LIBROS DEL AUTOR: united states federal reserve board

39 resultados para LIBROS DEL AUTOR: united states federal reserve board

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  • Finance and Economics Discussion Series
    Valentin Bolotnyy / United States Federal Reserve Board
    The U.S. mortgage crisis that began in 2007 generated questions about the role played by Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs), in its causes. Some have claimed that the Affordable Housing Goals (AHGs), introduced by Congress through the GSE Act of 1992, and the resulting purchases of single-family mortgages the GSEs made to meet those goals, d...
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    15,76 €

  • Finance and Economics Discussion Series
    Benjamin A. Malin / United States Federal Reserve Board
    Previous research suggests that, in partial equilibrium, individuals whose decision-making exhibits a present-bias--such as hyperbolic discounters who tend to over-consume--will be in favor of having a floor imposed on their savings. In this paper, I show it is quite difficult for the introduction of a savings floor to be Pareto-improving in general equilibrium. Indeed, a neces...
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    15,76 €

  • Finance and Economics Discussion Series
    Geng Li / Paul A. Smith / United States Federal Reserve Board
    Despite news reports suggesting a rise in 401(k) borrowing in recent years, we find that the share of eligible households with 401(k) loans in the 2007 Survey of Consumer Finances was about 15 percent, roughly what it has been since 1995. We find that the best predictors of 401(k) borrowing appear to be the presence of liquidity or borrowing constraints and the size of 401(k) b...
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    15,79 €

  • Finance and Economics Discussion Series
    Jonathan D. Rose / United States Federal Reserve Board
    This paper studies how building and loan associations (B&Ls) slowly unwound their obligations following a set of financial shocks during the Great Depression, with a special focus on a group of particularly troubled B&Ls in Newark, NJ. Investors in B&Ls disagreed over whether to realize losses on foreclosed real estate holdings, and those investors favoring liquidation were una...
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    14,77 €

  • International Finance Discussion Papers
    Alan Ahearne / et al. / United States Federal Reserve Board
    This paper examines Japan’s experience in the first half of the 1990s to shed some light on several issues that arise as inflation declines toward zero. Is it possible to recognize when an economy is moving into a phase of sustained deflation? How quickly should monetary policy respond to sharp declines in inflation? Are there factors that inhibit the monetary transmission mech...
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    17,30 €

  • Finance and Economics Discussion Series
    Robin A. Prager / et al. / United States Federal Reserve Board
    In many countries around the world, electronic card-based payments have been replacing older types of payments at a rapid rate. In the United States, use of both debit cards and credit cards has been rising rapidly, while check volumes have been declining. The increased use of electronic payment methods has generated a number of public policy debates. One prominent debate conce...
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    17,63 €

  • Finance and Economics Discussion Series
    Alex Haberis / Anna Lipinska / United States Federal Reserve Board
    In this paper, we consider how monetary policy in a large, foreign economy affects optimal monetary policy in a small open economy (`home’) in response to a large global demand shock that pushes both economies to the zero lower bound (ZLB) on nominal interest rates. We show that the inability of foreign monetary policy to stabilise the foreign economy at the ZLB creates a spill...
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    15,76 €

  • International Finance Discussion Papers
    Laurence H. Meyer / et al. / United States Federal Reserve Board
    In this paper we provide two building blocks for an analysis of international policy coordination: (1) a survey of models of policy coordination, and (2) an account of experience with policy coordination among the G-7 countries and within Europe since the breakdown of the Bretton Woods System. Using these building blocks, we investigate the correspondence between the models and...
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    14,74 €

  • International Finance Discussion Papers
    Daniel E. Nolle / United States Federal Reserve Board
    The Dodd-Frank Act of 2010 is the keystone policy response directed at reforming U.S. financial system activities and oversight in the wake of the 2007-2009 financial crisis. The United States also has financial system reform policy commitments in the international arena, including in particular by virtue of its membership in the G20. This analysis considers U.S. policy initiat...
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    17,20 €

