Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Working Paper
Inference Based on SVARs Identified with Sign and Zero Restrictions: Theory and Applications
Rubio-Ramirez, Juan F.; Waggoner, Daniel F.; Arias, Jonas E. (2014-02-01)
In this paper, we develop algorithms to independently draw from a family of conjugate posterior distributions over the structural parameterization when sign and zero restrictions are used to identify SVARs. We call this family of conjugate posterior distributions normal-generalized-normal. Our algorithms draw from a conjugate uniform-normal-inverse-Wishart posterior over the orthogonal reduced-form parameterization and transform the draws into the structural parameterization; this transformation induces a normal-generalized-normal posterior distribution over the structural parameterization. ...
FRB Atlanta Working Paper , Paper 2014-1

Working Paper
The adoption of stress testing: why the Basel capital measures were not enough
Wall, Larry D. (2013-12-01)
The Basel capital adequacy ratios lost credibility with financial markets during the crisis. This paper argues that failure was the result of the reliance of the Basel standards on overstated asset values in reported equity capital. The United States? stress tests were able to assist in restoring credibility, in part because they could capture deterioration in asset values. However, whether stress tests will prove equally valuable in the next crisis is not clear. Some of the weaknesses in the Basel ratios are being addressed. Moreover, the U.S. tests? success was the result of a combination ...
FRB Atlanta Working Paper , Paper 2013-14

Working Paper
Measuring capital adequacy supervisory stress tests in a Basel world
Wall, Larry D. (2013-12-01)
The United States is now committed to using two relatively sophisticated approaches to measuring capital adequacy: Basel III and stress tests. This paper shows how stress testing could mitigate weaknesses in the way Basel III measures credit and interest rate risk, the way it measures bank capital, and the way it creates countercyclical capital buffers. However, this paper also emphasizes the extent to which stress tests add value will depend upon the exercise of supervisor discretion in the design of stress scenarios. Whether supervisors will use this discretion more effectively than they ...
FRB Atlanta Working Paper , Paper 2013-15

Report
What Is Driving Inflation—Besides the Usual Culprits?
Cotton, Christopher D.; Garga, Vaishali (2023-07-13)
The prices of services associated with low-skill workers have been a key driver of “supercore” inflation, which excludes food, energy prices, and shelter prices. Low-skill-services inflation seems to be tied to faster wage growth in those industries coming out of the COVID-19 pandemic. Wage growth in low-skill services has begun to decline, suggesting that there may be lower inflation in these industries going forward. At the same time, wage growth in high-skill services has recently accelerated, suggesting that there may be higher inflation in these industries in the near future.
Current Policy Perspectives

Discussion Paper
Is monetary policy overburdened?
Orphanides, Athanasios (2013-08-25)
Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of traditional monetary policy. This paper examines three broad public policy goals that may overburden monetary policy: full employment; fiscal sustainability; and financial stability. While central banks have a crucial position in public policy, the appropriate policy mix also involves other institutions, ...
Public Policy Discussion Paper , Paper 13-8

Working Paper
A Framework for Understanding the Vulnerabilities of New Money-Like Products
Perez-Sangimino, JP; Swem, Nathan; McCabe, Patrick E.; Anadu, Kenechukwu E. (2026-01-01)
New money-like products, such as tokenized money market funds (MMFs), money market exchange-traded funds (MMETFs), and stablecoins, could be transformative for finance. These products may offer significant benefits, but like other money-like assets, they also have certain vulnerabilities. We introduce a framework to analyze the vulnerabilities of new products by comparing their features to those that contribute to vulnerabilities in MMFs. Specifically, we examine the extent to which each product engages in liquidity transformation, is subject to threshold effects, serves as a money-like ...
Supervisory Research and Analysis Working Papers , Paper SRA 26-01

Working Paper
The Intersection of U.S. Money Market Mutual Fund Reforms, Bank Liquidity Requirements, and the Federal Home Loan Bank System
Baklanova, Viktoria; Anadu, Ken (2017-10-31)
The most recent changes to money market fund regulations have had a strong impact on the money fund industry. In the months leading up to the compliance date of the core provisions of the amended regulations, assets in prime money market funds declined significantly, while those in government funds increased contemporaneously. This reallocation from prime to government funds has contributed to the latter's increased demand for debt issued by the U.S. government and government-sponsored enterprises. The Federal Home Loan Bank (FHLBank) System played a key role in meeting this heightened demand ...
Supervisory Research and Analysis Working Papers , Paper RPA 17-5

Working Paper
Financial variables and macroeconomic forecast errors
Barnes, Michelle L.; Olivei, Giovanni P. (2017-10-31)
A large set of financial variables has only limited power to predict a latent factor common to the year-ahead forecast errors for real Gross Domestic Product (GDP) growth, the unemployment rate, and Consumer Price Index (CPI) inflation for three sets of professional forecasters: the Federal Reserve?s Greenbook, the Survey of Professional Forecasters (SPF), and the Blue Chip Consensus Forecasts. Even when a financial variable appears to be fairly robust across sample periods in explaining the latent factor, from an economic standpoint its contribution appears modest. Still, several financial ...
Working Papers , Paper 17-17

Working Paper
Corporate Finance and the Transmission of Shocks to the Real Economy
Joaquim, Gustavo; Bräuning, Falk; Fillat, José (2021-11-01)
Credit availability from different sources varies greatly across firms and has firm-level effects on investment decisions and aggregate effects on output. We develop a theoretical framework in which firms decide endogenously at the extensive and intensive margins of different funding sources to study the role of firm choices on the transmission of credit supply shocks to the real economy. As in the data, firms can borrow from different banks, issue bonds, or raise equity through retained earnings to fund productive investment. Our model is calibrated to detailed firm- and loan-level data and ...
Working Papers , Paper 21-18

Working Paper
Monetary Policy, Residential Investment, and Search Frictions: An Empirical and Theoretical Synthesis
Lunsford, Kurt Graden (2016-02-12)
Using a factor-augmented vector autoregression (FAVAR), this paper shows that residential investment contributes substantially to GDP following monetary policy shocks. Further, it shows that the number of new housing units built, not changes in the sizes of existing or new housing units, drives residential investment fluctuations. Motivated by these results, this paper develops a dynamic stochastic general equilibrium (DSGE) model where houses are built in discrete units and traded through searching and matching. The search frictions transmit shocks to housing construction, making them ...
Working Papers (Old Series) , Paper 1607

show more (2)

show more (87)

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