Search Results
Journal Article
How positive are recent employment and labor market trends?
Assessing the state of the economy requires estimates of trends in employment and the labor force. Large monthly fluctuations make it difficult to infer these from monthly data.
Journal Article
The first U.S. quantitative easing: the 1930s
During 1932, with congressional support, the Fed purchased approximately $1 billion in Treasury securities.
Journal Article
Inflation's economic cost: how large? how certain?
Central bankers believe that low inflation and long-term economic growth go hand in hand. The evidence about the costs of inflation, however, is not as clear-cut.
Journal Article
A closer look: assistance programs in the wake of the crisis
An unprecedented amount of aid was extended by the Treasury, Fed and FDIC to companies, agencies and individuals. This aid was necessary and, in many cases, will return a profit to taxpayers.
Journal Article
Japan as a role model?
Some analysts, noting Japan's continued slow deflation, assert that Japan is trapped in a slow-growth, deflationary equilibrium. Former Governor Shirakawa argued that Japan had "gotten out"?at least when judged by the growth of real GDP.>
Journal Article
Bagehot on the financial crises of 1825...and 2008
Conference Paper
Mutual funds and monetary aggregates - introduction
Journal Article
The financial services sector: boom and recession
The fluctuations in home construction (and prices) have been widely discussed, but swings in the financial services sector also are important elements of economic activity within U.S. states.
Working Paper
Nonlinear relationship between permanent and transitory components of monetary aggregates and the economy
This paper uses several methods to study the interrelationship among Divisia monetary aggregates, prices, and income, allowing for nonstationary, nonlinearities, asymmetries, and time-varying relationships among the series. We propose a multivariate regime switching unobserved components model to obtain transitory and permanent components for each series, allowing for potential recurrent and structural changes in their dynamics. Each component follows distinct two-state Markov processes representing low or high phases. Since the lead-lag relationship between the phases can vary over time, ...