Search Results

SORT BY: PREVIOUS / NEXT
Author:Schulhofer-Wohl, Sam 

Newsletter
The Structure of Federal Reserve Liabilities

Throughout the financial crisis and its aftermath from late 2008 through October 2014, the Federal Reserve used asset purchases as a potent tool of monetary policy?buying longer-term Treasury and mortgage-backed securities to provide economic stimulus beyond what traditional policy approaches could produce. Consequently, the size and composition of the Fed?s balance sheet changed significantly over this period.
Chicago Fed Letter

Working Paper
Inflation at the Household Level: Web Appendix

This appendix contains additional results on using scanner data to estimate inflation rates at the household level. There are three sections. Section 1 shows cross-sectional distributions of Fisher and Paasche inflation rates. Section 2 shows the evolution over time of measures of dispersion of Fisher and Paasche inflation rates. Section 3 shows cross-sectional distributions of two-year inflation rates measured with Fisher and Paasche indexes.
Working Papers , Paper 732

Working Paper
The age-time-cohort problem and the identification of structural parameters in life-cylce models

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

Working Paper
Understanding the Long-Run Decline in Interstate Migration: Online Appendix

This appendix contains eight sections. Section 1 gives technical details of how we calculate standard errors in the CPS data. Section 2 discusses changes in the ACS procedures before 2005. Section 3 examines demographic and economic patterns in migration over the past two decades, in more detail than in the main paper. Section 4 examines the cross-sectional variance of location-occupation interactions in earnings when we define locations by MSAs instead of states. Section 5 describes alternative methods to estimate the variance of location-occupation interactions in income. Section 6 measures ...
Working Papers , Paper 725

Speech
Commodity derivatives markets and financial stability

Keynote remarks by Sam Schulhofer-Wohl at FIA Forum: Commodities 2023—Commodity Derivatives Markets in the Age of Uncertainty, Houston, Texas.
Speeches and Essays

Working Paper
Heterogeneity and risk sharing in village economies

We measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model and complement the results with a measure based on optimal portfolio choice. Among households with relatives living in the same village, full insurance cannot be rejected, suggesting that relatives provide something close to a complete-markets consumption allocation. There is substantial heterogeneity in risk preferences estimated from the full-insurance model, positively correlated in most villages with portfolio-choice estimates. The heterogeneity matters for policy: Although the ...
Working Papers , Paper 683

Speech
Remarks before the Market Risk Advisory Committee of the U.S. Commodity Futures Trading

Remarks by Sam Schulhofer-Wohl, Market Risk Advisory Committee of the U.S. Commodity Futures Trading in Washington, D.C.
Speeches and Essays

Working Paper
Open-Ended Treasury Purchases: From Market Functioning to Financial Easing

We exploit the Fed’s Treasury purchases conducted from March 2020 to March 2022 to assess whether asset purchases can be tailored to accomplish different objectives: restoring market functioning and providing stimulus. We find that, on average, flow effects are significant in the market-functioning (MF) period (March-September 2020), while stock effects are strong in the QE period (September 2020-March 2022). In the MF period, the elevated frequency and size of the purchase operations allowed flow effects to greatly improve relative price deviations, especially at the long-end of the yield ...
Working Paper Series , Paper WP 2024-08

Working Paper
Inflation at the Household Level

We use scanner data to estimate inflation rates at the household level. Households' inflation rates are remarkably heterogeneous, with an interquartile range of 6.2 to 9.0 percentage points on an annual basis. Most of the heterogeneity comes not from variation in broadly defined consumption bundles but from variation in prices paid for the same types of goods - a source of variation that previous research has not measured. The entire distribution of household inflation rates shifts in parallel with aggregate inflation. Deviations from aggregate inflation exhibit only slightly negative serial ...
Working Papers , Paper 731

Report
Modeling the evolution of age and cohort effects in social research

This paper proposes a new way of modeling age, period, and cohort effects that improves substantively and methodologically on the conventional linear model. The linear model suffers from a well-known identification problem: If we assume an outcome of interest depends on the sum of an age effect, a period effect, and a cohort effect, then it is impossible to distinguish these three separate effects because, for any individual, birth year = current year ? age. Less well appreciated is that the model also suffers from a conceptual problem: It assumes that the influence of age is the same in all ...
Staff Report , Paper 461

FILTER BY year

Created with Highcharts 10.3.32010s2020s

FILTER BY Content Type

Working Paper 23 items

Report 8 items

Newsletter 5 items

Speech 4 items

Discussion Paper 3 items

Journal Article 1 items

show more (1)

FILTER BY Author

FILTER BY Jel Classification

E58 8 items

E42 7 items

D12 3 items

D30 3 items

E31 3 items

E43 3 items

show more (27)

FILTER BY Keywords

federal funds market 4 items

finance 4 items

interest rates 4 items

monetary policy implementation 4 items

Federal Reserve 3 items

Federal funds market 3 items

show more (69)

PREVIOUS / NEXT