Working paper (Federal Reserve Bank of Cleveland)最新文献_第8页

Macroprudential Policy: Results from a Tabletop Exercise 宏观审慎政策:桌面练习的结果

Working paper (Federal Reserve Bank of Cleveland) Pub Date : 2019-05-21 DOI: 10.26509/FRBC-WP-201911

Denise Duffy, Joseph G. Haubrich, A. Kovner, A. Musatov, E. Prescott, R. Rosen, Thomas D. Tallarini, Alexandros P. Vardoulakis, E. Yang, A. Zlate

{"title":"Macroprudential Policy: Results from a Tabletop Exercise","authors":"Denise Duffy, Joseph G. Haubrich, A. Kovner, A. Musatov, E. Prescott, R. Rosen, Thomas D. Tallarini, Alexandros P. Vardoulakis, E. Yang, A. Zlate","doi":"10.26509/FRBC-WP-201911","DOIUrl":"https://doi.org/10.26509/FRBC-WP-201911","url":null,"abstract":"This paper presents a tabletop exercise designed to analyze macroprudential policy. Several senior Federal Reserve officials were presented with a hypothetical economy as of 2020:Q2 in which commercial real estate and nonfinancial debt valuations were very high. After analyzing the economy and discussing the use of monetary and macroprudential policy tools, participants were then presented with a hypothetical negative shock to commercial real estate valuations that occurred in the second half of 2020. Participants then discussed the use of the tools during an incipient downturn. Some of the findings of the exercise were that during an asset boom, there were limits to the effectiveness of US macroprudential tools in controlling narrow risks and that changes to the fed funds rate may not always simultaneously meet macroeconomic and financial stability goals. Some other findings were that during a downturn, it would be desirable to use high-frequency indicators for deciding when to release the countercyclical capital buffer (CCyB) and that tensions exist between microprudential and macroprudential goals when using the CCyB and the stress test.","PeriodicalId":141449,"journal":{"name":"Working paper (Federal Reserve Bank of Cleveland)","volume":"216 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128880949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Variation in the Phillips Curve Relation Across Three Phases of the Business Cycle 菲利普斯曲线关系在经济周期三个阶段的变化

Working paper (Federal Reserve Bank of Cleveland) Pub Date : 2019-05-03 DOI: 10.26509/FRBC-WP-201909

Richard Ashley, Randal J. Verbrugge

引用次数: 6

Can Landlords Be Paid to Stop Avoiding Voucher Tenants? 房东可以得到报酬，不再回避代金券租户吗?

Working paper (Federal Reserve Bank of Cleveland) Pub Date : 2019-01-18 DOI: 10.26509/FRBC-WP-201902

Dionissi Aliprantis, Hal Martin, D. Phillips

引用次数: 3

All Fluctuations Are Not Created Equal: The Differential Roles of Transitory versus Persistent Changes in Driving Historical Monetary Policy 并非所有波动都是平等的:短期与持续变化在推动历史货币政策中的不同作用

Working paper (Federal Reserve Bank of Cleveland) Pub Date : 2018-10-12 DOI: 10.26509/FRBC-WP-201814

Richard Ashley, K. Tsang, Randal J. Verbrugge

{"title":"All Fluctuations Are Not Created Equal: The Differential Roles of Transitory versus Persistent Changes in Driving Historical Monetary Policy","authors":"Richard Ashley, K. Tsang, Randal J. Verbrugge","doi":"10.26509/FRBC-WP-201814","DOIUrl":"https://doi.org/10.26509/FRBC-WP-201814","url":null,"abstract":"The historical analysis of FOMC behavior using estimated simple policy rules requires the specification of either an estimated natural rate of unemployment or an output gap. But in the 1970s, neither output gap nor natural rate estimates appear to guide FOMC deliberations. This paper uses the data to identify the particular implicit unemployment rate gap (if any) that is consistent with FOMC behavior. While its ability appears to have improved over time, our results indicate that, both before the Volcker period and through the Bernanke period, the FOMC distinguished persistent movements in the unemployment rate from other movements; implicitly such movements were treated as an intermediate target, one that departs substantially from conventional estimates of the natural rate. We further investigate historical FOMC responses to inflation fluctuations. In this regard, FOMC behavior changed in the Volcker-Greenspan-Bernanke period: its response to the inflation rate became much stronger, and it focused more intensely on very persistent movements in this variable. Our results shed light on the ?Great Inflation? experience of the 1970s, and are consistent with the view that political pressures effectively limited the FOMC response to the buildup of inflation. They also suggest new directions for DSGE modeling.","PeriodicalId":141449,"journal":{"name":"Working paper (Federal Reserve Bank of Cleveland)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124177721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Can Wealth Explain Neighborhood Sorting by Race and Income? 财富能解释种族和收入的邻里排序吗?

Working paper (Federal Reserve Bank of Cleveland) Pub Date : 2018-06-13 DOI: 10.26509/FRBC-WP-201808

Dionissi Aliprantis, Daniel R. Carroll, Eric R. Young

引用次数: 8