Tag Archives: Monetary Policy

Impact of the Fed’s Unconventional Monetary Policies

Important evidence on an important topic from my friend Gabe Chodorow-Reich: Unconventional monetary policy affects financial institutions through their expo- sure to real project risk, the value of their legacy assets, their temptation to reach for yield, and their choice … Continue reading

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Monetary Policy and Long-Term Real Rates

From Sam Hanson and Jeremy Stein: Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis-point increase in the 2-year nominal yield on an FOMC announcement day is associated with a 42 … Continue reading

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Delong on Why Obama should pick Summers to lead the Fed

From Brad Delong: After eight years as chair of the US Federal Reserve, Ben Bernanke is stepping down. Fairly soon, President Barack Obama will need to choose a successor – a decision that will be among the most important that he will ever … Continue reading

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A Century of U.S. Central Banking: Goals, Frameworks, Accountability

From Ben Bernanke: I’d like to thank the National Bureau of Economic Research for organizing this conference in recognition of the Federal Reserve’s centennial, and I’m glad to have the opportunity to participate. In keeping with the spirit of the … Continue reading

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Learning from Inflation Experiences

From Ulrike Malmendier and Stefan Nagel: How do individuals form expectations about future inflation? We propose that personal experiences play an important role. Individuals adapt their forecasts to new data but overweight inflation realized during their lifetimes. Young individuals update their expectations … Continue reading

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Jeremy Stein on Monetary Policy and “Substantial Progress”

From Jeremy Stein: I view Chairman Bernanke’s remarks at his press conference–in which he suggested that if the economy progresses generally as we anticipate then the asset purchase program might be expected to wrap up when unemployment falls to the … Continue reading

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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

From Maury Obstfeld: Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for … Continue reading

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