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Federal Reserve Bank of Philadelphia
(26 results)-
White Papers
An Examination of Mobile Banking and Mobile Payments: Building Adoption as Experience Goods?
June 1, 2008, 12:00am PDT
This paper examines consumer adoption of mobile banking and mobile payments using the experience goods and learning by doing constructs as a framework to better understand adoption patterns in the...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Strategic Default On First And Second Lien Mortgages During The Financial Crisis
December 9, 2010, 12:00am PST
Strategic default behavior suggests that the default process is not only a matter of inability to pay. Economic costs and benefits affect the incidence and timing of defaults. As with prior...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Optimal Monetary Policy In A Model Of Money And Credit
December 1, 2010, 12:00am PST
The authors study optimal monetary policy in a model in which fiat money and private debt coexist as a means of payment. The credit system is endogenous and allows buyers to relax their cash...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Bankruptcy: Is It Enough To Forgive Or Must We Also Forget?
April 1, 2011, 12:00am PDT
In many countries, lenders are restricted in their access to information about borrowers' past defaults. The authors study this provision in a model of repeated borrowing and lending with moral...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Time-Varying Capital Requirements In A General Equilibrium Model Of Liquidity Dependence
September 1, 2009, 12:00am PDT
This paper attempts to quantify business cycle effects of bank capital requirements. The authors use a general equilibrium model in which financing of capital goods production is subject to an...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
The Long And Large Decline In State Employment Growth Volatility
April 1, 2009, 12:00am PDT
This paper documents a general decline in the volatility of employment growth during the period 1956 to 2005 and examines its possible sources. Estimates from a state-level pooled...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Business Cycles In The Equilibrium Model Of Labor Market Search And Self-Insurance
August 5, 2010, 12:00am PDT
The author introduce risk-averse preferences, labor-leisure choice, capital, individual productivity shocks, and market incompleteness to the standard Mortensen-Pissarides model of search and...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Floats, Pegs And The Transmission Of Fiscal Policy
February 15, 2011, 12:00am PST
According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper the authors reconsider the transmission of shocks to...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Inflation And Interest Rates With Endogenous Market Segmentation
January 1, 2007, 12:00am PST
The authors examine a monetary economy where households incur fixed transactions costs when exchanging bonds and money and, as a result, carry money balances in excess of current spending to limit...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
The Homeownership Experience Of Households In Bankruptcy
August 4, 2008, 12:00am PDT
This paper provides the first in-depth analysis of the homeownership experience of households in bankruptcy. The authors consider households who are homeowners at the time of filing. These...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Insurance Policies For Monetary Policy In The Euro Area
May 6, 2008, 12:00am PDT
In this paper, the authors aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary Policy In A Channel System
May 6, 2008, 12:00am PDT
Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. The...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Prepaid Cards: An Important Innovation In Financial Services
July 1, 2006, 12:00am PDT
This paper describes the characteristics of closed-system and open-system prepaid cards. Of particular interest is a class of open-system programs that offer a set of features similar to...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Optimal Clearing Arrangements For Financial Trades
November 23, 2009, 12:00am PST
Clearinghouses support financial trades by keeping records of transactions and by providing liquidity through short-term credit that is periodically cleared by participants. The authors study...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Business Method Patents And U.S. Financial Services
February 1, 2009, 12:00am PST
A decade after the State Street decision, more than 1,000 business method patents are granted each year. Yet only one in ten is obtained by a financial institution. Most business method patents...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Overconfidence In Financial Markets And Consumption Over The Life Cycle
January 26, 2007, 12:00am PST
Overconfidence is a widely documented phenomenon. Empirical evidence reveals two types of overconfidence in financial markets: investors both overestimate the average rate of return to their...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary And Financial Forces In The Great Depression
June 1, 2006, 12:00am PDT
What caused the worldwide collapse in output from 1929 to 1933? Why was the recovery from the trough of 1933 so protracted for the U.S.? How costly was the decline in terms of welfare? Was the...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Commitment Versus Discretion In Monetary Policy
December 9, 2008, 12:00am PST
