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 show that these results were biased by problems in the statistical techniques used and by the fact that the models ignored an important input required for the intermediation process, financial capital.
Abstract: Most previous empirical research on scale efficiency in banking has found increasing returns to scale only among relatively small banks, and decreasing returns to scale among larger banks. The present study shows that these results were biased by problems in the statistical techniques used and by the fact that the models ignored an important input required for the intermediation process, financial capital. When the econometric problems are solved and the relationship among size, diversification, and risk is properly accounted for, there is strong evidence of increasing returns to scale for banks up to about $500 million in total assets and approximately constant returns for larger banks.
639 citations
TL;DR: In this article, the authors construct a framework for measuring economic activity at high frequency, potentially in real time, using a variety of stock and flow data observed at mixed frequencies (including very high frequencies), and use a dynamic factor model that permits exact filtering.
Abstract: We construct a framework for measuring economic activity at high frequency, potentially in real time. We use a variety of stock and flow data observed at mixed frequencies (including very high frequencies), and we use a dynamic factor model that permits exact filtering. We illustrate the framework in a prototype empirical example and a simulation study calibrated to the example.
638 citations
TL;DR: In this paper, the authors classify the possible causality relationships between two series X and Y, using an analogy to events in a sample space, and present some new results on alternative characterizations of the more important causality events.
638 citations
TL;DR: In this paper, the authors examine the effects of bank M&As on small business lending using data on over 6000 recent U.S. bank mergers and find that the static effects of consolidation are mostly offset by the reactions of other banks, and in some cases also by refocusing efforts of the consolidating institutions themselves.
637 citations
Posted Content•
TL;DR: This article examined adverse liquidity shocks on main developed country banking systems and their relationships to emerging markets across Europe, Asia, and Latin America, isolating loan supply from loan demand effects, and found that loan supply in emerging markets was affected significantly through three separate channels: 1) a contraction in direct, cross-border lending by foreign banks; 2) an increase in local lending by local banks' affiliates in emerging market; and 3) an overall contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, crossborder lending
Abstract: Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market economies. We examine adverse liquidity shocks on main developed-country banking systems and their relationships to emerging markets across Europe, Asia, and Latin America, isolating loan supply from loan demand effects. Loan supply in emerging markets across Europe, Asia, and Latin America was affected significantly through three separate channels: 1) a contraction in direct, cross-border lending by foreign banks; 2) a contraction in local lending by foreign banks' affiliates in emerging markets; and 3) a contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, cross-border lending. Policy interventions, such as the Vienna Initiative introduced in Europe, influenced the lending-channel effects on emerging markets of shocks to head-office balance sheets.
636 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 |