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Federal Reserve Bank of Dallas
(31 results)-
White Papers
Limited Asset Market Participation And The Consumption-Real Exchange Rate Anomaly
January 1, 2010, 12:00am PST
Under efficient consumption risk sharing, as assumed in standard international business cycle models, a country's aggregate consumption rises relative to foreign consumption, when the country's...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Size And Composition Of The Central Bank Balance Sheet: Revisiting Japan?s Experience Of The Quantitative Easing Policy
January 1, 2010, 12:00am PST
This paper re-examines Japan's experience of the quantitative easing policy in light of the policy responses against the current financial and economic crisis. Central banks use various...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The Fiscal Multiplier And Spillover In A Global Liquidity Trap
June 1, 2009, 12:00am PDT
The authors consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Using an optimizing two-country sticky price model,...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Financial Globalization, Financial Frictions And Optimal Monetary Policy
May 1, 2010, 12:00am PDT
How should monetary policy be optimally designed in an environment with high degrees of financial globalization? To answer this question the authors lay down an open economy model where net...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Global Liquidity Trap
July 1, 2010, 12:00am PDT
In this paper the authors consider a two-country New Open Economy Macroeconomics model, and analyze the optimal monetary policy when countries cooperate in the face of a "Global Liquidity Trap" -...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Foreign Exchange Intervention When Interest Rates Are Zero: Does The Portfolio Balance Channel Matter After All?
July 1, 2010, 12:00am PDT
The Japanese zero-interest rate period provides a "Natural Experiment" for investigating the effectiveness and transmission channels of sterilized intervention when traditional monetary policy...
Provided by Federal Reserve Bank of Dallas
-
White Papers
International Real Business Cycles With Endogenous Markup Variability
September 1, 2010, 12:00am PDT
The aggregate impact of decisions made at the level of the individual firm has recently attracted a lot of attention in both the macro and trade literatures. The authors adapt the benchmark...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Real Exchange Rate Dynamics Revisited: A Case With Financial Market Imperfections
October 1, 2010, 12:00am PDT
In this paper, the authors investigate the relationship between real exchange rate dynamics and financial market imperfections. For this purpose, they first construct a New Open Economy...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Credit Market Shocks: Evidence From Corporate Spreads And Defaults
June 1, 2009, 12:00am PDT
Several recent papers have found that exogenous shocks to spreads paid in corporate credit markets are a substantial source of macroeconomic fluctuations. An alternative explanation of the data is...
Provided by Federal Reserve Bank of Dallas
-
White Papers
International Liquidity Provision During The Financial Crisis: A View From Switzerland
February 1, 2011, 12:00am PST
The authors document the provision of CHF liquidity by the Swiss National Bank (SNB) to banks domiciled outside Switzerland during the recent financial crisis. What makes the Swiss case special is...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Production Sharing And Real Business Cycles In A Small Open Economy
December 1, 2007, 12:00am PST
Production sharing and vertical specialization account for a significant share of trade between developed and developing countries. The Mexican maquiladora industry provides an ideal example of...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Globalization And Monetary Policy: An Introduction
April 1, 2008, 12:00am PDT
Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Financial Globalization, Governance, And The Evolution Of The Home Bias
May 1, 2008, 12:00am PDT
Standard portfolio theories of the home bias are disconnected from corporate finance theories of insider ownership. The authors merge the two into what they call the optimal ownership theory of...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Variety, Globalization, And Social Efficiency
July 1, 2008, 12:00am PDT
This paper puts recent work on the benefits of variety into the context of a more complete quantitative analysis of the Dixit-Stiglitz-Krugman model of monopolistic competition. The authors show...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Vertical Specialization And International Business Cycle Synchronization
September 1, 2009, 12:00am PDT
The authors explore the impact of vertical specialization - trade in goods across multiple stages of production - on the relationship between trade and business cycle synchronization across...
Provided by Federal Reserve Bank of Dallas
-
White Papers
How Successful Is The G7 In Managing Exchange Rates?
January 1, 2009, 12:00am PST
The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence...
