Federal Reserve System

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.

Modeling The persistence Of Conditional Variances: A Comment

Abstract: (1986). Modeling The persistence Of Conditional Variances: A Comment. Econometric Reviews: Vol. 5, No. 1, pp. 51-56.

Is Growth Exogenous? Taking Mankiw, Romer and Weil Seriously

Abstract: Is long-run economic growth exogenous? To address this question, we show that the empirical framework of Mankiw, Romer, and Weil (1992) can be extended to test any growth model that admits a balanced growth path; and we use that framework both to revisit variants of the Solow growth model and to evaluate simple alternative models of endogenous growth. To allow for the possibility that economies in our sample are not on their balanced growth paths, we also study the cross-sectional behavior of TFP growth, which we estimate using alternative measures of labor's share. Our broad conclusion, based on both model estimation and growth accounting, is that long-run growth is significantly correlated with behavioral variables such as the savings rate, and that this correlation is not easily explained by models in which growth is treated as the exogenous variable. Hence, future empirical studies should focus on models that exhibit endogenous growth.

A Quarterly, Utilization-Adjusted Series on Total Factor Productivity

Abstract: This paper describes a real-time, quarterly growth-accounting database for the U.S. business sector. The data on inputs, including capital, are used to produce a quarterly series on total factor productivity (TFP). In addition, the dataset implements an adjustment for variations in factor utilization—labor effort and the workweek of capital. The utilization adjustment follows Basu, Fernald, and Kimball (BFK, 2006) as updated in Basu, Fernald, Fisher, and Kimball (BFFK, 2013). Using relative prices and input-output information, the series are also decomposed into separate TFP and utilization-adjusted TFP series for equipment investment (including consumer durables) and "consumption" (defined as business output less equipment and consumer durables).

The Effect of Changes in the Federal Funds Rate Target on Market Interest Rates in the 1970s

Abstract: The standard empirical test of whether the Federal Reserve can influence interest rates is to regress interest rates on current and past (actual or unexpected) values of money growth This literature generally finds little support for the view that the Fed can influence interest rates, except perhaps through the positive impact on inflation expectations of increases in money growth Based on an exhaustive survey of the empirical studies on the impact of money growth on short-term interest rates, Reichenstein concludes that "the Fed appears to have little control over month-to-month changes in [short-term] interest rates"