  • International Finance Discussion Papers
    Masahiro Kawai / United States Federal Reserve Board
    Staff working papers in the International Finance and Discussion Papers (IFDP) series are primarily materials produced by staff in the Division of International Finance. These topics are focused on, though by no means limited to, international macroeconomics, international trade, global finance, financial institutions, and markets, as well as international capital flows.This wo...
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    15,82 €

  • International Finance Discussion Papers
    Bennett T. McCallum / Edward Nelson / United States Federal Reserve Board
    We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any substantial reason for modifying the current mainstream mode of policy analysis, which frequently does not consider monetary aggregates at all. We begin by considering the body of thought known as the 'quantity theory of money.' The quantity theory centers on the ...
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    17,47 €

  • Finance and Economics Discussion Series
    Neil Bhutta / United States Federal Reserve Board
    I estimate the credit supply effect of the Underserved Areas Goal(UAG), which establishes GSE purchase goals for mortgages to lower-income and minority neighborhoods. Taking advantage of discontinuous census tract eligibility rules and abrupt changes in tract eligibility in 2005, I find evidence of a small UAG effect on GSE activity, and this increase does not appear to crowd-o...
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    15,85 €

  • Finance and Economics Discussion Series
    Allen N. Berger / United States Federal Reserve Board
    This paper examines technological progress and its effects in the banking industry. Banks are intensive users of both IT and financial technologies, and have a wealth of data available that may be helpful for the general understanding of the effects of technological change. The research suggests improvements in costs and lending capacity due to improvements in 'back-office' tec...
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    15,91 €

  • Finance and Economics Discussion Series
    Jonathan D. Rose / Mark A. Carlson / United States Federal Reserve Board
    This paper examines the mechanism through which banking sector distress affects the availability of credit. We use the experience of the United States during the Great Depression, a period of intense bank distress, to conduct our analysis. We utilize previously neglected data from a 1934 survey conducted by the Federal Reserve System of both banks and Chambers of Commerce regar...
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    14,74 €

  • Finance and Economics Discussion Series
    Michael B. Gordy / Søren Willemann / United States Federal Reserve Board
    In its complexity and its vulnerability to market volatility, the CPDO might be viewed as the poster child for the excesses of financial engineering in the credit market. This paper examines the CPDO as a case study in model risk in the rating of complex structured products. We demonstrate that the models used by S&P and Moody’s would have assigned very low probability to the s...
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    15,69 €

  • Finance and Economics Discussion Series
    Wayne Passmore / et al. / United States Federal Reserve Board
    We derive a theoretical model of how jumbo and conforming mortgage rates are determined and how the jumbo-conforming spread might arise. We show that mortgage rates reflect the cost of funding mortgages and that this cost of funding can drive a wedge between jumbo and conforming rates (the jumbo-conforming spread). Further, we show how the jumbo-conforming spread widens when mo...
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    15,94 €

  • Finance and Economics Discussion Series
    John Leusner / et al. / United States Federal Reserve Board
    A long standing puzzle in the Capital Asset Pricing Model (CAPM) has been the inability of empirical work to validate it. This paper presents a new approach to estimating the CAPM, taking into account the differences between observable and expected returns for risky assets and for the market portfolio of all traded assets, as well as inherent nonlinearities and the effects of e...
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    15,76 €

  • International Finance Discussion Papers
    Jonathan Rose / Tara Rice / United States Federal Reserve Board
    In September 2008, the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were placed into conservatorship and dividend payments on common and preferred shares were suspended. As a result, share prices fell to nearly zero and many banks across the country lost the value of their investments in the preferred shares. We estimate more than 600 depository institutio...
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    15,94 €

  • International Finance Discussion Papers
    David Bowman / et al. / United States Federal Reserve Board
    Prior to the recent financial crisis, one of the most prominent examples of unconventional monetary stimulus was Japan’s 'quantitative easing policy' (QEP). Most analysts agree that QEP did not succeed in stimulating aggregate demand sufficiently to overcome persistent deflation. However, it remains unclear whether QEP simply provided little stimulus, or whether its positive ef...
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    15,76 €

