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Do productivity growth, budget deficits, and monetary policy actions affect real interest rates? evidence from macroeconomic announcement data

Kliesen, Kevin L.; Schmid, Frank A. - Federal Reserve Bank of St. Louis - 2004

responds positively to surprises in labor productivity growth. However, we do not reject the hypothesis that the real long …

Persistent link: https://www.econbiz.de/10005352806

Money and the natural rate of interest: structural estimates for the United States and the Euro area

Andrés, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2007

We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility … and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for … holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for …

Persistent link: https://www.econbiz.de/10005352963

Monetary policy in a low policy rate environment

Bullard, James - Federal Reserve Bank of St. Louis - 2013

May 23, 2013. Presentation. "Monetary Policy in a Low Policy Rate Environment." OMFIF Golden Series Lecture, London.

Persistent link: https://www.econbiz.de/10010727333

Shadow interest rates and the stance of U.S. monetary policy

Bullard, James - Federal Reserve Bank of St. Louis - 2012

November 8, 2012. Presentation. "Shadow Interest Rates and the Stance of U.S. Monetary Policy." Presented at the Center for Finance and Accounting Research Annual Corporate Finance Conference, Olin Business School, Washington University in St. Louis

Persistent link: https://www.econbiz.de/10010727345

The zero lower bound and the dual mandate

Gavin, William T.; Keen, Benjamin D. - Federal Reserve Bank of St. Louis - 2012

This article uses a DSGE framework to evaluate the role of monetary policy in determining the likelihood of encountering the zero lower bound. We find that the probability of experiencing episodes of being at zero lower bound depends almost exclusively on the monetary policy rule. A policy rule,...

Persistent link: https://www.econbiz.de/10010562442

The large scale asset purchases had large international effects

Neely, Christopher J. - Federal Reserve Bank of St. Louis - 2010

The Federal Reserve's large scale asset purchases (LSAP) of agency debt, MBSs and long-term U.S. Treasuries not only reduced long-term U.S. bond yields also significantly reduced long-term foreign bond yields and the spot value of the dollar. These changes were much too large to have been...

Persistent link: https://www.econbiz.de/10008465672

A new federal funds rate target series: September 27, 1982, - December 31, 1993

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2005

meetings, the FOMC Blue Book, the Report of Open Market Operations and Money Market Conditions, and data that the author …

Persistent link: https://www.econbiz.de/10005352810

Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2005

Despite its important role in macroeconomics and finance, the expectations hypothesis (EH) of the term structure of interest rates has received little empirical support. While the EH*s poor performance has been attributed to a variety of sources, none appear to account for the EH*s poor...

Persistent link: https://www.econbiz.de/10005352812

The daily liquidity effect

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2006

Motivated, on the one hand, by the belief that the Fed controls the short-term rate through open market operations, and on the other, by "the lack of convincing proof that this is what happens," Hamilton (1997) suggested that more convincing evidence of the liquidity effect could be obtained...

Persistent link: https://www.econbiz.de/10005352851

The inflationary effects of the use of reserve ratio reductions, or open market purchases, to reduce market interest rates: a theoretical comparison

Russell, Steven; Espinosa, Marco - Federal Reserve Bank of St. Louis - 1990

Persistent link: https://www.econbiz.de/10005352880