Institution
Federal Reserve System
Other•Washington D.C., District of Columbia, United States•
About: Federal Reserve System is a other organization based out in Washington D.C., District of Columbia, United States. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 2373 authors who have published 10301 publications receiving 511979 citations.
Topics: Monetary policy, Inflation, Interest rate, Market liquidity, Debt
Papers published on a yearly basis
Papers
More filters
••
TL;DR: This paper showed that the personal saving rate has also declined, from an average of 7 percent between 1950 and 1980 to an average average of 46 percent since 1990 and that a significant fraction of the baby-boom generation may not be saving adequately for retirement.
Abstract: American Saving Rates have recently fallen to their lowest levels since 1950 After averaging roughly 8 percent in the 1950s, 1960s, and 1970s, the net national saving rate fell to about 45 percent in the 1980s and has fallen below 2 percent since 1990 The personal saving rate has also declined, from an average of 7 percent between 1950 and 1980 to an average of 46 percent since 1990 These declines have raised concerns that the economy may be unable to finance investment and sustain growth over the long run and that a significant fraction of the baby-boom generation may not be saving adequately for retirement
177 citations
•
TL;DR: In this paper, an empirical comparison of the standard explanation of the bivariate correlation of money and income with two alternatives, the credit view, which focuses on financial market imperfections rather than real-nominal confusion, was made.
Abstract: Standard explanations of the bivariate correlation of money and income attribute this correlation to an inability of agents to discriminate in the short run between real and nominal sources of price shocks. This paper is an empirical comparison of the standard explanation with two alternatives: 1) the"credit view", which focuses on financial market imperfections rather than real-nominal confusion; and 2) the real business cycle approach, which argues that the money-income correlation reflects a passive response of money to income. The methodology, which is a variant of the Sims VAR approach, follows Blanchard and Watson (1984) in using an estimated, explicitly structural model to orthogonalize the VAR residuals. (This variant methodology, I argue, is the more appropriate for structural hypothesis testing.) The results suggest that the standard explanations of the money-income relation are largely, but perhaps not completely, displaced by the alternatives.
177 citations
••
TL;DR: In this article, the authors investigate the implications of rule-of-thumb behavior by consumers or price setters for optimal monetary policy and simple interest rate rules and find that highly inertial policy is optimal regardless of what fraction of agents occasionally follow a rule of thumb.
176 citations
••
TL;DR: In this article, the authors present the first comprehensive test of whether well-known conflicts of interest at bond rating agencies importantly influence their actions and show that rating changes do not appear to be importantly influenced by rating agency conflicts of interests but, rather, suggest that rating agencies are motivated primarily by reputation-related incentives.
Abstract: This paper presents the first comprehensive test of whether well-known conflicts of interest at bond rating agencies importantly influence their actions. This hypothesis is tested against the alternative that rating agency actions are primarily influenced by a countervailing incentive to protect their reputations as delegated monitors. These two hypotheses generate a number of testable predictions regarding the anticipation of credit-rating downgrades by the bond market, which we investigate using a new data set of about 2,000 credit rating migrations from Moody's and Standard & Poor's, and matching issuer-level bond prices. The findings strongly indicate that rating changes do not appear to be importantly influenced by rating agency conflicts of interest but, rather, suggest that rating agencies are motivated primarily by reputation-related incentives.
175 citations
••
TL;DR: In this paper, the authors used a new nationally representative consumer survey to analyze the current use of debit cards by U.S. consumers, including how demographics affect use, and how consumers substitute between debit and other payment instruments.
Abstract: Debit card use at the point of sale has grown dramatically in recent years in the United States and now exceeds the number of credit card transactions. However, many questions remain regarding patterns of debit card use, consumer preferences when using debit, and how consumers might respond to explicit pricing of card transactions. Using a new nationally representative consumer survey, this paper describes the current use of debit cards by U.S. consumers, including how demographics affect use. In addition, consumers' stated reasons for using debit cards are used to analyze how consumers substitute between debit and other payment instruments. We also examine the relationship between household financial conditions and payment choice. Finally, we use a key variable on bank-imposed transaction fees to analyze price sensitivity of card use, and find a 12% decline in overall use in reaction to a mean 1.8% fee charged on certain debit card transactions; we believe this represents the first microeconomic evidence in the United States on price sensitivity for a card payment at the point of sale.
174 citations
Authors
Showing all 2412 results
Name | H-index | Papers | Citations |
---|---|---|---|
Ross Levine | 122 | 398 | 108067 |
Francis X. Diebold | 110 | 368 | 74723 |
Kenneth Rogoff | 107 | 390 | 75971 |
Allen N. Berger | 106 | 382 | 65596 |
Frederic S. Mishkin | 100 | 372 | 34898 |
Thomas J. Sargent | 96 | 370 | 39224 |
Ben S. Bernanke | 96 | 446 | 76378 |
Stijn Claessens | 96 | 462 | 42743 |
Andrew K. Rose | 88 | 374 | 42605 |
Martin Eichenbaum | 87 | 234 | 37611 |
Lawrence J. Christiano | 85 | 253 | 37734 |
Jie Yang | 78 | 532 | 20004 |
James P. Smith | 78 | 372 | 23013 |
Glenn D. Rudebusch | 73 | 226 | 22035 |
Edward C. Prescott | 72 | 235 | 55508 |