Whether policymakers should commit to a certain course of action or have the flexibility to approach each situation as it arises continues to be a central question in the design of monetary...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
The Role Of Segmented Markets In Monetary Policy
December 12, 2006, 12:00am PST
The popular press would lead us to believe that during the stock market boom of the 1990s just about everyone was buying and selling bonds every day. In fact, evidence shows that most households...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
A Pattern Of Regional Differences In The Effects Of Monetary Policy
October 22, 2007, 12:00am PDT
Although there is only one national monetary policy, that does not mean that monetary policy does not affect some regions of the country more than others. We know that business cycles differ...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary Policy In A Liquidity Trap
June 11, 2010, 12:00am PDT
In the United States, the Federal Reserve sets monetary policy by targeting the federal funds rate. This process usually involves lowering short-term interest rates when economic growth is weak...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
On The Implementation Of Markov-perfect Monetary Policy
June 14, 2011, 12:00am PDT
The literature on optimal monetary policy in New Keynesian models under both commitment and discretion usually solves for the optimal allocations that are consistent with rational expectations...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary Policy Implementation Frameworks: A Comparative Analysis
October 19, 2009, 12:00am PDT
The authors compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, while the second framework relies only on open market...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Interest Rate Versus Money Supply Instruments: On The Implementation Of Markov-perfect Optimal Monetary Policy
September 26, 2007, 12:00am PDT
Currently there is a growing literature exploring the features of optimal monetary policy in New Keynesian models under both commitment and discretion. With respect to time consistent policy, the...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Fiscal Volatility Shocks And Economic Activity
August 9, 2011, 12:00am PDT
The authors study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity. Fiscal deficits and public debt have risen sharply in the wake of the financial...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Did Bankruptcy Reform Cause Mortgage Default Rates To Rise?
April 1, 2010, 12:00am PDT
This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the current recession. When debtors file for bankruptcy, credit card debt and other...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Did Bankruptcy Reform Cause Mortgage Default Rates To Rise?
April 1, 2010, 12:00am PDT
This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the current recession. When debtors file for bankruptcy, credit card debt and other...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Fiscal Volatility Shocks And Economic Activity
August 9, 2011, 12:00am PDT
The authors study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity. Fiscal deficits and public debt have risen sharply in the wake of the financial...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Interest Rate Versus Money Supply Instruments: On The Implementation Of Markov-perfect Optimal Monetary Policy
September 26, 2007, 12:00am PDT
Currently there is a growing literature exploring the features of optimal monetary policy in New Keynesian models under both commitment and discretion. With respect to time consistent policy, the...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary Policy Implementation Frameworks: A Comparative Analysis
October 19, 2009, 12:00am PDT
The authors compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, while the second framework relies only on open market...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
On The Implementation Of Markov-perfect Monetary Policy
June 14, 2011, 12:00am PDT
The literature on optimal monetary policy in New Keynesian models under both commitment and discretion usually solves for the optimal allocations that are consistent with rational expectations...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary Policy In A Liquidity Trap
June 11, 2010, 12:00am PDT
In the United States, the Federal Reserve sets monetary policy by targeting the federal funds rate. This process usually involves lowering short-term interest rates when economic growth is weak...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
A Pattern Of Regional Differences In The Effects Of Monetary Policy
October 22, 2007, 12:00am PDT
Although there is only one national monetary policy, that does not mean that monetary policy does not affect some regions of the country more than others. We know that business cycles differ...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
The Role Of Segmented Markets In Monetary Policy
December 12, 2006, 12:00am PST
The popular press would lead us to believe that during the stock market boom of the 1990s just about everyone was buying and selling bonds every day. In fact, evidence shows that most households...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Commitment Versus Discretion In Monetary Policy
December 9, 2008, 12:00am PST
