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: In this paper, the authors investigated the revenue economies of scope between bank deposits and loans and found that they were insignificant for both small and large banks and for those on or off the revenue-efficient frontier.
Abstract: In providing financial services jointly, banks may reduce costs due to complementarities in production (cost economies of scope) or raise revenues from complementarities in consumption (revenue economies of scope). Cost economies of scope between bank deposits and loans have been found to be small. Revenue economies of scope are investigated here for the first time and found to be insignificant over 1978–1990 for both small and large banks and for those on or off the revenue-efficient frontier. The lack of complementarities between deposits and loans — where benefits are most likely to occur — suggests that claims of important synergies from an expansion of banking powers be taken with caution.
164 citations
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TL;DR: The authors proposed two models in which conditional volatilities feature comovement and study them using U.S. macroeconomic data, one model BVAR with general factor stochastic volatility (BVAR-GFSV) and the other model CCSV, which is a special case of the GFSV model, in which the idiosyncratic component is eliminated and the loadings to the factor are set to 1 for all the conditional volumes.
Abstract: The general pattern of estimated volatilities of macroeconomic and financial variables is often broadly similar. We propose two models in which conditional volatilities feature comovement and study them using U.S. macroeconomic data. The first model specifies the conditional volatilities as driven by a single common unobserved factor, plus an idiosyncratic component. We label this model BVAR with general factor stochastic volatility (BVAR-GFSV) and we show that the loss in terms of marginal likelihood from assuming a common factor for volatility is moderate. The second model, which we label BVAR with common stochastic volatility (BVAR-CSV), is a special case of the BVAR-GFSV in which the idiosyncratic component is eliminated and the loadings to the factor are set to 1 for all the conditional volatilities. Such restrictions permit a convenient Kronecker structure for the posterior variance of the VAR coefficients, which in turn permits estimating the model even with large datasets. While perhaps misspecifi...
163 citations
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TL;DR: This article developed a simple theoretical model to capture the intuition that default might lead to shrinkage of international trade, and then test and corroborate this idea using empirical data from the International Monetary Fund.
Abstract: One reason why countries service their external debts is the fear that default might lead to shrinkage of international trade. If so, then creditors should systematically lend more to countries with which they share closer trade links. We develop a simple theoretical model to capture this intuition, then test and corroborate this idea.
163 citations
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TL;DR: In this article, the authors evaluate the effectiveness of the asset-backed commercial paper money market mutual fund liquidity facility and find that the facility helped stabilize asset outflows from money market funds and reduced asset backed commercial paper yields significantly.
Abstract: The events following Lehman’s failure in 2008 and the current turmoil emanating from Europe highlight the structural vulnerabilities of short-term credit markets and the role of central banks as back-stop liquidity providers to financial markets. The Federal Reserve’s response to financial disruptions in the United States importantly included creating liquidity facilities. Using unique micro datasets and a differences-in-differences approach, we evaluate one of the most unusual of these interventions — the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. Our findings indicate that this facility helped stabilize asset outflows from money market funds and reduced asset-backed commercial paper yields significantly.
163 citations
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TL;DR: In this article, the effects of unexpected changes in trade policy uncertainty (TPU) on the U.S. economy were studied using newspaper coverage, firms' earnings calls, and tariff rates.
163 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 |