Central Bank Solvency and Inflation
Marco Del Negro and Christopher A. Sims The monetary base in the United States, defined as currency plus bank reserves, grew from about $800 billion in 2008 to $2 trillion in 2012, and to roughly $4 trillion at the end of 2014 (see chart below). Some commentators have viewed this increase in the monetary base […]
Choosing the Right Policy in Real Time (Why That’s Not Easy)
Marco Del Negro, Raiden B. Hasegawa, and Frank Schorfheide Second in a two-part series As an economist, you make policy recommendations at any point in time that depend on what model of the economy you have in mind and on your assessment of the state of the economy. One can see these points play out […]
Combining Models for Forecasting and Policy Analysis
Model uncertainty is pervasive. Economists, bloggers, policymakers all have different views of how the world works and what economic policies would make it better.
Euro Area Inflation Expectations–Anchors Away?
Euro area inflation expectations have been falling at both short- >and long-term horizons, with the latter development suggesting the current low inflation environment is perceived as likely to persist.
The 2005 Bankruptcy Reform and the Foreclosure Crisis
Our previous post showed that the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was associated with a sizable rise in foreclosure, in addition to a decline in bankruptcy filings and a rise in insolvency.
What Does Disagreement Tell Us about Uncertainty?
Uncertainty is of considerable interest for understanding the behavior of individuals as well as the movements in key macroeconomic and financial variables.
Data Insight: Which Growth Rate? It’s a Weighty Subject
The growth rate in real gross domestic product (GDP) is a conventional indicator of the economy’s health.
At the N.Y. Fed: Macroeconomic Policy Mix in the Transatlantic Economy
The reasons why the macroeconomic policy mix has been different on the two sides of the Atlantic in recent years remain a hotly debated issue.
Demographic Trends and Growth in Japan and the United States
Japan’s population is shrinking and getting older, with the population falling at a 0.2 percent rate this year, and the working-age population (ages 16 to 64), falling at a much faster rate of almost 1.5 percent.
Do Unemployment Benefits Expirations Help Explain the Surge in Job Openings?
Job openings are arguably one of the most important indicators of recovery in the labor market, as they reflect employers’ willingness to hire.
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