64 posts on "Exchange Rates"
August 8, 2012
The European Debt Crisis and the Dollar Funding Gap
Against the backdrop of the ongoing debt crisis in Europe, the difficulties faced by European banks in borrowing U.S. dollars have attracted increased attention.
Posted at 7:00 am in Banks, Exchange Rates, Fed Funds, International Economics, Liquidity | Permalink | Comments (2)
May 16, 2012
The Private Premium in Public Bonds?
In a 2012 New York Fed study, Chenyang Wei and I find that interest rate spreads on publicly traded bonds issued by companies with privately traded equity are about 31 basis points higher on average than spreads on bonds issued by companies with publicly traded equity, even after controlling for risk and other factors.
April 9, 2012
Innovations in Treasury Debt Instruments
On January 31, 2012, the Treasury Borrowing Advisory Committee advised the Secretary of the Treasury that it unanimously supported the issuance of floating-rate notes by the U.S. Treasury.
February 3, 2012
Historical Echoes: When Pigskins Fly – the Super Bowl and Other “Predictors”
More than three decades ago, Robert Stovall, a money manager, championed a theory put forth by a sports columnist.
January 4, 2012
Forecasting with Internet Search Data
Most economic data are released with a lag, sometimes quite a substantial one. Since the advent of regularly scheduled releases of economic data in the 1930s, a key challenge for economists has been to identify indicators that provide timely information about the release before it comes out—effectively, that “now-cast” its content.
Posted at 7:00 am in Exchange Rates, Forecasting, Housing, Regional Analysis, Unemployment | Permalink | Comments (4)
October 17, 2011
Back to the Future: Revisiting the European Crisis
Recent financial developments are calling into question the future of regional economic integration.
Posted at 10:00 am in Crisis, Economic History, Exchange Rates, Exports, International Economics | Permalink
October 3, 2011
What If the U.S. Dollar’s Global Role Changed?
It isn’t surprising that the dollar is always in the news, given the prominence of the United States in the global economy and how often the dollar is used in transactions around the world (as discussed in a 2010 Current Issues article).
September 26, 2011
An Examination of U.S. Dollar Declines
Although the dollar strengthened somewhat recently, its level relative to the currencies of the United States’ main trading partners is nonetheless 11 percent lower than it was at the start of 2009.
September 7, 2011
Consumer Goods from China Are Getting More Expensive
We find that, in a sharp reversal of earlier trends, U.S. import prices for consumer goods shipped from China have been rising rapidly in recent quarters—by 7 percent between 2010:Q2 and 2011:Q1.
August 17, 2011
Tax Buyouts: Raising Government Revenues without Increasing Labor Tax Distortions
At a time of increasing fiscal pressures both here and abroad, it seems important to consider ways of raising government revenues without discouraging people from working. This post describes a revenue raising plan—a tax “buyout”—that does just that. The buyout would give you, the taxpayer, the option each year of paying a lump sum to the government in exchange for a given reduction in your marginal tax rate that year. In effect, you would use the lump sum payment to buy yourself a lower marginal tax rate, which would in turn give you more incentive to work. The buyout would be risk free: you wouldn’t have to decide whether to take the buyout until after you know your labor income. Why would this be good for you? If you choose to take it, you end up paying less taxes. If you don’t take it, you are just as well off as before. Why is this good for society? The lower marginal tax rate induces you to work more, so that some of the distortionary effects of taxation would disappear. Furthermore, your participation would be voluntary, so the buyout should be politically palatable.
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