Provided by Federal Reserve Bank of Dallas
-
White Papers
International Portfolios, Capital Accumulation And Foreign Assets Dynamics
January 1, 2009, 12:00am PST
Despite the liberalization of capital flows among OECD countries, equity home bias remains sizable. The authors depart from the two familiar explanations of equity home bias: transaction costs...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Should Monetary Policy "Lean or Clean"?
August 1, 2009, 12:00am PDT
It has been contended by many in the central banking community that monetary policy would not be effective in "Leaning" against the upswing of a credit cycle (the boom) but that lower interest...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Business Cycles And Remittances: Can The Beveridge-Nelson Decomposition Provide New Evidence?
October 1, 2009, 12:00am PDT
In this paper, the author analyzes the business cycle properties of remittances and output series for three pairs of countries: the United States - Mexico, the United States - El Salvador, and...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Real Business Cycle Dynamics Under First-Order Risk Aversion
May 24, 2007, 12:00am PDT
This paper incorporates preferences that display First-Order Risk Aversion (FORA) into a standard real business cycle model. Although FORA preferences represent a sharp departure from the Expected...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Monetary Policy In A Small Open Economy
August 15, 2007, 12:00am PDT
The authors estimate a linearized structural, general equilibrium model of a small open economy (a pseudo-LRE) using Bayesian methods. The objective is to explore the conduct of monetary policy in...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The External Finance Premium And The Macroeconomy: U.S. Post-WWII Evidence
June 3, 2008, 12:00am PDT
The central variable of theories of financial frictions - the external finance premium - is unobservable. This paper distils the external finance premium from a DSGE model estimated on US...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Poor State Finances Deepen Recessionary Hole
December 10, 2010, 12:00am PST
In the summer of 2009, California paid vendors with registered warrants rather than cash. The warrants, a kind of IOU, were used as lawmakers struggled to close a gap between expenditures and...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The Financial Crisis And Consumption
August 1, 2009, 12:00am PDT
The U.S. consumption boom of the mid-2000s and the post-1980 downtrend in the U.S. saving rate have been linked to increases in the availability of consumer credit and the liquidity of wealth. The...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Factors Behind The Convergence Of Economic Performance Across U.S. States
July 27, 2011, 12:00am PDT
The rolling recessions of the 1970s and 1980s were characterized by industry and region specific shocks that led to large dispersions in the economic performance of regions across the U.S. The...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Credit, Housing Collateral And Consumption: Evidence From The UK, Japan And The U.S.
May 1, 2011, 12:00am PDT
The consumption behaviour of UK, U.S. and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations,...
Provided by Federal Reserve Bank of Dallas
-
White Papers
What Can EMU Countries? Sovereign Bond Spreads Tell Us About Market Perceptions Of Default Probabilities During The Recent Financial Crisis?
January 1, 2011, 12:00am PST
This paper presents a new approach to analyzing recent movements of EMU sovereign bond spreads. Based on a GARCH-in-mean model originally used in the exchange rate target zone literature, spreads...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Optimal Monetary Policy Under Financial Sector Risk
June 1, 2011, 12:00am PDT
The authors consider whether or not a central bank should respond directly to financial market conditions when setting monetary policy. Specifically, should a central bank put weight on interbank...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The Adverse Feedback Loop And The Effects Of Risk In Both The Real And Financial Sectors
November 1, 2010, 12:00am PDT
Recessions that are accompanied by financial crises tend to be more severe and are followed by slower recoveries than ordinary recessions. This paper introduces a new Keynesian model with...
Provided by Federal Reserve Bank of Dallas
-
White Papers
U.S. Business Cycles, Monetary Policy And The External Finance Premium
February 12, 2011, 12:00am PST
The author investigates a model of the U.S. economy with sticky prices and a financial accelerator mechanism à la Bernanke, Gertler and Gilchrist (1999). The author calculate Total Factor...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Regulatory And Monetary Policies Meet "Too Big To Fail"
April 1, 2010, 12:00am PDT
Not too long ago, conventional wisdom in academic and central banking circles held that monetary policy had become increasingly effective the past quarter century. Growth had become steadier....
