagehot 1 items
Balance Sheet 1 items
Bank Lending 1 items
Bayesian Estimation 1 items
Bayesian inference 1 items
CARES Act 1 items
Central Banking 1 items
Conventional and unconventional US monetary policy 1 items
Cost channel 1 items
Counterfeiting Threat 1 items
Credit 1 items
Credit Rationing 1 items
Credit Utilization 1 items
DSGE 1 items
Deflation 1 items
Determinacy 1 items
Divisia 1 items
Dynamic factor model 1 items
EFFR 1 items
Euro Area 1 items
Even Keel 1 items
Exchange Rates 1 items
Exchange rate 1 items
FBO 1 items
FHLB 1 items
Factor models 1 items
Fed 1 items
Fed Funds 1 items
Federal Home Loan Banks 1 items
Financial Conditions 1 items
Financial spillovers 1 items
Financial stress 1 items
Friedman monetary satiation 1 items
Friedman rule 1 items
Gibbs sampling 1 items
Government Securities Clearing Corporation 1 items
Heterodox view 1 items
Identification assumptions 1 items
Inflation rate targeting 1 items
Information Effect 1 items
Interest rate targeting 1 items
Japan 1 items
Large balance sheet 1 items
Large-scale asset purchases (LSAPs) 1 items
Liquidity Effect 1 items
Liquidity puzzle 1 items
London Interbank Offered Rate (LIBOR) 1 items
Maturity structure 1 items
Measuring China’s economy 1 items
Monetary 1 items
Monetary policy accommodation 1 items
Monetary policy rules 1 items
Money in production function 1 items
Multiple Currencies 1 items
Multiple Equilibria 1 items
No-arbitrage term structure models 1 items
Output puzzle 1 items
Pawnshops 1 items
Payday 1 items
Payment system 1 items
Policy analysis 1 items
Policy coordination 1 items
Preferred habitat 1 items
Price puzzle 1 items
Private money 1 items
RCTs 1 items
Real Effects 1 items
Regime switching 1 items
Repo 1 items
Rollover risk 1 items
Search Frictions 1 items
Second World War 1 items
Secured Overnight Financing Rate (SOFR) 1 items
Self-fulfilling Prophecy. Business Cycles. 1 items
Shadow Banks 1 items
Smets-Wouters model 1 items
Sovereign debt crises 1 items
Sovereign yields and credit spreads 1 items
Structural VAR 1 items
Structural Vector Autoregressions (SVARs) 1 items
Sunk cost 1 items
Sunspots 1 items
Supply effects 1 items
Survey of Professional Forecasters 1 items
T Cost Channel 1 items
Taylor principle 1 items
Title Lenders 1 items
Treasury 1 items
U.S. 1 items
U.S. Treasury-Federal Reserve Accord 1 items
US dollar 1 items
Unconventional Monetary Policy 1 items
Yield curve 1 items
abundant excess reserves 1 items
bank funding risk 1 items
bargaining power 1 items
bubbles 1 items
budget deficits 1 items
collateral 1 items
commodity money 1 items
corridor system 1 items
credit frictions 1 items
credit lines 1 items
credit relationships 1 items
credit supply 1 items
crowding out 1 items
currency returns 1 items
depression 1 items
dynamic Nelson-Siegel model 1 items
dynamic factor models 1 items
economic history 1 items
effective fed funds rate 1 items
exchange rate stabilization 1 items
exit strategy 1 items
expectations 1 items
experimental economics 1 items
factor-augmented VARs 1 items
fed funds market 1 items
financial markets 1 items
fire sale 1 items
fixed exchange rates 1 items
flight-to-quality 1 items
foreign banking organizations 1 items
global games 1 items
hoarding 1 items
inattention 1 items
incomplete credit markets 1 items
inflation expectation 1 items
inflation target 1 items
interest on reserves 1 items
international fiscal spillovers 1 items
labor mobility 1 items
labor supply 1 items
large-scale asset purchases 1 items
lenders of last resort 1 items
liquidity preference 1 items
liquidity provision 1 items
liquidity shocks 1 items
managed float 1 items
mechanism design 1 items
monetary policy framework 1 items
monetary policy framework: pre-crisis 1 items
money demand 1 items
money market segmentation 1 items
negative natural rate 1 items
net settlement 1 items
non-state contingent nominal contracts 1 items
nonlinear responses 1 items
occasionally binding constraints 1 items
over-the-counter 1 items
over-the-counter markets 1 items
particle MCMC 1 items
policy 1 items
quality choice 1 items
r** 1 items
rates 1 items
rational inattention 1 items
recessions 1 items
reference rates 1 items
rehypothecation 1 items
safe and liquid assets 1 items
segmentation 1 items
shock 1 items
shocks 1 items
structural vector autoregressions 1 items
sunspot equilibria 1 items
term structure of interest rates 1 items
terms of trade 1 items
trade clearing 1 items
trade settlement 1 items
two-sided markets 1 items
uncovered interest parity 1 items
show more (284)
show less