Whether policymakers should commit to a certain course of action or have the flexibility to approach each situation as it arises continues to be a central question in the design of monetary...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary And Financial Forces In The Great Depression
June 1, 2006, 12:00am PDT
What caused the worldwide collapse in output from 1929 to 1933? Why was the recovery from the trough of 1933 so protracted for the U.S.? How costly was the decline in terms of welfare? Was the...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Overconfidence In Financial Markets And Consumption Over The Life Cycle
January 26, 2007, 12:00am PST
Overconfidence is a widely documented phenomenon. Empirical evidence reveals two types of overconfidence in financial markets: investors both overestimate the average rate of return to their...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Business Method Patents And U.S. Financial Services
February 1, 2009, 12:00am PST
A decade after the State Street decision, more than 1,000 business method patents are granted each year. Yet only one in ten is obtained by a financial institution. Most business method patents...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Optimal Clearing Arrangements For Financial Trades
November 23, 2009, 12:00am PST
Clearinghouses support financial trades by keeping records of transactions and by providing liquidity through short-term credit that is periodically cleared by participants. The authors study...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Prepaid Cards: An Important Innovation In Financial Services
July 1, 2006, 12:00am PDT
This paper describes the characteristics of closed-system and open-system prepaid cards. Of particular interest is a class of open-system programs that offer a set of features similar to...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Monetary Policy In A Channel System
May 6, 2008, 12:00am PDT
Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. The...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Insurance Policies For Monetary Policy In The Euro Area
May 6, 2008, 12:00am PDT
In this paper, the authors aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
The Homeownership Experience Of Households In Bankruptcy
August 4, 2008, 12:00am PDT
This paper provides the first in-depth analysis of the homeownership experience of households in bankruptcy. The authors consider households who are homeowners at the time of filing. These...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Inflation And Interest Rates With Endogenous Market Segmentation
January 1, 2007, 12:00am PST
The authors examine a monetary economy where households incur fixed transactions costs when exchanging bonds and money and, as a result, carry money balances in excess of current spending to limit...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Floats, Pegs And The Transmission Of Fiscal Policy
February 15, 2011, 12:00am PST
According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper the authors reconsider the transmission of shocks to...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Business Cycles In The Equilibrium Model Of Labor Market Search And Self-Insurance
August 5, 2010, 12:00am PDT
The author introduce risk-averse preferences, labor-leisure choice, capital, individual productivity shocks, and market incompleteness to the standard Mortensen-Pissarides model of search and...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
The Long And Large Decline In State Employment Growth Volatility
April 1, 2009, 12:00am PDT
This paper documents a general decline in the volatility of employment growth during the period 1956 to 2005 and examines its possible sources. Estimates from a state-level pooled...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Time-Varying Capital Requirements In A General Equilibrium Model Of Liquidity Dependence
September 1, 2009, 12:00am PDT
This paper attempts to quantify business cycle effects of bank capital requirements. The authors use a general equilibrium model in which financing of capital goods production is subject to an...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Bankruptcy: Is It Enough To Forgive Or Must We Also Forget?
April 1, 2011, 12:00am PDT
In many countries, lenders are restricted in their access to information about borrowers' past defaults. The authors study this provision in a model of repeated borrowing and lending with moral...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Optimal Monetary Policy In A Model Of Money And Credit
December 1, 2010, 12:00am PST
The authors study optimal monetary policy in a model in which fiat money and private debt coexist as a means of payment. The credit system is endogenous and allows buyers to relax their cash...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
Strategic Default On First And Second Lien Mortgages During The Financial Crisis
December 9, 2010, 12:00am PST
Strategic default behavior suggests that the default process is not only a matter of inability to pay. Economic costs and benefits affect the incidence and timing of defaults. As with prior...
Provided by Federal Reserve Bank of Philadelphia
-
White Papers
An Examination of Mobile Banking and Mobile Payments: Building Adoption as Experience Goods?
June 1, 2008, 12:00am PDT
This paper examines consumer adoption of mobile banking and mobile payments using the experience goods and learning by doing constructs as a framework to better understand adoption patterns in the...
Provided by Federal Reserve Bank of Philadelphia
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