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
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TL;DR: This article examined the default risk characteristics of FHA-insured single-family residential mortgages and found that the observed default rates are relatively lower among minority borrowers or neighborhoods, compared to loans extended to other similarly qualified borrowers.
Abstract: Theories of discrimination in credit markets suggest that under certain circumstances systematic lender bias may result in creditors holding minority applicants or applicants from minority neighborhoods to higher standards of creditworthiness than other borrowers. This implies lower default rates or smaller dollar losses on loans to marginally qualified minority borrowers or borrowers from minority neighborhoods, compared to loans extended to other similarly qualified borrowers. This study seeks to test this prediction by examining the default-risk characteristics of FHA-insured single-family residential mortgages. All things equal, empirical findings fail to support the theoretical predictions that observed default rates are relatively lower among minority borrowers or neighborhoods.
171 citations
TL;DR: In this article, a cash-in-advance model is proposed for currency substitution, where the cost of buying goods with a foreign currency is decreasing in the economy's accumulated experience in transacting in the foreign currency.
171 citations
TL;DR: This paper examined how workers use 401(k) plans by examining their participation, contribution, and withdrawal decisions and found that 60% of eligible workers participate in the plan and that participation rises with income, age, job tenure, and education.
Abstract: This paper examines how workers use 401(k) plans by examining their participation, contribution, and withdrawal decisions. Sixty-five percent of eligible workers participate in 401(k) plans. Employee participation rises with income, age, job tenure, and education. While participation also rises if the employer matches contributions, 401(k) participation does not grow with the rate of matching. When pension plan assets are withdrawn in lump-sum distributions before retirement, just 28 percent of distribution recipients (representing 56 percent of distribution assets) roll over the withdrawn funds into tax-qualified savings plans. Our findings suggest that many workers, particularly those with low incomes, do not use 401(k) plans to save for retirement.
171 citations
TL;DR: The authors show that the way money is modeled significantly changes the size of output and inflation effects, and the degree of inertia that inflation exhibits following a policy shock, and they offer a simple and conventional economic interpretation of these empirical facts.
Abstract: Money demand and the stock of money have all but disappeared from
monetary policy analyses. Remarkably, it is more common for empirical
work on monetary policy to include commodity prices than to include
money. This paper establishes and explores the empirical fact that whether
money enters a model and how it enters matters for inferences about policy
impacts. The way money is modeled significantly changes the size of
output and inflation effects, and the degree of inertia that inflation exhibits
following a policy shock. We offer a simple and conventional economic
interpretation of these empirical facts.
170 citations
TL;DR: The authors presented a general equilibrium monetary model in which inflation distorts a variety of marginal decisions and showed that individually none of the distortions is very large, they combine to yield substantial welfare cost estimates.
170 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 |