chronology of federal reserve system chairmen and u s presidents

... measures such as M1, which includes currency and demand deposits; broad measures such as M2, which includes time and savings deposits; or even broader measures that encompass instruments such as ... enough But even this supporting role presents difficulties because the basis of the rules themselves can easily become outmoded and thus undermine their usefulness Economic and financial structures ... Bank of St Louis Once there, Homer set the St Louis 38 Chapter Fed on its long-held and useful path as a devoted source of monetarist research and analysis within the Federal Reserve System As I...

Ngày tải lên: 30/10/2014, 16:54

... governments continue to be under pressure; but with tax receipts showing signs of recovery, their spending should decline less rapidly than it has in the past few years Federal fiscal stimulus seems set ... less stable, and risk premiums in asset markets including inflation risk premiums would rise The combination of - 17 increased uncertainty for households and businesses, higher risk premiums in ... net supply of an asset available to investors affect its yield and those of broadly similar assets Thus, our purchases of Treasury, agency debt, and agency MBS likely both reduced the yields on...

Ngày tải lên: 08/03/2014, 08:20

... wirtschaftswissenschaftlicher Forschungsinstitute über die wirtschaftliche Entwicklung in Ostdeutschland Kiel, Juni 2002 53 S Euro 392./ Subventionen in Deutschland Von Alfred Boss und Astrid Rosenschon ... August 2002 71 S 16 Euro 394 75 Punkte gegen die Arbeitslosigkeit Von Horst Siebert Kiel, August 2002 23 S Euro 395 Vom Mangel zum Überfluss – der ostdeutsche Wohnungsmarkt in der Subventionsfalle ... increases due to the increase in gross domestic product, while the limited increase in unit wage costs suppresses consumer prices after a slight delay The result is that, at the beginning of the simulation,...

Ngày tải lên: 20/02/2014, 20:20

... preexisting reserve deposits I consider these in turn Suppose a central bank such as the Fed confines its asset purchases mainly to Treasury securities In that case, interest on the increase in reserves ... reserves Banks would save resources that had been devoted to economizing on reserves An abundance of costless, safe reserves would substitute somewhat for the costly and risky extension of private ... demand so as to support a positive interest opportunity cost of reserves IV Financing Interest on Reserves Paying interest on reserves would seem to be expensive from the Treasury s point of...

Ngày tải lên: 06/03/2014, 02:21

... across banks and across time Despite its collegial structure, the Federal Reserve pursues a somewhat individualistic communication strategy, which at times reveals highly diverse opinions across ... the disinflation process under these circumstances, and what alternatives a central bank should (and should not) consider Assessment and issues for future research To what extent, then, is central ... is published Pierre Siklos (2002) reports that the adoption of an inflation target leads to lower forecast errors in a panel study of 12 countries But subsequent studies not support his result...

Ngày tải lên: 15/03/2014, 10:20

... markets, and the large amount of capital needed, equity issuance has often relied on new classes of investors, such as sovereign wealth funds The reassessment of risk has also affected bond issuance: ... including the capability of banks to issue riskier uninsured funds (such as bonds or CDs), which can be easier for less risky banks, as they are more able to absorb future losses.12 In this respect, ... as follows The next section discusses the econometric model and the data Section presents our empirical results and robustness checks The last section summarises the main conclusions The econometric...

Ngày tải lên: 15/03/2014, 10:20

... excessive risk Intuitively, the consumer likes bank credit supply, because it expands firm size, which raises labor demand and thereby wages And he dislikes excessive risk taking because when funds ... their socially detrimental behavior Intuitively, this can be thought of in terms of the risk weights that regulators put on different types of asset classes Assigning risk weights to asset classes ... this transmission channel consists of three types of effects The first is a substitution effect: when the policy rate rises, the instruments with which banks lever up - mostly short-term wholesale...

Ngày tải lên: 22/03/2014, 21:20

... Evidently, this still leaves the possibility of a broader nominal depreciation of the currencies of AME s vis a vis the currencies of EME s.  Indeed, given the trade surpluses of many EME s (not  least oil producers), and also the influence of the Balassa‐Samuelson effect, a real appreciation  ... debt levels. The European Central Bank took  various steps to support the prices of sovereign  bonds  in  the  various  countries  affected,  but  these  measures  have  not  thus  far  proved  successful.22    In contrast, for sovereigns deemed not to have counterparty risk, there has been no evidence  ... contributed to the world wide property boom of the late 1980 s.  After it crashed in turn, the  subsequent easing of policy in the AME s led to massive capital inflows into SEA contributing to  the  subsequent  Asian  crisis  in  1997.  This  crisis  was  used  as  justification ...

Ngày tải lên: 22/03/2014, 23:20

... abandoned during a systemic crisis Intuition for our results can be gained by understanding the role of the interbank market The main purpose of this market is to redistribute the …xed amount of reserves ... rates for normal and crisis times The multiplicity of equilibria arises because the demand for and supply of funds in the interbank market are inelastic This inelasticity is a key feature of our ... liquid bank has an inelastic supply of liquid assets above a rate of one because its alternative to lending is storage, which gives a return of one Bank type h has a demand for liquid assets of...

