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 examined a large data set of Mexican consumer prices covering episodes of both low and high inflation and found that both the frequency and average magnitude of price changes are important determinants of inflation.
Abstract: This paper provides new insight into the relationship between inflation and the setting of individual prices by examining a large data set of Mexican consumer prices covering episodes of both low and high inflation. When the annual rate of inflation is low (below 10%–15%), the frequency of price changes comoves weakly with inflation because movements in the frequency of price decreases and increases partly offset each other. In contrast, the average magnitude of price changes correlates strongly with inflation because it is sensitive to movements in the relative shares of price increases and decreases. When inflation rises beyond 10%–15%, few price decreases are observed and both the frequency and average magnitude are important determinants of inflation. I show that a menu-cost model with idiosyncratic technology shocks predicts the average frequency and magnitude of price changes well over a range of inflation similar to that experienced by Mexico.
288 citations
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TL;DR: In this paper, the authors evaluate the cost implications of breaking up the largest banks into banks of smaller size and show that these economies are not driven by too-big-to-fail considerations.
Abstract: Earlier studies found little evidence of scale economies at large banks; later studies using data from the 1990s uncovered such evidence, providing a rationale for very large banks seen worldwide. Using more recent data, we estimate scale economies using two production models. The standard risk-neutral model finds little evidence of scale economies. The model using more general risk preferences and endogenous risk-taking finds large scale economies. We show that these economies are not driven by too-big-to-fail considerations. We evaluate the cost implications of breaking up the largest banks into banks of smaller size.
288 citations
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TL;DR: In this article, the authors provide comparable estimates for the rates of in-ow to and out-of-work from unemployment for fourteen OECD economies using publicly available data and devise a method to decompose changes in unemployment into contributions accounted for by changes in in −ow and out −ow rates for cases where unemployment deviates from its steady state, as it does in many countries.
Abstract: We provide a set of comparable estimates for the rates of in‡ow to and out‡ow from unemployment for fourteen OECD economies using publicly available data. We then devise a method to decompose changes in unemployment into contributions accounted for by changes in in‡ow and out‡ow rates for cases where unemployment deviates from its ‡ow steady state, as it does in many countries. Our decomposition reveals that ‡uctuations in both in‡ow and out‡ow rates contribute substantially to unemployment variation within countries. For Anglo-Saxon economies we …nd approximately a 20:80 in‡ow/out‡ow split to unemployment variation, while for Continental European and Nordic countries, we observe much closer to a 50:50 split. Using the estimated ‡ow rates we compute gross worker ‡ows into and out of unemployment. In all economies we observe that increases in in‡ows lead increases in unemployment, whereas out‡ows lag a ramp up in unemployment.
287 citations
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TL;DR: In this paper, the authors describe the internal credit risk rating systems presently in use at the 50 largest US banking organizations and use the diversity of current practice to illuminate the relationships between uses of ratings, different options for rating system design, and the effectiveness of internal rating systems.
Abstract: Internal credit risk rating systems are becoming an increasingly important element of large commercial banks’ measurement and management of the credit risk of both individual exposures and portfolios. This article describes the internal rating systems presently in use at the 50 largest US banking organizations. We use the diversity of current practice to illuminate the relationships between uses of ratings, different options for rating system design, and the effectiveness of internal rating systems. Growing stresses on rating systems make an understanding of such relationships important for both banks and regulators.
285 citations
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TL;DR: In this article, the authors examined the effects of endogenously determined oil price fluctuations in a two-country DSGE model and found that an oil market-specific shock that boosts the oil price results in a wealth transfer toward oil exporters, depresses the oil importer's consumption, and causes the real exchange rate to depreciate.
285 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 |