  • Finance and Economics Discussion Series
    Allen N. Berger / Loretta J. Mester / United States Federal Reserve Board
    We investigate the sources of recent changes in the performance of U.S. banks using concepts and techniques borrowed from the cross-section efficiency literature. Our most striking result is that during 1991-1997, cost productivity worsened while profit productivity improved substantially, particularly for banks engaging in mergers. The data are consistent with the hypothesis t...
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    14,72 €

  • International Finance Discussion Papers
    Erik Durbin / et al. / United States Federal Reserve Board
    We investigate the role of 'country risk' in determining the default risk of firms in emerging markets. In particular, we study the relationship between the secondary market spreads (over hard-currency government bond yields) of bonds issued by emerging market firms and bonds issued by their home governments over the past 3 1/2 years. Our results indicate that market participan...
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    15,82 €

  • Finance and Economics Discussion Series
    Edward Nelson / United States Federal Reserve Board
    This paper reviews Allan H. Meltzer’s 'A History of the Federal Reserve, Volume 2.' This two-book volume covers Federal Reserve policies from 1951 to 1986. The book represents an enormous achievement in synthesizing a great amount of archival information into a historical account grounded on economic analysis. At the same time, Meltzer’s interpretation of specific eras is open ...
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    15,63 €

  • Finance and Economics Discussion Series
    Frederic S. Mishkin / United States Federal Reserve Board
    The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the m...
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    17,14 €

  • International Finance Discussion Papers
    Jean Boivin / et al. / United States Federal Reserve Board
    We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission - the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest rates, equity prices, and the exchange rate, and the consequent effects on household and b...
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    17,69 €

  • Finance and Economics Discussion Series
    Geng Li / United States Federal Reserve Board
    Gambling behavior can serve as an informative indicator of important household heterogeneity that is difficult to observe directly in data. We present, to the best of our knowledge, the first comprehensive study of the consumption and personal finance of gamblers using a nationwide representative household survey. We find that consumers are more likely to gamble when income is ...
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    17,14 €

  • Finance and Economics Discussion Series
    Dan Rosen / Michael Pykhtin / United States Federal Reserve Board
    We address the problem of allocating the counterparty-level credit valuation adjustment (CVA) to the individual trades composing the portfolio. We show that this problem can be reduced to calculating contributions of the trades to the counterparty-level expected exposure (EE) conditional on the counterparty’s default. We propose a methodology for calculating conditional EE cont...
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    14,72 €

  • Finance and Economics Discussion Series
    Casey B. Mulligan / Song Han / United States Federal Reserve Board
    It is commonly supposed in public and academic discourse that inflation and big government are related. We show that economic theory delivers such a prediction only in special cases. As an empirical matter, inflation is significantly positively related to the size of government mainly when periods of war and peace are compared. We find a weak positive peacetime time series corr...
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    15,94 €

  • Finance and Economics Discussion Series
    Neil Bhutta / United States Federal Reserve Board
    I identify and quantify the mortgage supply effect of the Community Reinvestment Act (CRA), a law mandating that banks help provide credit in lower-income neighborhoods, by exploiting a discontinuity in the selection rule determining which census tracts CRA targets. Using a comprehensive source of micro data on MSA mortgage applications, I find that CRA affects bank lending pri...
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    15,91 €

  • International Finance Discussion Papers
    Andrew Figura / Regis Barnichon / United States Federal Reserve Board
    This paper presents a framework to interpret movements in the Beveridge curve and analyze unemployment fluctuations. We decompose the unemployment rate into three main components: (1) a component driven by changes in labor demand--movements along the Beveridge curve and shifts in the Beveridge curve due to layoffs--(2) a component driven by changes in labor supply--shifts in th...
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    15,82 €

  • Finance and Economics Discussion Series
    William B. English / et al. / United States Federal Reserve Board
    Because they engage in maturity transformation, a steepening of the yield curve should, all else equal, boost bank profitability. We re-examine this conventional wisdom by estimating the reaction of bank intraday stock returns to exogenous fluctuations in interest rates induced by monetary policy announcements. We construct a new measure of the mismatch between the repricing ti...
    Disponible

    14,72 €


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