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: The authors developed a measure of household resources that converts total financial and non-financial assets, plus annuity-like assets (mainly, Social Security and defined-benefit pensions) into an expected annual amount of wealth per person in retirement.
126 citations
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TL;DR: In this article, alternative axiomatic bargaining solutions in a search model with divisible money were considered and it was shown that the properties of the bargaining solutions do matter both qualitatively and quantitatively for questions of first-degree importance in monetary economics such as the efficiency of monetary equilibrium; the optimality of the Friedman rule; and the welfare cost of inflation.
126 citations
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TL;DR: This paper used panel data on the age and rents of buildings to measure how much technological progress has there been in structures and interpreted the data with the help of a vintage capital model where buildings are replaced with some chosen periodicity.
126 citations
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TL;DR: In this article, the authors analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon, showing that at a point in time US portfolios are tilted towards firms that are large, have fewer restrictions on foreign ownership, or are cross-listed on a US exchange.
Abstract: We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon The data are comprehensive, security-level holdings of emerging market equities by US investors We document that at a point in time US portfolios are tilted towards firms that are large, have fewer restrictions on foreign ownership, or are cross-listed on a US exchange The size of the cross-listing effect is striking In contrast to the well-documented under-weighting of foreign stocks, emerging market equities that are cross-listed on a US exchange are incorporated into US portfolios at full international CAPM weights Our results suggest that information asymmetries play an important role in equity home bias and that the benefits of international risk sharing are limited to select firms
126 citations
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TL;DR: In this article, the authors quantify the macroeconomic impact of costly and deadly disasters in recent US history, and to translate these estimates into an analysis of the likely impact of COVID-19.
Abstract: The outbreak of COVID-19 has significantly disrupted the economy. This paper attempts to quantify the macroeconomic impact of costly and deadly disasters in recent US history, and to translate these estimates into an analysis of the likely impact of COVID-19. A costly disaster series is constructed over the sample 1980:1-2020:04 and the dynamic impact of a disaster shock on economic activity and on uncertainty is studied using a VAR. While past natural disasters are local in nature and come and go quickly, COVID-19 is a global, multi-period event. We therefore study the dynamic responses to a sequence of large disaster shocks. Even in a fairly conservative case where COVID-19 is a 5-month shock with its magnitude calibrated by the cost of March 2020 Coronavirus relief packages, the shock is forecast to lead to a cumulative loss in industrial production of 20% and in service sector employment of nearly 39% or 55 million jobs over the next 12 months. For each month that a shock of a given magnitude is prolonged from the base case, heightened macro uncertainty persists for another month.
126 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 |