FEDS NotesPub Date : 2023-06-01DOI: 10.17016/2380-7172.3327
Martin Bodenstein, Pablo Cuba-Borda, A. Queraltó
{"title":"The Transmission of Global Risk","authors":"Martin Bodenstein, Pablo Cuba-Borda, A. Queraltó","doi":"10.17016/2380-7172.3327","DOIUrl":"https://doi.org/10.17016/2380-7172.3327","url":null,"abstract":"Turmoil in the banking sector in the U.S. and Europe in early 2023 brought jitters to financial markets and increased concerns about a global risk-off event. Risk-off episodes—periods of increased global risk aversion—are characterized by sharp increases in credit spreads, high volatility in equity markets, and appreciation of reserve currencies.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124709083","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}
FEDS NotesPub Date : 2023-06-01DOI: 10.17016/2380-7172.3344
A. Chaboud, Ricardo Correa, P. Douglass, L. Goldberg, Juan M. Londoño, F. Ravazzolo
{"title":"2nd Annual International Roles of the U.S. Dollar Conference","authors":"A. Chaboud, Ricardo Correa, P. Douglass, L. Goldberg, Juan M. Londoño, F. Ravazzolo","doi":"10.17016/2380-7172.3344","DOIUrl":"https://doi.org/10.17016/2380-7172.3344","url":null,"abstract":"The U.S. dollar plays a central role in the global economy. In addition to being the most widely used currency in foreign exchange transactions, it represents the largest share in official reserves, international debt securities and loans, cross-border payments, and trade invoicing.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124211118","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}
FEDS NotesPub Date : 2023-06-01DOI: 10.17016/2380-7172.3281
Andrea Ajello, Michele Cavallo, G. Favara, William B. Peterman, John Schindler, N. Sinha
{"title":"A New Index to Measure U.S. Financial Conditions","authors":"Andrea Ajello, Michele Cavallo, G. Favara, William B. Peterman, John Schindler, N. Sinha","doi":"10.17016/2380-7172.3281","DOIUrl":"https://doi.org/10.17016/2380-7172.3281","url":null,"abstract":"This note proposes a new index that can be used to gauge broad financial conditions and assess how these conditions are related to future economic growth. The index is broadly consistent with how the FRB/US model generally relates key financial variables to economic activity.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123699600","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}
FEDS NotesPub Date : 2023-06-01DOI: 10.17016/2380-7172.3326
F. D. Soyres, D. Moore, Julio L. Ortiz
{"title":"Accumulated Savings During the Pandemic: An International Comparison with Historical Perspective","authors":"F. D. Soyres, D. Moore, Julio L. Ortiz","doi":"10.17016/2380-7172.3326","DOIUrl":"https://doi.org/10.17016/2380-7172.3326","url":null,"abstract":"The COVID-19 pandemic gave rise to unprecedented global economic conditions. Due to a mix of government-imposed restrictions and voluntary personal decisions, mobility levels collapsed in March 2020 and subsequently closely tracked the successive waves of the pandemic.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117194610","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}
FEDS NotesPub Date : 2023-06-01DOI: 10.17016/2380-7172.3330
A. Rahman, Missaka Warusawitharana
{"title":"Impact of Leverage Ratio Relief Announcement and Expiry on Bank Stock Prices","authors":"A. Rahman, Missaka Warusawitharana","doi":"10.17016/2380-7172.3330","DOIUrl":"https://doi.org/10.17016/2380-7172.3330","url":null,"abstract":"The onset of the Covid-19 pandemic in early 2020 drastically increased uncertainty throughout the economy. This led to turmoil in various financial markets, evidenced by the Dow Jones Industrial Average in March 2020 posting its largest single-day drop since the 2008 global financial crisis.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127107034","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}
FEDS NotesPub Date : 2023-05-01DOI: 10.17016/2380-7172.3287
E. Crawley, William Gamber
{"title":"Winners and losers from recent asset price changes","authors":"E. Crawley, William Gamber","doi":"10.17016/2380-7172.3287","DOIUrl":"https://doi.org/10.17016/2380-7172.3287","url":null,"abstract":"Asset prices and interest rates have changed dramatically and unexpectedly over the last two years as the Federal Reserve has raised its policy rate to combat higher inflation. In this note, we clarify the redistributive effects of these asset price changes in terms of welfare, which contrast sharply with those of wealth. Figure 1 depicts changes in the paths of six macroeconomic aggregates in the February 2023 CBO projection relative to their paths in the July 2021 projection.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130566589","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}
FEDS NotesPub Date : 2023-05-01DOI: 10.17016/2380-7172.3317
F. D. Soyres, Alexandre Gaillard, Henry Young
{"title":"Real GDP and Productivity Measurement: What Do Macro Data Capture?","authors":"F. D. Soyres, Alexandre Gaillard, Henry Young","doi":"10.17016/2380-7172.3317","DOIUrl":"https://doi.org/10.17016/2380-7172.3317","url":null,"abstract":"Since the publication of their 2021 \"Blue Book\", the UK's Office for National Statistics started to measure real GDP in the national accounts using double deflation. This methodological update follows the premise that \"double deflation is internationally accepted as the best approach to producing volume estimates of industry Gross Value Added\".","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116594825","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}
FEDS NotesPub Date : 2023-05-01DOI: 10.17016/2380-7172.3254
Matthew Darst, Mary Zhang
{"title":"Private Firm Repayment Vulnerabilities and Adverse Economic Conditions","authors":"Matthew Darst, Mary Zhang","doi":"10.17016/2380-7172.3254","DOIUrl":"https://doi.org/10.17016/2380-7172.3254","url":null,"abstract":"This note extends to private firms an analysis of the impact of macroeconomic conditions on corporate interest coverage ratios (ICRs), a measure of repayment risk developed by McCoy et al. (2020). Our analysis is complimentary. We utilize unique data on private-firm balance sheets obtained through the Federal Reserve's Comprehensive Capital Analysis and Review (CCAR) process and evaluate the impact of updated and new macroeconomic projections on the distribution and path of corporate interest coverage ratios.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124500170","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}
FEDS NotesPub Date : 2023-04-01DOI: 10.17016/2380-7172.3292
Zofsha Merchant, Erin Troland
{"title":"Did the Pandemic Change Who Became Behind on Rent? Characteristics of Renters Behind on Rent Before and After the Pandemic Onset","authors":"Zofsha Merchant, Erin Troland","doi":"10.17016/2380-7172.3292","DOIUrl":"https://doi.org/10.17016/2380-7172.3292","url":null,"abstract":"As millions lost their jobs at the start of the COVID pandemic, many Americans risked missing their rent payments. Policymakers responded to the pandemic with hundreds of billions of dollars in government assistance and restrictions on evictions.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"51 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114110561","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}
FEDS NotesPub Date : 2023-03-01DOI: 10.17016/2380-7172.3283
Eirik Brandsaas, Daniel Garcia, Joseph B. Nichols, Kyra Sadovi
{"title":"Nonresidential construction spending is likely not as weak as it seems","authors":"Eirik Brandsaas, Daniel Garcia, Joseph B. Nichols, Kyra Sadovi","doi":"10.17016/2380-7172.3283","DOIUrl":"https://doi.org/10.17016/2380-7172.3283","url":null,"abstract":"Unlike any other major component of GDP, private investment in nonresidential structures excluding drilling and mining (henceforth \"NRS\") has steadily declined since the start of 2020. Figure 1 shows the evolution of GDP as well as the main components of private domestic final demand since 2019.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116638974","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}