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Insights from revised Form FR2004 into primary dealer securities financing and MBS activity 修订后的FR2004表格对一级交易商证券融资和MBS活动的见解
FEDS Notes Pub Date : 2022-08-01 DOI: 10.17016/2380-7172.3182
Sebastian Infante, Lubomir Petrasek, Zack Saravay, Mary H. Tian
{"title":"Insights from revised Form FR2004 into primary dealer securities financing and MBS activity","authors":"Sebastian Infante, Lubomir Petrasek, Zack Saravay, Mary H. Tian","doi":"10.17016/2380-7172.3182","DOIUrl":"https://doi.org/10.17016/2380-7172.3182","url":null,"abstract":"The Primary Government Securities Dealers Reports (Form FR 2004) collect information at a weekly frequency on daily positions, cumulative transactions, financing, and fails of primary dealers in U.S. government and other fixed-income securities. The reports have been revised as of January 5, 2022 to increase the granularity of reporting. ","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124238400","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: 0
Fit-for-Purpose Payment System Interoperability: A Framework 适合用途的支付系统互操作性:一个框架
FEDS Notes Pub Date : 2022-07-14 DOI: 10.17016/2380-7172.3136
Angel Lawson, Jorge Herrada
{"title":"Fit-for-Purpose Payment System Interoperability: A Framework","authors":"Angel Lawson, Jorge Herrada","doi":"10.17016/2380-7172.3136","DOIUrl":"https://doi.org/10.17016/2380-7172.3136","url":null,"abstract":"Payment systems, and interoperation within and between them, are complicated, making analysis and dialogue among analysts, technologists, and members of the public challenging. Given the emergence of new payment mechanisms, like CBDC and private digital currency, these discussions are increasingly important to identify opportunities and challenges. This paper proposes a four-step framework and provides several tools policy analysts, technologists, and interested members of the public can use to interpret and discuss payment system interoperation. First, we provide an overview of payment system interoperation and why it is important. Next, we describe our four-step framework. Then, we apply the framework by describing the potential results of a hypothetical fit-for-purpose interoperation discussion where both a hypothetical central bank digital currency (CBDC) and stablecoins, a type of private digital currency, could co-exist in a payment system.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134273805","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: 0
Income Declines During COVID-19 COVID-19期间收入下降
FEDS Notes Pub Date : 2022-07-07 DOI: 10.1257/pandp.20221042
Jeff Larrimore, Jacob A. Mortenson, David Splinter
{"title":"Income Declines During COVID-19","authors":"Jeff Larrimore, Jacob A. Mortenson, David Splinter","doi":"10.1257/pandp.20221042","DOIUrl":"https://doi.org/10.1257/pandp.20221042","url":null,"abstract":"The COVID-19 pandemic caused regressive income declines, but also led to progressive policy responses. Using administrative U.S. tax data, which are a near-universal panel dataset that can track income changes over time, we consider the distribution of annual income declines during the COVID-19 pandemic relative to the Great Recession.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"234 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132278099","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: 5
An Analysis of the Interest Rate Risk of the Federal Reserve’s Balance Sheet, Part 1: Background and Historical Perspective 美联储资产负债表利率风险分析(一):背景与历史透视
FEDS Notes Pub Date : 2022-07-01 DOI: 10.17016/2380-7172.3173
A. Anderson, Dave Na, Bernd Schlusche, Zeynep Senyuz
{"title":"An Analysis of the Interest Rate Risk of the Federal Reserve’s Balance Sheet, Part 1: Background and Historical Perspective","authors":"A. Anderson, Dave Na, Bernd Schlusche, Zeynep Senyuz","doi":"10.17016/2380-7172.3173","DOIUrl":"https://doi.org/10.17016/2380-7172.3173","url":null,"abstract":"As part of its implementation of monetary policy, the Federal Reserve (Fed) holds Treasury securities and agency mortgage-backed securities (MBS) in the System Open Market Account (SOMA). The market value of these securities and the Fed's income fluctuate with changes in interest rates. As such, the ongoing increases in policy rates to address inflationary pressures are expected to put downward pressure on the Fed's net income.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128678852","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: 3
An Analysis of the Interest Rate Risk of the Federal Reserve’s Balance Sheet, Part 2: Projections under Alternative Interest Rate Paths 美联储资产负债表的利率风险分析，第二部分:在不同利率路径下的预测
FEDS Notes Pub Date : 2022-07-01 DOI: 10.17016/2380-7172.3174
A. Anderson, Philippa Marks, Dave Na, Bernd Schlusche, Zeynep Senyuz
