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Category Archives: Federal Reserve
“Policy Challenges in a Diverging Global Economy”
That’s the title of the volume of proceedings of the 2015 Asia Economic Policy Conference, edited Reuven Glick and Mark M. Spiegel.
Fed tightening cycles
Last December the Fed began what it thought at the time was a new cycle of tightening. Fed Chair Janet Yellen’s statements last week suggest the Fed still sees this plan as underway. A comparison with historical tightening cycles sheds some light on why so far the Fed hasn’t followed through.
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Too systemic to fail
Bryan Kelly at the University of Chicago, Hanno Lustig at Stanford and Stijn van Nieuwerburgh at NYU had an interesting paper in the June issue of American Economic Review that used option prices to measure the magnitude of the implicit U.S. government guarantee of the financial sector during 2007-2009.
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Recession Watch, August 2016
The implications of the tradables sector, the dollar, and Fed policy.
Helicopter money
Despite aggressive actions by central banks, many of the world’s economies are still stagnating and facing new shocks, leading to renewed calls for helicopter money as a serious policy prescription for countries like Japan and the U.K.. And, if things go badly, maybe the United States?
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Markets post-Brexit
U.S. stock prices fell more than 5% in the two-day aftermath of the British vote to leave the European Union. But equities have since regained those losses and are back near all-time highs.
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Guest Contribution: “The Effects of Unconventional and Conventional U.S. Monetary Policy: The Role of Expected Inflation”
Today we are pleased to present a guest contribution by Yi Zhang, Ph.D. candidate at the University of Wisconsin-Madison. This post draws upon this paper.
More on Uncertainty in Open Economy Macro
In my last post, I noted a conference on uncertainty in macroeconomics. Here are two papers of particular interest to me.
“Spillovers of Conventional and Unconventional Monetary Policy”
That was a title of a conference last summer held by the Swiss National Bank, and noted in this post. Mark A. Wynne and Julieta Yung discuss the conference proceedings.