Provided by Federal Reserve Bank of Dallas
-
White Papers
Regulatory And Monetary Policies Meet "Too Big To Fail"
April 1, 2010, 12:00am PDT
Not too long ago, conventional wisdom in academic and central banking circles held that monetary policy had become increasingly effective the past quarter century. Growth had become steadier....
Provided by Federal Reserve Bank of Dallas
-
White Papers
U.S. Business Cycles, Monetary Policy And The External Finance Premium
February 12, 2011, 12:00am PST
The author investigates a model of the U.S. economy with sticky prices and a financial accelerator mechanism à la Bernanke, Gertler and Gilchrist (1999). The author calculate Total Factor...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The Adverse Feedback Loop And The Effects Of Risk In Both The Real And Financial Sectors
November 1, 2010, 12:00am PDT
Recessions that are accompanied by financial crises tend to be more severe and are followed by slower recoveries than ordinary recessions. This paper introduces a new Keynesian model with...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Optimal Monetary Policy Under Financial Sector Risk
June 1, 2011, 12:00am PDT
The authors consider whether or not a central bank should respond directly to financial market conditions when setting monetary policy. Specifically, should a central bank put weight on interbank...
Provided by Federal Reserve Bank of Dallas
-
White Papers
What Can EMU Countries? Sovereign Bond Spreads Tell Us About Market Perceptions Of Default Probabilities During The Recent Financial Crisis?
January 1, 2011, 12:00am PST
This paper presents a new approach to analyzing recent movements of EMU sovereign bond spreads. Based on a GARCH-in-mean model originally used in the exchange rate target zone literature, spreads...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Credit, Housing Collateral And Consumption: Evidence From The UK, Japan And The U.S.
May 1, 2011, 12:00am PDT
The consumption behaviour of UK, U.S. and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations,...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Factors Behind The Convergence Of Economic Performance Across U.S. States
July 27, 2011, 12:00am PDT
The rolling recessions of the 1970s and 1980s were characterized by industry and region specific shocks that led to large dispersions in the economic performance of regions across the U.S. The...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The Financial Crisis And Consumption
August 1, 2009, 12:00am PDT
The U.S. consumption boom of the mid-2000s and the post-1980 downtrend in the U.S. saving rate have been linked to increases in the availability of consumer credit and the liquidity of wealth. The...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Poor State Finances Deepen Recessionary Hole
December 10, 2010, 12:00am PST
In the summer of 2009, California paid vendors with registered warrants rather than cash. The warrants, a kind of IOU, were used as lawmakers struggled to close a gap between expenditures and...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The External Finance Premium And The Macroeconomy: U.S. Post-WWII Evidence
June 3, 2008, 12:00am PDT
The central variable of theories of financial frictions - the external finance premium - is unobservable. This paper distils the external finance premium from a DSGE model estimated on US...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Monetary Policy In A Small Open Economy
August 15, 2007, 12:00am PDT
The authors estimate a linearized structural, general equilibrium model of a small open economy (a pseudo-LRE) using Bayesian methods. The objective is to explore the conduct of monetary policy in...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Real Business Cycle Dynamics Under First-Order Risk Aversion
May 24, 2007, 12:00am PDT
This paper incorporates preferences that display First-Order Risk Aversion (FORA) into a standard real business cycle model. Although FORA preferences represent a sharp departure from the Expected...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Business Cycles And Remittances: Can The Beveridge-Nelson Decomposition Provide New Evidence?
October 1, 2009, 12:00am PDT
In this paper, the author analyzes the business cycle properties of remittances and output series for three pairs of countries: the United States - Mexico, the United States - El Salvador, and...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Should Monetary Policy "Lean or Clean"?
August 1, 2009, 12:00am PDT
It has been contended by many in the central banking community that monetary policy would not be effective in "Leaning" against the upswing of a credit cycle (the boom) but that lower interest...
Provided by Federal Reserve Bank of Dallas
-
White Papers
International Portfolios, Capital Accumulation And Foreign Assets Dynamics
January 1, 2009, 12:00am PST
Despite the liberalization of capital flows among OECD countries, equity home bias remains sizable. The authors depart from the two familiar explanations of equity home bias: transaction costs...
Provided by Federal Reserve Bank of Dallas
-
White Papers
How Successful Is The G7 In Managing Exchange Rates?
