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Report
International banking and liquidity risk transmission: lessons from across countries
Goldberg, Linda S.; Buch, Claudia M.
(2014-05-01)
Activities of international banks have been at the core of discussions on the causes and effects of the international financial crisis. Yet we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through international banks, including the reasons for heterogeneity in transmission across banks. The International Banking Research Network, established in 2012, brings together researchers from around the world with access to micro-level data on individual banks to analyze issues pertaining to global banks. This paper summarizes the common methodology and ...
Staff Reports
, Paper 675
Working Paper
News and Uncertainty about COVID-19: Survey Evidence and Short-Run Economic Impact
Kuester, Keith; Schoenle, Raphael; Dietrich, Alexander; Muller, Gernot J.
(2020-04-09)
We survey households about their expectations of the economic fallout of the COVID-19 pandemic, in real time and at daily frequency. Our baseline question asks about the expected impact on output and inflation over a one-year horizon. Starting on March 10, the median response suggests that the expected output loss is still moderate. This changes over the course of three weeks: At the end of March, the expected loss amounts to some 15 percent. Meanwhile, the pandemic is expected to raise inflation considerably. The uncertainty about these effects is very large. In the second part of the paper ...
Working Papers
, Paper 20-12
Journal Article
Introducing the Kansas City Fed's Measure of Policy Rate Uncertainty (KC PRU)
Bundick, Brent; Smith, Andrew Lee; Van der Meer, Luca
(2024-09-26)
Monitoring uncertainty around the future path of interest rates can help ensure that monetary policy is transmitting to the economy as intended. Because uncertainty is not directly observable, measuring uncertainty about the future policy rate can be difficult. Previous measures often face two key limitations. First, they may be released with a lag, making them less useful as a timely measure of policy rate uncertainty. Second, they may not be available over a long sample, making it difficult to compare measures of current uncertainty with historical context.In this article, Brent Bundick, A. ...
Economic Review
Speech
The Cosmos
Williams, John C.
(2026-04-16)
Remarks at the Federal Home Loan Bank of New York 2026 Member Symposium, New York City.
Speech
Report
The behavior of uncertainty and disagreement and their roles in economic prediction: a panel analysis
Tracy, Joseph; Rich, Robert W.
(2017-02-01)
This paper examines point and density forecasts from the European Central Bank?s Survey of Professional Forecasters. We derive individual uncertainty measures along with individual point- and density-based measures of disagreement. We also explore the relationship between uncertainty and disagreement, as well as their roles in respondents? forecast performance and forecast revisions. We observe substantial heterogeneity in respondents? uncertainty and disagreement. In addition, there is little co-movement between uncertainty and disagreement, and forecast performance shows a more robust ...
Staff Reports
, Paper 808
Speech
Perspectives on the Economy and Financial Landscape
Collins, Susan M.
(2025-11-12)
Federal Reserve Bank of Boston President & CEO Susan M. Collins shared perspectives on the economy and monetary policy, regional banking conditions, and payments innovation during the Boston Fed’s 24th Annual Regional & Community Bankers Conference. She also participated in a Q&A discussion following her remarks.
Speech
Working Paper
Attention and a Paradox of Uncertainty
Chiang, Yu-Ting
(2024-10-08)
I show that macroeconomic uncertainty during recessions can arise from people paying more attention to aggregate events. When information is dispersed, people's attempts to acquire more information can lead to higher aggregate volatility, forecast dispersion, and uncertainty about aggregate output. Information rigidity is reduced, consistent with evidence in forecast surveys, and distinct from the prediction of exogenous volatility shocks. When the model is calibrated to U.S. data, endogenous attention accounts for half of the observed fluctuations in volatility, forecast dispersion, and ...
Working Papers
, Paper 2022-004
Speech
Remarks at the 22nd Annual Regional and Community Banker’s Conference at the Federal Reserve Bank of Boston
Collins, Susan M.
(2023-10-12)
Federal Reserve Bank of Boston President & CEO Susan M. Collins participated in the Bank’s 22nd Annual Regional & Community Bankers Conference. In her remarks, President Collins says inflation is still taking a toll across New England, but the Fed sees evidence that inflation is moderating. The impacts of the pandemic remain unusual, and that means a high degree of uncertainty will be an inescapable part of the near-term policymaking environment, necessitating patience. She also says the region’s banking industry plays an essential role, serving communities and providing households and ...
Speech
Briefing
The impact of policy uncertainty on U. S. employment: industry evidence
Wang, J. Christina
(2013)
The anemic pace of the recovery of the U. S. economy from the Great Recession has frequently been blamed on heightened uncertainty, much of which concerns the nation?s fiscal policy. Intuition suggests that increased policy uncertainty likely has different impacts on different industries, to the extent that industries differ in their exposure to government policies. This study utilizes industry data to explore whether policy uncertainty indeed affects the dynamics of employment, and particularly its impact on industry employment, during this recovery. This analysis focuses on heterogeneity ...
Public Policy Brief
Speech
National Economic Outlook
Athreya, Kartik B.
(2025-05-09)
Presentation for the New York State Large Credit Unions CEO Roundtable, delivered by Kartik Athreya, Director of Research and Head of the Research and Statistics Group, Federal Reserve Bank of New York.
Speech
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