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Institution

Federal Reserve System

OtherWashington 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.


Papers
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ReportDOI
TL;DR: In this paper, the authors show that large technology shocks are needed to produce realistic business cycles, while Solow residuals are sufficiently volatile, these imply frequent technological regress, suggesting the imminent demise of real business cycles.
Abstract: The Real Business Cycle (RBC) research program has grown spectacularly over the last decade, as its concepts and methods have diffused into mainstream macroeconomics. Yet, there is increasing skepticism that technology shocks are a major source of business fluctuations. This chapter exposits the basic RBC model and shows that it requires large technology shocks to produce realistic business cycles. While Solow residuals are sufficiently volatile, these imply frequent technological regress. Productivity studies permitting unobserved factor variation find much smaller technology shocks, suggesting the imminent demise of real business cycles. However, we show that greater factor variation also dramatically amplifies shocks: a RBC model with varying capital utilization yields realistic business cycles from small, nonnegative changes in technology.

1,255 citations

Journal ArticleDOI
TL;DR: In this article, a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation is proposed, and a review of the extant research literature within the context of this framework is provided.
Abstract: This article designs a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation, reviews the extant research literature within the context of this framework (over 250 references), and suggests fruitful avenues for future research. The evidence is consistent with increases in market power from some types of consolidation; improvements in profit eAciency and diversification of risks, but little or no cost eAciency improvement on average; relatively little eAect on the availability of services to small customers; potential improvements in payments system eAciency; and potential costs on the financial system from increases in systemic risk or expansion of the financial safety net. ” 1999 Elsevier Science B.V. All rights reserved.

1,249 citations

Posted Content
TL;DR: In this article, an analysis of the quantitative effects of agency costs in a real business cycle model is presented, showing that these costs can explain why output growth displays positive autocorrelation at short horizons.
Abstract: An analysis of the quantitative effects of agency costs in a real business cycle model, showing that these costs can explain why output growth displays positive autocorrelation at short horizons.

1,221 citations

Journal ArticleDOI
TL;DR: In this paper, the authors describe the key features of the new synthesis and its implications for the role of monetary policy and find that the New Neoclassical Synthesis rationalizes an activist monetary policy which is a simply system of inflation targets.
Abstract: Macroeconomics is moving toward a New Neoclassical Synthesis, which like the synthesis of the 1960s melds Classical with Keynesian ideas. This paper describes the key features of the new synthesis and its implications for the role of monetary policy. We find that the New Neoclassical Synthesis rationalizes an activist monetary policy which is a simply system of inflation targets. Under this "neutral" monetary policy, real quantities evolve as suggested in the literature on real business cycles. Going beyond broad principles, we use the new synthesis to address several operational aspects of inflation targeting. These include its practicality, the response to oil shocks, the choice of price index, the design of a mandate, and the tactics of interest rate policy.

1,211 citations

Posted Content
TL;DR: In this paper, the implications of asset price volatility for the management of monetary policy are explored and it is shown that it is desirable for central banks to focus on underlying inflationary pressures.
Abstract: We explore the implications of asset price volatility for the management of monetary policy. We show that it is desirable for central banks to focus on underlying inflationary pressures. Asset prices become relevant only to the extent they may signal potential inflationary or deflationary forces. Rules that directly target asset prices appear to have undesirable side effects. We base our conclusions on (i) simulation of different policy rules in a small scale macro model and (ii) a comparative analysis of recent U.S. and Japanese monetary policy.

1,148 citations


Authors

Showing all 2412 results

NameH-indexPapersCitations
Ross Levine122398108067
Francis X. Diebold11036874723
Kenneth Rogoff10739075971
Allen N. Berger10638265596
Frederic S. Mishkin10037234898
Thomas J. Sargent9637039224
Ben S. Bernanke9644676378
Stijn Claessens9646242743
Andrew K. Rose8837442605
Martin Eichenbaum8723437611
Lawrence J. Christiano8525337734
Jie Yang7853220004
James P. Smith7837223013
Glenn D. Rudebusch7322622035
Edward C. Prescott7223555508
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202317
202247
2021303
2020448
2019356
2018316