{"title":"An Analysis of the Interest Rate Risk of the Federal Reserve’s Balance Sheet, Part 2: Projections under Alternative Interest Rate Paths","authors":"A. Anderson, Philippa Marks, Dave Na, Bernd Schlusche, Zeynep Senyuz","doi":"10.17016/2380-7172.3174","DOIUrl":"https://doi.org/10.17016/2380-7172.3174","url":null,"abstract":"As discussed in the first note of this two-note series, net income of the Federal Reserve (Fed) and its remittances to the U.S. Treasury along with the unrealized gain or loss position of the System Open Market Account (SOMA) portfolio are affected by fluctuations in interest rates. The need for the Fed to increase the policy rate expeditiously to address the inflationary pressures is projected to result in the Fed's net income turning negative temporarily.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134040917","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: 3
Fiscal policy and excess inflation during Covid-19: a cross-country view 2019冠状病毒病期间的财政政策与过度通胀:一个跨国视角
FEDS Notes Pub Date : 2022-07-01 DOI: 10.17016/2380-7172.3083
François de Soyres, Ana Maria Santacreu, Henry Young
{"title":"Fiscal policy and excess inflation during Covid-19: a cross-country view","authors":"François de Soyres, Ana Maria Santacreu, Henry Young","doi":"10.17016/2380-7172.3083","DOIUrl":"https://doi.org/10.17016/2380-7172.3083","url":null,"abstract":"The recent surge in inflation in many countries around the world and the fiscal stimulus provided in the face of the COVID-19 pandemic has renewed interest in analyzing the potential role of large fiscal spending as a driver of price increases. In this note, we examine how fiscal support impacted the balance between supply and demand across countries during the COVID-19 crisis. ","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"13 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126025220","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: 16
The Fed’s Inaugural Conference on the International Roles of the U.S. Dollar 美联储关于美元国际角色的首次会议
FEDS Notes Pub Date : 2022-07-01 DOI: 10.17016/2380-7172.3169
Ricardo Correa, L. Goldberg, R. Lerman, Bo Sun
{"title":"The Fed’s Inaugural Conference on the International Roles of the U.S. Dollar","authors":"Ricardo Correa, L. Goldberg, R. Lerman, Bo Sun","doi":"10.17016/2380-7172.3169","DOIUrl":"https://doi.org/10.17016/2380-7172.3169","url":null,"abstract":"The U.S. dollar has played a preeminent role in the global economy since the second World War. It is used as a reserve currency and the currency of denomination for a large fraction of global trade and financial transactions. ","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129338459","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: 0
Decomposing Changes in Higher Education Return on Investment Over Time 高等教育投资回报率随时间变化的分解
FEDS Notes Pub Date : 2022-07-01 DOI: 10.17016/2380-7172.3155
Douglas A. Webber
{"title":"Decomposing Changes in Higher Education Return on Investment Over Time","authors":"Douglas A. Webber","doi":"10.17016/2380-7172.3155","DOIUrl":"https://doi.org/10.17016/2380-7172.3155","url":null,"abstract":"The economic returns to attending college are a crucial aspect of discussions surrounding student debt and rising tuition. As higher quality data on student outcomes has become available, studies have attempted to quantify the financial value of a college degree across different dimensions and contexts (Webber, 2014; Webber, 2016; Itzkowitz, 2021; Cooper, 2021; Miller and Akabas, 2022).","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128983856","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: 0
Economic Resilience in the COVID-19 Pandemic 2019冠状病毒病大流行期间的经济韧性
FEDS Notes Pub Date : 2022-07-01 DOI: 10.17016/2380-7172.3060
Emily Highkin, Eva Van Leemput
{"title":"Economic Resilience in the COVID-19 Pandemic","authors":"Emily Highkin, Eva Van Leemput","doi":"10.17016/2380-7172.3060","DOIUrl":"https://doi.org/10.17016/2380-7172.3060","url":null,"abstract":"The global spread of COVID-19 virus in early 2020, and the measures taken to contain it pushed the global economy into a deep contraction. As illustrated in Figure 1, global GDP fell 10.5 percent below its pre-pandemic level in the second quarter of 2020.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126641067","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: 0
Unemployment Insurance in Survey and Administrative Data 失业保险的调查和管理数据
FEDS Notes Pub Date : 2022-07-01 DOI: 10.17016/2380-7172.3135
Jeff Larrimore, Jacob A. Mortenson, David Splinter
{"title":"Unemployment Insurance in Survey and Administrative Data","authors":"Jeff Larrimore, Jacob A. Mortenson, David Splinter","doi":"10.17016/2380-7172.3135","DOIUrl":"https://doi.org/10.17016/2380-7172.3135","url":null,"abstract":"Unemployment Insurance (UI) benefits were a central part of the social safety net during the Covid-19 recession. UI benefits, however, are severely understated in surveys. Using administrative tax data, we find that over half of UI benefits were missed in major survey data, with a greater understatement among low-income workers. As a result, 2020 official poverty rates were overstated by about 2 percentage points, and corrected poverty reached a six-decade low. We provide data to correct underreporting in surveys and show that, compared to UI benefits, the UI exclusion tax expenditure was less targeted at low incomes.","PeriodicalId":411218,"journal":{"name":"FEDS Notes","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129179178","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: 5
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