Ngày tải lên: 29/03/2014, 13:20

... ứng truyền dẫn hoàn toàn đến giá nhập Tổng quan nghiên c u trước  Gosh and Wolf, 2001, “Imperfect Exchange Rate PassThrough: Strategic Pricing and Menu Costs”  Nghiên c u hi u ứng truyền dẫn ... “Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies”  Bài báo nghiên c u tác động tỷ giá lên giá nhập s giá s n xuất PPI s giá ti u dùng CPI ... hàng cung cấp khoản cho vay vừa tính ngoại tệ vừa s hóa theo ngoại tệ S quan s t ng u nhiên cho thấy nhi u mức giá, chủ y u tài s n hàng ti u dùng l u bền, s hóa tỷ giá hối đoái Đi u tranh luận...

Ngày tải lên: 10/04/2014, 13:10

Ngày tải lên: 31/05/2014, 01:31

... would be useful: • model specification • table of results, etc • Recent sharp swings in inflation outcomes could affect the robustness of the results • Comments on the results (impulse responses): ... or use a systems estimation approach to test the robustness of the results This is important as the polic recommendations are based on policy the results Comments on “Inflation Dynamics and ... p economy) shock after j months 25 Impulse responses from Structural VAR estimation Accumulated Responses of Core Inflation to One Standard Deviation Shocks Accum ulated Res pons es to World...

Ngày tải lên: 12/07/2014, 12:01

... because we miss important characteristics that influence the responses to monetary policy shocks, such as the structure of the pension and the tax systems, or because the indicators used to group ... Section presents the results for the VARs estimated for individual countries In Section we first briefly discuss panel VARs before discussing the estimates Section focuses on the importance of financial ... (2004) and Kohn (2006) discuss the implications of lags for the use of monetary policy in the face of asset price bubbles Sutton (2002) and Tsatsaronis and Zhu (2004) also estimate VARs incorporating...

Ngày tải lên: 24/10/2012, 09:40

... one possible interpretation is that banks attempt to issue more CDs as a substitute for deposits during periods of tight money, and that this increased supply pushes up the rates they must pay ... rates, fiscal policy, etc Similar results have been uncovered in studies of different historical episodes in a number of countries The literature on credit controls also suggests that disruptions ... also captures the earlier argument that banks need to hold some securities for liquidity purposes.) Consider a representative bank that holds as assets reserves (R), loans (L), and bonds (B), and...

Ngày tải lên: 06/09/2013, 05:46

... – Uses many sources of information – Demonstrated success • Disadvantages – Lack of accountability – Inconsistent with democratic principles 16-11 © 2013 Pearson Education, Inc All rights reserved ... fundamental values, which eventually burst • Types of asset-price bubbles – Credit-driven bubbles • Subprime financial crisis – Bubbles driven solely by irrational exuberance 16-14 © 2013 Pearson Education, ... rights reserved Figure Result of Targeting on the Federal Funds Rate 16-20 © 2013 Pearson Education, Inc All rights reserved Criteria for Choosing the Policy Instrument • Observability and Measurability...

Ngày tải lên: 15/11/2013, 20:27

... preferences, skills and trustworthiness of the central bank staff Summary of Advantages and Disadvantages of Different Monetary Policy Strategies Tactics: Choosing the Policy Instrument • Tools – – ... Interest Rate Central Bank s Response to Asset-Price Bubbles • Two Types of Asset-Price Bubbles – Credit-Driven Bubbles – Bubbles Driven by Irrational Exuberance • Central Banks Response to Bubbles ... • Reserve Bank of New Zealand Act 1989 • Minster of Finance and Governor of Reserve Bank to make Policy Targets Agreement • Governor of the Reserve Bank was held accountable for the success of...

Ngày tải lên: 05/01/2014, 16:58

... increase in the money supply creates an excess supply of money • The interest rate declines • Investment spending and net exports rise • Aggregate demand rises • Aggregate output rises • The excess ... Curve is Stable Money Supply and Interest Rate Targets When LM Curve is Unstable and IS Curve is Stable The ISLM Model in the Long Run • Natural rate level of output (Yn) – Rate of output at which ... excess supply of money is eliminated • Aggregate output is positively related to the money supply Response of Aggregate Output and Interest Rate to an Increase in the Money Supply Response to...

Ngày tải lên: 05/01/2014, 17:00

... opposite – disinflation should be quicker and less costly when people are thought to believe in the central bank s toughness, and thus the Phillips Curve should be steeper, closer to supposedly ... how someone looks, and her supposed reputation among the self-appointed conformists, than with the substance of her actions and values This holds true whether that someone is a high school student ... differences in inflation outcomes (Posen (1999); Kuttner and Posen (2009)) This should not come as a total surprise, given that the Swiss National Bank and the US Federal Reserve have to both be classified...

Ngày tải lên: 15/02/2014, 13:20

... there is little doubt about the existence of sluggishness in loan rates, there is still much debate as to why it exists and why the extent of pass-through differs across countries For instance, ... dj Assume that the household is required to use cash in purchasing consumption goods At the beginning of period t, the amount of cash available for the purchase of consumption goods 1 is Mt−1 ... stickiness have been continuously discussed in the literature Some of those explanations are introduced in the next section Vol No Incomplete Interest Rate Pass-Through 79 it is assumed in our model...

Ngày tải lên: 17/02/2014, 03:20