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 employ a model designed to explain the pricing behavior of single-market banks that face competition from multimarket banks, and find that, on average, the presence of a larger number of multi-market bank presence is associated with lower deposit interest rates offered by single market banks.
Abstract: Retail banking markets have traditionally been viewed as locally limited. However, recent studies have found evidence that large multimarket banking organizations tend to offer uniform interest rates for retail deposit accounts throughout the area that they serve, at least within a given state. This uniform pricing phenomenon raises questions about the continued relevance of the concept of local banking markets for both research and antitrust purposes. We address this issue by employing a model designed to explain the pricing behavior of single-market banks that face competition from multimarket banks. Empirical results are found to be consistent with the many implications of the model. We find that even with multimarket banks present in the market, local market concentration influences the pricing behavior of single-market banks; however, this relationship weakens as the market share of multimarket banks grows. We also find that, on average, multimarket banks offer lower deposit interest rates than do single-market banks operating in the same market, and, in most cases, greater multimarket bank presence is associated with lower deposit interest rates offered by single-market banks.
142 citations
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TL;DR: In this article, the authors present results from a randomized study of a well-defined use of computers in schools, a popular instructional computer program for pre-algebra and algebra.
Abstract: We present results from a randomized study of a well-defined use of computers in schools, a popular instructional computer program for pre-algebra and algebra. We primarily assess the program using a test designed to target pre-algebra and algebra skills. Students ran domly assigned to computer-aided instruction score significantly higher on a pre-algebra and algebra test than students randomly assigned to traditional instruction. We hypothesize that this effective ness arises from increased individualized instruction as the effects appear larger for students in larger classes and in classes with high student absentee rates. (JEL H75,121)
142 citations
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01 Oct 2009TL;DR: In this article, the implications for monetary policy of the zero lower bound on nominal interest rates in light of recent experience are examined. And the authors conclude that 2 percent steady-state inflation may provide an inadequate buffer against the ZLB, assuming a standard Taylor rule.
Abstract: This paper reexamines the implications for monetary policy of the zero lower bound on nominal interest rates in light of recent experience. The ZLB contributed little to the sharp output declines in many economies in 2008, but it is a significant factor slowing recovery. Model simulations imply that an additional 4 percentage points of rate cuts would have limited the rise in the U.S. unemployment rate and would bring unemployment and inflation more quickly to steady-state values, but the ZLB precludes these actions, at a cost of $1.8 trillion in forgone U.S. output over four years. If recent events presage a shift to a significantly more adverse macroeconomic climate, then 2 percent steady-state inflation may provide an inadequate buffer against the ZLB, assuming a standard Taylor rule. Stronger countercyclical fiscal policy or alternative monetary policy strategies could mitigate the ZLB's effects, but even with such policies an inflation target of 1 percent or lower could entail significant costs.
142 citations
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TL;DR: This paper showed that workers in small firms were more likely to become unemployed during the 2007-2009 recession than comparable workers in large firms, but only if they were employed in industries with high financing needs.
142 citations
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TL;DR: This paper proposes a new Bayesian estimation procedure for (possibly very large) VARs featuring time-varying volatilities and general priors and shows that indeed empirically the new estimation procedure performs well in applications to both structural analysis and out-of-sample forecasting.
142 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 |