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 article, the authors found that banks have increasingly used the originate-to-distribute model in their term-loan business since the early 1990s, however, they have continued to rely on the traditional originateto-hold model for their credit line business.
Abstract: To what extent have U.S. banks adopted the originate-to-distribute model in their corporate lending business? According to our findings, banks have increasingly used the originate-to-distribute model in their term-loan business since the early 1990s. However, they have continued to rely on the traditional originate-to-hold model in their credit-line business. We also find that as banks retained smaller and smaller portions of the term loans they originated in their balance sheet, they were fueling the growth of nonbank institutions — in particular, collateralized loan obligations and investment management companies. Our findings have several important implications, including the growing significance of reliance on measures of the credit that banks originate, as opposed to measures of the credit they retain in their balance sheets, for evaluating the importance of banks in financial intermediation. Also, our findings show that over the past two decades banks have been a key driver of the growth in nonbank financial intermediation — and shadow banking in particular — in the United States.
123 citations
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TL;DR: In this paper, the behavior of value-maximizing firms, which could grow organically, purchase existing assets, or sell assets, was characterized, yielding an endogenous selection model that links asset purchases and sales to fundamental properties of the firm.
123 citations
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TL;DR: In this article, the authors compare the behavior of output and inflation under both opportunistic and linear policy rules, using stochastic simulations of a small-scale rational expectations model.
123 citations
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TL;DR: In this paper, the authors develop a model with endogenous agency costs that is otherwise quite similar to the canonical real business cycle model, and explore both the importance of the investment vs. output assumption for business cycle dynamics, and the conditions under which these agency models can deliver amplification and/or persistence.
Abstract: This paper develops a model with endogenous agency costs that is otherwise quite similar to the canonical real business cycle model. The traditional assumption in the literature is that these agency costs arise in the production of investment goods. In contrast, this paper assumes that these costs are all encompassing in the sense that they arise in the production of aggregate output. The paper explores both the importance of the investment vs. output assumption for business cycle dynamics, and the conditions under which these agency models can deliver amplification and/or persistence. The paper has two principal conclusions. First, in terms of amplification and propagation, the output model performs worse than does the investment model. This arises because a variable distortion in the investment market has more of an impact than a comparable distortion in the output market. Second, in this model with optimal consumption choice by entrepreneurs, there is a clear tension between amplification and persistence.
123 citations
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01 Mar 2008TL;DR: The Monetary Policy of the Federal Reserve as discussed by the authors describes the evolution of the monetary standard from the start of the US Federal Reserve through the end of the Greenspan era, and places that evolution in the context of the intellectual and political environment of the time.
Abstract: Details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the monetary standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.
122 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 |