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
More filters
TL;DR: In this paper, an algorithm for calculating second order approximations to the solutions to nonlinear stochastic rational expectations models is described, with conditions for local validity of the approximation that allow for disturbance distributions with unbounded support and allow for non-stationarity of the solution process.
384 citations
TL;DR: In this article, the authors rigorously derive a unique user cost formula for a price for monetary asset services, which is consistent with Donovan's (1977) formula, and prove its correctness.
382 citations
TL;DR: In this paper, the response of asset prices to changes in monetary policy can be identified based on the increase in the variance of policy shocks that occurs on days of FOMC meetings and of the Chairman's semi-annual monetary policy testimony to Congress.
380 citations
TL;DR: In this paper, a legislative bargaining model with endogenous grants is proposed to measure the flypaper effect, a nonequivalence between grant receipts and private income, and the model motivates instruments based on the political power of state congressional delegations.
Abstract: Contrary to simple theoretical predictions, existing evidence suggests that federal grants do not crowd out state government spending. A legislative bargaining model with endogenous grants documents a positive correlation between grant receipts and preferences for public goods; this correlation has likely biased existing work against measuring crowd-out. To correct for such endogeneity, the model motivates instruments based on the political power of state congressional delegations. Exploiting this exogenous variation in grants, the instrumental variables estimator reports crowd-out that is statistically and economically significant. This endogeneity may explain the flypaper effect, a nonequivalence between grant receipts and private income. (JEL D70, H40, H77)
379 citations
TL;DR: This paper showed that the dismal economic outcomes of the Great Inflation may have resulted from an unfortunate pursuit of activist policies in the face of bad measurement, specifically, overoptimistic assessments of the output gap associated with the productivity slowdown of the late 1960s and early 1970s.
377 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 |