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201 posts on "Monetary Policy"
April 17, 2014

Just Released: The 2013 SOMA Annual Report in a Historical Context

Alyssa Cambron, Michael Fleming, Deborah Leonard, Grant Long, and Julie Remache In August 2013, we wrote a series of blog posts on the use of the Federal Reserve’s System Open Market Account (SOMA) portfolio in monetary policy operations. Since the onset of the financial crisis, the Federal Open Market Committee (FOMC) has increased the size […]

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Posted at 12:00 pm in Financial Markets, Monetary Policy | Permalink | Comments (2)
March 5, 2014

Risk Aversion, Global Asset Prices, and Fed Tightening Signals

The global sell-off last May of emerging market equities and currencies of countries with high interest rates (“carry-trade” currencies) has been attributed to changes in the outlook for U.S. monetary policy, since the sell-off took place immediately following Chairman Bernanke’s May 22 comments concerning the future of the Fed’s asset purchase programs.

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Posted at 7:00 am in Euro Area, Exchange Rates, Fed Funds, Financial Markets, International Economics, Monetary Policy | Permalink | Comments (2)
March 3, 2014

How Unconventional Are Large‑Scale Asset Purchases?

The large-scale asset purchases (LSAPs) undertaken by the Fed starting in late November 2008 are widely considered to be a form of “unconventional” monetary policy.

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Posted at 7:00 am in Exchange Rates, Fed Funds, Financial Markets, Monetary Policy | Permalink
December 9, 2013

Who’s Borrowing in the Fed Funds Market?

The federal funds market plays an important role in the implementation of monetary policy.

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Posted at 7:00 am in Fed Funds, Financial Institutions, Financial Markets, Monetary Policy | Permalink | Comments (2)
December 2, 2013

Who’s Lending in the Fed Funds Market?

The federal funds market is important to the framework and implementation of U.S. monetary policy.

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Posted at 7:00 am in Fed Funds, Financial Institutions, Financial Markets, Monetary Policy | Permalink | Comments (2)
November 27, 2013

Has the Fed Stabilized the Price Level?

Marc P. Giannoni and Hannah Herman The Federal Reserve Reform Act of 1977 established the monetary policy objectives of maximum employment, stable prices, and moderate long-term interest rates. The goal of “stable prices” has long been understood to mean a low positive inflation rate. On January 25, 2012, the Federal Open Market Committee (FOMC) explicitly […]

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Posted at 7:00 am in Macroeconomics, Monetary Policy | Permalink | Comments (1)
November 25, 2013

A Way With Words: The Economics of the Fed’s Press Conference

When central bankers speak, traders, journalists, and politicians listen with bated breath.

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Posted at 7:00 am in Exchange Rates, Financial Markets, Monetary Policy | Permalink | Comments (1)
November 13, 2013

On the Design of Monetary and Macroprudential Policies

The financial crisis, recession, and slow recovery have emphasized the interactions between financial markets and the real economy.

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Posted at 7:00 am in Euro Area, Macroeconomics, Monetary Policy, Regulation | Permalink
September 30, 2013

Crisis Chronicles: The “Not So Great” Re‑Coinage of 1696

James Narron and David Skeie In the late 1600s, England operated a bi-metallic monetary system of high-value gold coins and lower-value silver coins. In the early 1690s, however, the market price of silver began to rise at a time when the mint price of gold was higher than the market price. Thus, gold bullion was […]

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Posted at 7:00 am in Crisis, Economic History, Monetary Policy | Permalink
September 9, 2013

Preparing for Takeoff? Professional Forecasters and the June 2013 FOMC Meeting

Following the June 18-19 Federal Open Market
Committee (FOMC) meeting different measures of short-term interest rates
increased notably.

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Posted at 7:00 am in Forecasting, Macroeconomics, Monetary Policy | Permalink
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