Federal Reserve Bank of New York Staff Reports: What Fiscal Policy Is Effective at Zero Interest Rates? pot

... of New York Staff Reports What Fiscal Policy Is Effective at Zero Interest Rates? Gauti B. Eggertsson Staff Report no. 402November 2009This paper presents preliminary findings and is being distributed ... adjustment of investment, which is a key diﬀerence from Christiano (2004). Thisassumption is consistent with the interpretation that this d isturbance is due to banking troublesthat raise the cost of ... income.Observe, however, that at zero interest rates this tax has to be zero by deﬁnition, because at thatpoint the nominal income of owning a one-period risk-free bond is zero. TherelevanttaxrateτAtonone-period...

Tài liệu Federal Reserve Bank of New York Staff Reports - Why Are Banks Holding So Many Excess Reserves? doc

... reserves, central bank liquidity facilities, money multiplierKeister: Federal Reserve Bank of New York (e-mail: todd.keister@ny.frb.org). McAndrews: Federal Reserve Bank of New York (e-mail: jamie.mcandrews@ny.frb.org).We ... expertise in evaluating certain types of loan applications. Whatever the underlying source of this difference, suppose that Bank B has found it profitable at the current level of interest rates ... central bank to follow a path for short-term interest rates that is independent of the level of reserves. By choosing this path appropriately, the central bank can guard against inflationary...

Federal Reserve Bank of New York Staff Reports: Shadow Banking ppt

... those of the authors and are not necessar-ily reective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the ... Facility,” Federal Reserve Bank of New York Economic Policy Review, forthcoming. Bernanke, Ben S. (1983): "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” ... position of the Federal Reserve Bank of New York or the Federal Reserve System. AbstractThe rapid growth of the market-based nancial system since the mid-1980s changed the nature of nancial...

Federal Reserve Bank of New York Staff Reports: Shadow Banking Regulation pdf

... Comparison of equations (3A) and (3B) shows that the marginal benefit of risk taking is lower in the case of risk sensitive debt (as RX>0), leading to a lower choice of risk when debt is risk ... those of the authors and are not necessar-ily reective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the ... the United States rehypothecation is subject to a 140% cap. The re-hypothecation in the U.K. subsidiary of repo collateral arguably greatly exacerbated the impact of the collapse of Lehman Brothers...

Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx

... that the fraction of impatient depositors is always . At date 1, bank j can liquidate ij of the investment for a salvage rate of return s at d ate 1 and no further return at date 2. The bank ... is r: The return on storage is the rate i at which liquid assets canbe lent at date 1, since banks can store liquid assets at date 0, lend them at date 1, andwill receive i at date 2. At ... are those of the authors and are not necessarilyreflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the...

FERERAL RESERVE BANK OF NEW YORK RESEARCH PAPER NO.9526 doc

...

Federal Reserve Bank of Minneapolis Research Department Staff Report 328: Business Cycle Accounting potx

... MinneapolisPatrick J. Kehoe∗ Federal Reserve Bank of MinneapolisandUniversityofMinnesotaEllen R. M cG ratta n∗ Federal Reserve Bank of MinneapolisandUniversityofMinnesotaABSTRACTWe propose a ... thetime allocation parameter ψ =2.24. We c hoose the depreciation rate δ, the discount factor β,andgrowthrates γ and γnso that, on an annualized basis, depreciation is 4.64%, the rate of time preference ... the data and is somewhat positively correlated with it.Finally, output due to the government consumption wedge alone ﬂuctuates about 40% as much as outputin the data and is somewhat negatively...

ASIA FOCUS: FEDERAL RESERVE BANK OF SAN FRANCISCO pptx

... Asia Focus is a periodic newsletter issued by the Country Analysis Unit of the Federal Reserve Bank of San Francisco. The information contained in this newsletter is meant to provide ... partial privatization of state-owned banking institutions, and measures to strengthen the capitalization of Vietnamese banks. This Asia Focus report provides an over-view of Vietnam’s banking ... ma-COUNTRY ANALYSIS UNIT FEDERAL RESERVE BANK OF SAN FRANCISCO JUNE 2011 Banking Reform in Vietnam Figure 1: Vietnamese Banking Sector State-Owned Commercial Banks (SOCB) Bank for Agriculture...

FEDERAL RESERVE BANK OF ATLANTA: Financial Highlights pdf

... 15. Bank reserve balances decreased $118 billion, offset by a $110 billion increase in Treasury deposits with Federal Reserve banks (part of “Other”). Assets: Lending to nonbanks—TALF, ... $4.8 billion. The TALF facility (part of lending to nonbank credit markets) declined by $0.4 billion. Source: Federal Reserve Board Source: Federal Reserve Board Financial Highlights September ... Thirty-day delinquency rates on credit cards have been declining across many of the major card issuers in the United States. In July, the U.S. 30-day index was down 75 basis points from the...

Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute - Ultra Easy Monetary Policy and the Law of Unintended Consequences* pptx

... available.Losseswillhavetobe98Singh(2011)providesevidence of howthispracticefluctuateswiththecreditcycle.99This is consistentwiththehypothesis of psychologiststhatmosthumanssufferfrom“disastermyopia”.Thiscouldbetheresult of survivalstrategiesbecominghardwiredovermillions of years of evolution.2UltraEasyMonetary Policy andtheLaw of UnintendedConsequences2ByWilliamWhite ... BISWorkingPapersbyBorioandZhu(2008),Gambacorta(2009),Disyatat(2010)andAltunbasetal(2010)allprovideevidence of theimportance of what theycallthe“risktakingchannel” of thetransmissionmechanism of monetary policy 91.Tobias ... producesadegree of “balancesheet”exposurethatcouldeasilyprecipitateoraggravateforeignexchangecrises.Concerns of this nature havebeen raised by Obstfeld (2010), Borio and Disyatat...

Xem thêm