Institution
Federal Reserve Bank of Dallas
Other•Dallas, Texas, United States•
About: Federal Reserve Bank of Dallas is a other organization based out in Dallas, Texas, United States. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 196 authors who have published 994 publications receiving 35508 citations.
Papers published on a yearly basis
Papers
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TL;DR: In Mexico, mobile phone-based financial services and other new technologies may hold the key to converting more of Mexico's "unbanked" residents, most of whom have traditionally operated outside the formal economy as mentioned in this paper.
Abstract: Mobile phone-based financial services and other new technologies may hold the key to converting more of Mexico’s “unbanked” residents, most of whom have traditionally operated outside the formal economy. Regulatory oversight of the new services is slowly evolving.
1 citations
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TL;DR: In this paper, the authors integrate a financial accelerator mechanism and time-varying uncertainty into a medium-scale Dynamic New Keynesian model to identify how uncertainty propagates and its interplay with financial frictions.
Abstract: This paper integrates a financial accelerator mechanism a la Bernanke et al. (1999) and time-varying uncertainty into a medium-scale Dynamic New Keynesian model. In our model, uncertainty emerges from monetary policy (policy uncertainty) as well as from financial risks (micro uncertainty) and the aggregate state of the economy (macro uncertainty). We describe the time-variant policy, micro and macro uncertainty using a stochastic volatility model. We use this framework to identify how uncertainty propagates and its interplay with financial frictions. We also investigate how uncertainty affects the propagation of other shocks (TFP, monetary policy shocks).
1 citations
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TL;DR: In this paper, the influence of aggregating across space when testing the PPP theory or more generally pairwise cointegration and evaluating the puzzle is investigated, and the importance of spatial considerations when estimating the speed of price convergence among euro area countries is illustrated empirically.
Abstract: This paper studies the influence of aggregating across space when (i) testing the PPP theory or more generally pair-wise cointegration and (ii) evaluating the PPP puzzle. Our contribution is threefold: we show that aggregating foreign data and applying an ADF test may lead to erroneously reject the PPP hypothesis. We then show, on the basis of theoretical arguments as well as Monte Carlo experiments, that a sizable bias in the estimates of half-life deviations to PPP may be due to the effect of aggregation across space. We finally illustrate empirically the importance of spatial considerations when estimating the speed of price convergence among euro area countries.
1 citations
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TL;DR: The authors developed a quantitative heterogeneous agent-life cycle-epidemiological model that is used to study the aggregate and distributional consequences of COVID-19 and mitigation policies, concluding that a stay-at-home subsidy is preferred to a lockdown because it reduces deaths by more and output by less.
Abstract: This paper develops a quantitative heterogeneous agent-life cycle-epidemiological model that is used to study the aggregate and distributional consequences of COVID-19 and mitigation policies. First, a stay-at-home subsidy is preferred to a lockdown because it reduces deaths by more and output by less. Second, Pareto-improving policies can reduce deaths by nearly 45 percent without any reduction in output relative to no public mitigation. Finally, it is possible to simultaneously improve public health and economic outcomes, suggesting that debates regarding a tradeoff between economic and health objectives may be misguided. This article is protected by copyright. All rights reserved.
1 citations
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TL;DR: The authors showed that a central bank that displays limited credibility can deliver significant improvements to a social welfare function that contains no role for exchange rate stabilization by maximizing an objective function that places weight on exchange rate stabilisation, and thus the central bank with limited credibility will peg their currency to a more credible partner.
Abstract: Central banks that lack credibility often tie their exchange rate to that of a more credible partner in order to “import” credibility. We show in a small open economy model that a central bank that displays “limited credibility” can deliver significant improvements to a social welfare function that contains no role for exchange rate stabilization by maximizing an objective function that places weight on exchange rate stabilization, and thus the central bank with limited credibility will peg their currency to that of a more credible partner. As the central bank’s credibility improves it will place less weight on exchange rate stabilization in its objective function and thus loosen the peg. When the central bank is perfectly credible its objective function and the social welfare function are identical; it places no weight on exchange rate stabilization and allows the currency to freely float. Empirical results using a panel of both developed and developing countries show that as central banks become more independent they tend to allow more currency flexibility.
1 citations
Authors
Showing all 202 results
Name | H-index | Papers | Citations |
---|---|---|---|
Lutz Kilian | 81 | 251 | 39552 |
Peter Egger | 72 | 457 | 17654 |
Francis E. Warnock | 41 | 125 | 8657 |
Rebel A. Cole | 41 | 149 | 9092 |
Finn E. Kydland | 38 | 123 | 21288 |
Daniel L. Millimet | 38 | 159 | 5196 |
Joseph Tracy | 35 | 90 | 4286 |
Marc P. Giannoni | 33 | 85 | 5131 |
Ping Wang | 33 | 241 | 4263 |
W. Scott Frame | 32 | 85 | 4616 |
Kei-Mu Yi | 30 | 81 | 7481 |
John V. Duca | 29 | 145 | 3535 |
Stephen P. A. Brown | 28 | 118 | 3455 |
Kathy J. Hayes | 27 | 85 | 3075 |
Alexander Chudik | 26 | 103 | 3907 |