January 1, 2009, 12:00am PST
The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Vertical Specialization And International Business Cycle Synchronization
September 1, 2009, 12:00am PDT
The authors explore the impact of vertical specialization - trade in goods across multiple stages of production - on the relationship between trade and business cycle synchronization across...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Variety, Globalization, And Social Efficiency
July 1, 2008, 12:00am PDT
This paper puts recent work on the benefits of variety into the context of a more complete quantitative analysis of the Dixit-Stiglitz-Krugman model of monopolistic competition. The authors show...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Financial Globalization, Governance, And The Evolution Of The Home Bias
May 1, 2008, 12:00am PDT
Standard portfolio theories of the home bias are disconnected from corporate finance theories of insider ownership. The authors merge the two into what they call the optimal ownership theory of...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Globalization And Monetary Policy: An Introduction
April 1, 2008, 12:00am PDT
Greater openness has become an almost universal feature of modern, developed economies. This paper develops a workhorse international model, and explores the role of standard monetary policy rules...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Production Sharing And Real Business Cycles In A Small Open Economy
December 1, 2007, 12:00am PST
Production sharing and vertical specialization account for a significant share of trade between developed and developing countries. The Mexican maquiladora industry provides an ideal example of...
Provided by Federal Reserve Bank of Dallas
-
White Papers
International Liquidity Provision During The Financial Crisis: A View From Switzerland
February 1, 2011, 12:00am PST
The authors document the provision of CHF liquidity by the Swiss National Bank (SNB) to banks domiciled outside Switzerland during the recent financial crisis. What makes the Swiss case special is...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Credit Market Shocks: Evidence From Corporate Spreads And Defaults
June 1, 2009, 12:00am PDT
Several recent papers have found that exogenous shocks to spreads paid in corporate credit markets are a substantial source of macroeconomic fluctuations. An alternative explanation of the data is...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Real Exchange Rate Dynamics Revisited: A Case With Financial Market Imperfections
October 1, 2010, 12:00am PDT
In this paper, the authors investigate the relationship between real exchange rate dynamics and financial market imperfections. For this purpose, they first construct a New Open Economy...
Provided by Federal Reserve Bank of Dallas
-
White Papers
International Real Business Cycles With Endogenous Markup Variability
September 1, 2010, 12:00am PDT
The aggregate impact of decisions made at the level of the individual firm has recently attracted a lot of attention in both the macro and trade literatures. The authors adapt the benchmark...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Foreign Exchange Intervention When Interest Rates Are Zero: Does The Portfolio Balance Channel Matter After All?
July 1, 2010, 12:00am PDT
The Japanese zero-interest rate period provides a "Natural Experiment" for investigating the effectiveness and transmission channels of sterilized intervention when traditional monetary policy...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Global Liquidity Trap
July 1, 2010, 12:00am PDT
In this paper the authors consider a two-country New Open Economy Macroeconomics model, and analyze the optimal monetary policy when countries cooperate in the face of a "Global Liquidity Trap" -...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Financial Globalization, Financial Frictions And Optimal Monetary Policy
May 1, 2010, 12:00am PDT
How should monetary policy be optimally designed in an environment with high degrees of financial globalization? To answer this question the authors lay down an open economy model where net...
Provided by Federal Reserve Bank of Dallas
-
White Papers
The Fiscal Multiplier And Spillover In A Global Liquidity Trap
June 1, 2009, 12:00am PDT
The authors consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Using an optimizing two-country sticky price model,...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Size And Composition Of The Central Bank Balance Sheet: Revisiting Japan?s Experience Of The Quantitative Easing Policy
January 1, 2010, 12:00am PST
This paper re-examines Japan's experience of the quantitative easing policy in light of the policy responses against the current financial and economic crisis. Central banks use various...
Provided by Federal Reserve Bank of Dallas
-
White Papers
Limited Asset Market Participation And The Consumption-Real Exchange Rate Anomaly
January 1, 2010, 12:00am PST
Under efficient consumption risk sharing, as assumed in standard international business cycle models, a country's aggregate consumption rises relative to foreign consumption, when the country's...
Provided by Federal Reserve Bank of Dallas
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