Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Report
Migration, Congestion Externalities, and the Evaluation of Spatial Investments
Schulhofer-Wohl, Sam; Dinkelman, Taryn (2015-01-09)
The direct benefits of infrastructure in developing countries can be large, but if new infrastructure induces in-migration, congestion of other local publicly provided goods may offset the direct benefits. Using the example of rural household electrification in South Africa, we demonstrate the importance of accounting for migration when evaluating welfare gains of spatial programs. We also provide a practical approach to computing welfare gains that does not rely on land prices. We develop a location choice model that incorporates missing land markets and allows for congestion in local land. ...
Staff Report , Paper 506

Working Paper
Technology Providers and Financial Stability: Overview of Risks and Regulatory Frameworks
Garza, Lorenzo; Chmielewski, Rebecca; Schulhofer-Wohl, Sam; Cowperthwait, Patricia K.; Cho, Meeoak; Amromin, Gene; Solimine, Brett; Anadu, Kenechukwu E.; Sanders, Siobhan; Chapel, Amy; Weiss, Emma; Hull, Cindy E.; Bräuning, Falk (2025-06-23)
Technology-focused Third-Party Service Providers (TPSPs) have become important players in the operations of financial institutions and the financial markets. This paper summarizes micro- and macro-prudential regulatory frameworks in place to address risks that TPSPs pose to the financial system. The key takeaways are as follows: First, in the U.S., TPSPs operate under limited comprehensive prudential regulatory oversight, aimed primarily at ensuring that their products are safe and resilient on an ongoing basis. Second, while banks rely on multiple TPSPs and hundreds of their services daily ...
Working Paper Series , Paper WP 2025-08

Options for reducing the size of the Fed’s balance sheet
Logan, Lorie; Schulhofer-Wohl, Sam (2026-04-02)
Some observers have argued that the Federal Reserve’s balance sheet is too large and complicates the central bank’s operations. We catalog options for reducing the Fed’s major liabilities, which help determine the size of the balance sheet, as well as a framework for assessing the costs and benefits of those options.
Dallas Fed Economics

Working Paper
Monetary Policy Implementation with an Ample Supply of Reserves
Potter, Simon M.; Schulhofer-Wohl, Sam; Afonso, Gara; Martin, Antoine; Nosal, Ed; Kim, Kyungmin (2020-01-02)
Methods of monetary policy implementation continue to change. The level of reserve supply—scarce, abundant, or somewhere in between—has implications for the efficiency and effectiveness of an implementation regime. The money market events of September 2019 highlight the need for an analytical framework to better understand implementation regimes. We discuss major issues relevant to the choice of an implementation regime, using a parsimonious framework and drawing from the experience in the United States since the 2007–09 financial crisis. We find that the optimal level of reserve supply ...
FRB Atlanta Working Paper , Paper 2020-2

Speech
Discussion of 'An Efficient Liquidity Savings Mechanism' by Darrell Duffie, Srisht Fateh Singh and Chaojun Wang
Schulhofer-Wohl, Sam (2026-07-09)
Remarks delivered by Sam Schulhofer-Wohl at The Future of Market Liquidity and Functioning Workshop.
Speeches and Essays

Working Paper
Monetary Policy Implementation With an Ample Supply of Reserves
Schulhofer-Wohl, Sam; Kim, Kyungmin; Nosal, Ed; Afonso, Gara; Martin, Antoine; Potter, Simon M. (2020-01-02)
Methods of monetary policy implementation continue to change. The level of reserve supply—scarce, abundant, or somewhere in between—has implications for the efficiency and effectiveness of an implementation regime. The money market events of September 2019 highlight the need for an analytical framework to better understand implementation regimes. We discuss major issues relevant to the choice of an implementation regime, using a parsimonious framework and drawing from the experience in the United States since the 2007-2009 financial crisis. We find that the optimal level of reserve supply ...
Working Paper Series , Paper WP 2020-02

Monetary policy implementation and the consolidated government balance sheet
Schulhofer-Wohl, Sam (2025-04-15)
This essay examines the trade-offs between different monetary policy implementation methods through the lens of the consolidated government balance sheet and income statement.
Dallas Fed Economics

Working Paper
The age-time-cohort problem and the identification of structural parameters in life-cylce models
Schulhofer-Wohl, Sam (2013)
The standard approach to estimating structural parameters in life-cycle models imposes sufficient assumptions on the data to identify the ?age profile? of outcomes, then chooses model parameters so that the model?s age profile matches this empirical age profile. I show that the standard approach is both incorrect and unnecessary: incorrect, because it generally produces inconsistent estimators of the structural parameters, and unnecessary, because consistent estimators can be obtained under weaker assumptions. I derive an estimation method that avoids the problems of the standard approach. I ...
Working Papers , Paper 707

Discussion Paper
How Do the Fed's MBS Purchases Affect Credit Allocation?
Schulhofer-Wohl, Sam; Martin, Antoine (2018-08-06)
It is sometimes said that the Federal Reserve should not engage in “credit allocation.” But what does credit allocation actually mean? And how do current Fed policies affect the allocation of credit? In this post, we describe two separate ideas often associated with credit allocation. The first idea is that the Fed should not take credit risk, which taxpayers would ultimately have to bear. The second idea is that the Fed’s actions should not influence the flow of credit to particular sectors. We consider whether the Fed’s holdings of agency mortgage-backed securities (MBS) could ...
Liberty Street Economics , Paper 20180806

Working Paper
The Age-Time-Cohort Problem and the Identification of Structural Parameters in Life-Cycle Models
Schulhofer-Wohl, Sam (2017-10-19)
A standard approach to estimating structural parameters in life-cycle models imposes sufficient assumptions on the data to identify the ?age profile" of outcomes, then chooses model parameters so that the model's age profile matches this empirical age profile. I show that this approach is both incorrect and unnecessary: incorrect, because it generally produces inconsistent estimators of the structural parameters, and unnecessary, because consistent estimators can be obtained under weaker assumptions. I derive an estimation method that avoids the problems of the standard approach. I ...
Working Paper Series , Paper WP-2017-18

show more (1)

show more (30)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords