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strategic planning and analysis
(867 results)-
Webcasts
Downsizing The Balance Sheet: The Old Orthodoxy?
Jan 2010
Pressure on margins has seen companies strive for asset-light balance sheets. Recession provides a stern test for this strategy: some companies found that it was survival of the fattest, not...
Provided by London Business School
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Webcasts
Waiting For Stabilization
Jan 2009
In this webcast, Senior Associate Dean Mike Lawson and faculty colleagues Don Smith and Mark Williams from the Finance Department at the School of Management, and Con Hurley, Director of the Morin...
Provided by Boston University School of Management
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Webcasts
Hurricane On Wall Street: Managing Large-Scale Financial Crises
Sep 2008
Zvi Bodie, the Norman and Adele Barron Professor of Finance and Economics, Boston University School of Management, proposes solutions to the financial sector for managing crisis. He explains why...
Provided by Boston University School of Management
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Webcasts
Olesya Shubov, Student In Math Finance, Discusses Stochastic Calculus
Jul 2009
Olesya Shubov discusses her favorite class in the Mathematical Finance Program, Stochastic Calculus, because it combines theoretical knowledge and the computational skills needed to program...
Provided by Boston University School of Management
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Webcasts
Sunlight Is The Best Disinfectant
Jan 2009
In this webcast, Senior Associate Dean Mike Lawson and faculty colleagues Don Smith and Mark Williams from the Finance Department at the School of Management, and Con Hurley, Director of the Morin...
Provided by Boston University School of Management
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Webcasts
Mark Williams, On Bloomberg Asia, Talks "Worst-Case Scenarios" Of Subprime Crisis Fallout
Mar 2008
Bloomberg Asia interviews Mark Williams, Boston University School of Management executive-in-residence in finance and economics, and MBA Program alumnus (GSM '93). On the heels of a week of...
Provided by Boston University School of Management
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Webcasts
Fixing The Financial System
Jan 2010
Julian Franks, Professor of Finance at London Business School, discusses why we cannot wait to fix the financial system, despite not fully understanding the origins of the crisis.
Provided by London Business School
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Webcasts
The Hoare Govett Small Companies Index Report, Published By RBS
Jan 2010
Mid and small-cap companies had their best share price performance since 1977, according to new research by Professors Dimson and Marsh.
Provided by London Business School
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Webcasts
MBA TV Episode 10
Jan 2010
In this webcast, the presenters speak to Diane Morgan, Director of Career Services, and ask her about the School's approach to meeting the challenges presented by the current global economic...
Provided by London Business School
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White Papers
New Technology for a Compelling Web Channel Experience - CMO
Sep 2010
This is a destination-specific version of an asset. You may propose changes to this version, but your changes will not automatically apply to the original asset or other destination-specific...
Provided by SAP
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White Papers
Here's What You Should Know About Deflation
Aug 2010
The main economic worry the U.S. economy is now facing is deflation. And while the impact of such an environment on small business may not be readily evident, this paper explains what every small...
Provided by American Express
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White Papers
Small Business Debt Relief - Great Options To Legally Eliminate Unsecured Debt
Dec 2009
If your organization still hasn't been providing your clients with the convenient chance of making online payments with the help of their credit cards you are losing much. Nowadays it's crucially...
Provided by SooperArticles
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White Papers
Small Business Debt Relief - How To Get Debt Relief For Small Business Financial Trouble
Dec 2009
There are many incentives to tackle small business debt problems immediately. For starters, the economy is showing signs of recovery. Secondly, the stimulus package still in operation and lenders...
Provided by SooperArticles
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White Papers
Small Business Debt Emergencies - Why Small Business Debt Relief Is Not As Hard As You Think
Dec 2009
The global economic recession has gripped the modern world. Majority of the enterprise and established companies have tasted the flavor of global meltdown. But, naturally the overall impact of...
Provided by SooperArticles
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White Papers
Small Business Debt Relief Options
Jun 2010
For small business owners faced with mounting financial problems there are a number of business debt relief options open to them. Company Voluntary Arrangements (CVA); One commonly used solution...
Provided by SooperArticles
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White Papers
International Asset Markets And Real Exchange Rate Volatility
Jul 2008
The real exchange rate is very volatile relative to major macroeconomic aggregates and its correlation with the ratio of domestic over foreign consumption is negative (Backus-Smith puzzle). These...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Efficiency In Housing Markets: Do Home Buyers Know How To Discount?
Oct 2008
For the majority of households, the purchase of a home is the largest financial decision of their lives. One may therefore assume that housing market transactions are conducted by agents who have...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Three Great American Disinflations
Jun 2007
This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Exchange Rate Pass-Through To Export Prices: Assessing Some Cross-Country Evidence
Sep 2007
A growing body of empirical work has found evidence of a decline in exchange rate pass-through to import prices in a number of industrial countries. This paper complements this work by examining...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Trading Activity And Exchange Rates In High-Frequency EBS Data
Sep 2007
The absence of data has, until now, precluded virtually all research on trading volume in the foreign exchange market. This paper introduces a new high-frequency foreign exchange dataset from EBS...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Frequency Of Observation And The Estimation Of Integrated Volatility In Deep And Liquid Financial Markets
Aug 2009
Using two newly available ultrahigh-frequency datasets, one investigates empirically how frequently one can sample certain foreign exchange and U.S. Treasury security returns without contaminating...
Provided by Federal Reserve Board
-
White Papers
External Governance And Debt Agency Costs Of Family Firms
Nov 2007
This paper investigates the impact of family block-holders on the firm's debt agency costs under different investor protection environments. On one hand, families - through their undiversified...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Quantitative Implications Of Indexed Bonds In Small Open Economies
Oct 2007
This paper analyzes the macroeconomic implications of real-indexed bonds, indexed to the terms of trade or GDP, using a general equilibrium model of a small open economy with financial frictions....
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Bank Core Deposits And The Mitigation Of Monetary Policy
Jan 2008
This paper considers the business strategy of some banks that provide relationship loans (where they have loan origination and monitoring advantages relative to capital markets) with core deposit...
Provided by Federal Reserve Board
-
White Papers
Risk And Concentration In Payment And Securities Settlement Systems
Oct 2007
Large value payment and securities settlement systems are important components of an economy's financial system. Many such systems are operated by central banks and are liquidity intensive....
Provided by Federal Reserve Board
-
White Papers
The Evolution Of Household Income Volatility
Oct 2007
Using data from the PSID, one finds that household income has become noticeably more volatile during the past thirty years. One estimates that the standard deviation of percent changes in...
Provided by Federal Reserve Board
-
White Papers
Gauging The Uncertainty Of The Economic Outlook From Historical Forecasting Errors
Nov 2007
Participants in meetings of the Federal Open Market Committee (FOMC) regularly produce individual projections of real activity and inflation that are published in summary form. These summaries...
Provided by Federal Reserve Board
-
White Papers
Hyperbolic Discounting And Uniform Savings Floors
Sep 2007
Previous research suggests that, in partial equilibrium, individuals whose decision-making exhibits a present-bias - such as hyperbolic discounters who tend to over-consume - will be in favor of...
Provided by Federal Reserve Board
-
White Papers
Financial Market Perceptions Of Recession Risk
Nov 2007
Over the Great Moderation period in the United States, one finds that corporate credit spreads embed crucial information about the one-year-ahead probability of recession, as evidenced by both in-...
Provided by Federal Reserve Board
-
White Papers
Implied Interest Rate Skew, Term Premiums, And The "Conundrum"
Sep 2007
The skew, irrespective of the mean and variance, of investors' interest rate expectations may affect required bond yields over expected short rates. Indeed, evidence suggests that the near-term...
Provided by Federal Reserve Board
-
White Papers
Reserve Requirement Systems In OECD Countries
Jul 2007
This paper compares the reserve requirements of OECD countries. Reserve requirements are the minimum percentages or amounts of liabilities that depository institutions are required to keep in cash...
Provided by Federal Reserve Board
-
White Papers
Do High Debt Payments Hinder Household Consumption Smoothing?
Jul 2007
Over the past fifteen years, U.S. households have committed a rising share of their disposable personal income to required principal and interest payments on household debt. The direct link...
Provided by Federal Reserve Board
-
White Papers
Choice Of Mortgage Contracts: Evidence From The Survey Of Consumer Finances
Aug 2007
This paper revisits the empirical question of determinants of the choice between fixed- and adjustable-rate mortgages using more comprehensive data from the Survey of Consumer Finances (SCF) that...
Provided by Federal Reserve Board
-
White Papers
Habit Persistence, Non-Separability Between Consumption And Leisure, Or Rule-Of-Thumb Consumers
Aug 2007
Research documenting violations of the permanent-income hypothesis has been a staple of applied work for nearly thirty years. As illustrated by Hall (1978), the most basic model of intertemporal...
Provided by Federal Reserve Board
-
White Papers
Cracking The Conundrum
Oct 2007
Between June 29, 2004 and February 2, 2005, the Federal Open Market Committee increased the target federal funds rate by 150 bps (basis points) or 1.5 percentage points. Over the same period, the...
Provided by Federal Reserve Board
-
White Papers
Will Monetary Policy Become More Of A Science?
Sep 2007
Over the past three decades, one has seen a remarkable change in the performance of monetary policy. By the end of the 1970s, inflation had risen to very high levels, with many countries in the...
Provided by Federal Reserve Board
-
White Papers
Corporate Asset Purchases And Sales: Theory And Evidence
May 2007
Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the...
Provided by Federal Reserve Board
-
White Papers
News, Noise, And Estimates Of The "True" Unobserved State Of The Economy
Sep 2007
Which provides a better estimate of the "True" state of the U.S. economy, gross domestic product (GDP) or gross domestic income (GDI)? Past work has assumed the idiosyncratic variation in each...
Provided by Federal Reserve Board
-
White Papers
The Rise In U.S. Household Indebtedness: Causes And Consequences
Aug 2007
During the past several decades in the United States, significant changes have occurred in household saving and borrowing behavior. As shown in the top panel of Figure 1, the personal saving rate...
Provided by Federal Reserve Board
-
White Papers
An Efficiency Perspective On The Gains From Mergers And Asset Purchases
Aug 2007
A simple efficiency-based view states that acquisitions shift assets to more productive owners. This implies that expected returns from acquisitions increase with transaction value. The author...
Provided by Federal Reserve Board
-
White Papers
Oman: Banking Sector Resilience
Mar 2010
This paper assesses the impact of the global financial risks on Oman's banking system and highlights the remaining risks. It concludes that the liquidity and prudential measures introduced by the...
Provided by International Monetary Fund
-
White Papers
Financial Liberalization, Structural Change, And Real Exchange Rate Appreciations
Mar 2010
This paper accounts for the appreciation of the real exchange rate in Mexico between 1988 and 2002 using a two sector dynamic general equilibrium model of a small open economy with two driving...
Provided by International Monetary Fund
-
White Papers
Public Expenditures On Social Programs And Household Consumption In China
Mar 2010
This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The paper first undertakes an empirical study of...
Provided by International Monetary Fund
-
White Papers
Crisis Management And Resolution For A European Banking System
Mar 2010
This paper proposes an integrated crisis management and resolution framework for the EU's single banking market. It comprises a European Resolution Authority (ERA), armed with the mandate and the...
Provided by International Monetary Fund
-
White Papers
Tax Revenue Response To The Business Cycle
Mar 2010
This paper examines tax revenue during the business cycle by estimating the relationship between tax revenue efficiency and the output gap. The author finds a positive and significant relationship...
Provided by International Monetary Fund
-
White Papers
Estimating The Inflation-Growth Nexus - A Smooth Transition Model
Mar 2010
Motivated by the global inflation episode of 2007 - 08 and concern that high levels of inflation could undermine growth, this paper uses a panel of 165 countries and data for 1960 - 2007 to...
Provided by International Monetary Fund
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White Papers
Basel Core Principles And Bank Risk: Does Compliance Matter?
Mar 2010
The recent financial crisis has sparked widespread calls for reforms of regulation and supervision. The initial reaction to the crisis was one of disbelief: how could such extensive financial...
Provided by International Monetary Fund
-
White Papers
The Embodiment Of Intangible Investment Goods: A Q-Theory Approach
Apr 2010
This paper extends the q-theory of investment to model explicitly the decision of firms to invest in intangibles and measures the contribution of intangible goods to the overall capital stock in...
Provided by International Monetary Fund
-
White Papers
Russia's Output Collapse And Recovery: Evidence From The Post-Soviet Transition
Apr 2010
The health of the Russian economy still depends heavily on natural resource revenues. The history of the economic collapse and recovery in 1970 - 2004 provides new evidence on the sources of...
Provided by International Monetary Fund
-
White Papers
Bank Efficiency Amid Foreign Entry: Evidence From The Central American Region
Apr 2010
This paper investigates the efficiency of domestic and foreign banks in the Central American region during 2002-07. Using two main empirical approaches, Data Envelopment Analysis and Stochastic...
Provided by International Monetary Fund
-
White Papers
Regulatory Capital Charges For Too-Connected-To-Fail Institutions: A Practical Proposal
Apr 2010
The recent financial crisis has highlighted once more that interconnectedness in the financial system is a major source of systemic risk. The author suggests a practical way to levy regulatory...
Provided by International Monetary Fund
-
White Papers
Quantitative Properties Of Sovereign Default Models: Solution Methods Matter
Apr 2010
This paper studies the sovereign default model that has been used to account for the cyclical behavior of interest rates in emerging market economies. This model is often solved using the discrete...
Provided by International Monetary Fund
-
White Papers
Development Accounting And The Rise Of TFP
Apr 2010
This paper presents evidence that the contribution of differences in total factor productivity (TFP) to income differences across countries steadily increased between 1970 and 2000. The author...
Provided by International Monetary Fund
-
White Papers
The Structural Manifestation Of The 'Dutch Disease': The Case Of Oil Exporting Countries
Apr 2010
The Dutch disease is the process by which a boom in a natural resource sector results in shrinking non-resource tradables. This process leads to increased specialization in the resource and...
Provided by International Monetary Fund
-
White Papers
Balance Sheet Network Analysis Of Too-Connected-To-Fail Risk In Global And Domestic Banking Systems
Apr 2010
The recent financial crisis experienced in 2008/9 has raised concerns on the adverse consequences associated with externalities inherent in the financial system. One particular concern associated...
Provided by International Monetary Fund
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Podcasts
Lessons From Tyco For Today's Financial Crisis
Oct 2008
Consultant Eric Pillmore, who helped engineer Tyco's turnaround as the company's senior vice president of corporate governance, shares lessons learned from the Wall Street scandals of 2002....
Provided by Thunderbird School of Global Management
-
Podcasts
J.P. Morgan Executive On Sustainable Value Creation
Dec 2008
As managing director of J.P. Morgan's private banking operations in the Middle East, Steve Klemme spends time with many ultra-high-net-worth families. Klemme, a 1985 Thunderbird graduate who lives...
Provided by Thunderbird School of Global Management
-
Podcasts
More Debt Not The Answer To Economic Downturn
Jan 2009
Government bailout programs designed to soften the landing of a plunging economy will only delay the inevitable, Dallas entrepreneur Scott Walker says Jan. 12 at Thunderbird. "Everything we're...
Provided by Thunderbird School of Global Management
-
White Papers
Treasury Single Account: Concept, Design, And Implementation Issues
May 2010
A treasury single account (TSA) is an essential tool for consolidating and managing governments' cash resources, thus minimizing borrowing costs. In countries with fragmented government banking...
Provided by International Monetary Fund
-
Podcasts
Marketing Versus Finance: Reconcilable Differences
Apr 2009
Marketers and finance professionals have a "Famously fractious relationship" that sometimes resembles a sibling rivalry, Thunderbird Professor Richard Ettenson, Ph.D., told representatives of both...
Provided by Thunderbird School of Global Management
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Podcasts
'Less Bad Is The New Good' With U.S. GDP Numbers
Aug 2009
Gross domestic product numbers in the United States were bad but not horrible in the second quarter of 2009, and Thunderbird Professor F. John Mathis calls that good news. "All these things really...
Provided by Thunderbird School of Global Management
-
Podcasts
Why China Has Fared Well In Global Financial Crisis
Oct 2009
Thunderbird Professor Roe Goddard, Ph.D., sat down this month with Thunderbird Knowledge Network reporter Darien Carroll and discussed China's emergence from the global financial crisis. Goddard...
Provided by Thunderbird School of Global Management
-
Podcasts
Don't Blame Goldman Sachs: What Really Went Wrong
May 2010
Critics anxious to blame Goldman Sachs as a key player in the recent financial crisis should point the finger elsewhere, Thunderbird Professor F. John Mathis, Ph.D., said April 26, 2010. Mathis,...
Provided by Thunderbird School of Global Management
-
Podcasts
Straight Talk On Goldman Sachs Fraud Allegations
May 2010
Confused about the fraud allegations against Goldman Sachs? Thunderbird Professor F. John Mathis, Ph.D., reviews the allegations and puts them into perspective April 26, 2010. Mathis, director of...
Provided by Thunderbird School of Global Management
-
Podcasts
Why The World Needs More Goldman Sachs
May 2010
Rather than destroy Goldman Sachs, over-regulate them or view them as the source of the global financial meltdown, the more rational approach would be to create an environment in the United States...
Provided by Thunderbird School of Global Management
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White Papers
Measuring Financial Barriers Among East African Community Countries
Aug 2010
This paper seeks to quantify existing financial barriers among East African Community (EAC) member countries based on analysis of each member country's foreign exchange market. The primary...
Provided by International Monetary Fund
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Podcasts
Roundtable Briefing On The Current Financial Crisis Part Two Of Four
Jan 2010
In this podcast, Professor Viral Acharya discusses bank equity at an Investment Management Club roundtable briefing on the financial crisis.
Provided by London Business School
-
Podcasts
Global Investment Returns Yearbook
Jan 2010
In a new podcast, Paul Marsh, Emeritus Professor of Finance and co-author of the Credit Suisse Global Investment Returns Yearbook, discusses what information on historic investment returns can...
Provided by London Business School
-
Podcasts
First Briefing Of The 'Crisis Compendium' - Part Two Professor Helene Rey
Jan 2010
Helene Rey, Professor of Economics, proposes that financial structures and policy must change to avoid the emergence of more bubbles.
Provided by London Business School
-
Podcasts
Michael Jacobides - Third Briefing Of The Crisis Compendium Part One
Jan 2010
Associate Professor Michael Jacobides discusses what happened to financial services and how changed industry architecture in the sector led to its collapse.
Provided by London Business School
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White Papers
Footnotes Aren't Enough: The Impact Of Pension Accounting On Stock Values
Jan 2008
Some research has suggested that companies with defined benefit (DB) pensions are sometimes significantly misvalued by the market. This is because the measures of pension cost and pension net...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
The Human Capital That Matters: Expected Returns And The Income Of Affluent Households
Sep 2007
An important critique of the capital asset pricing model (CAPM), first levied by Mayers (1973) and Roll (1977), is that traditional measures of the market portfolio are incomplete since they do...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Does The NEA Crowd Out Private Charitable Contributions To The Arts?
Nov 2007
This paper investigates the mechanism by which the federal government's funding of the arts through National Endowment for the Arts (NEA) displaces private charitable contributions to non-profit...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Paying To Save: Tax Withholding And Asset Allocation Among Low - And Moderate-Income Taxpayers
Dec 2007
The author analyzes the phenomenon that low- and moderate-income (LMI) tax filers exhibit a "preference for over-withholding" their taxes, a measure the author derives from a unique set of...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Research and development, Profits And Firm Value: A Structural Estimation
Sep 2008
Is the return to private R&D as high as believed? This paper identifies a flaw in the production function approach to estimating the return to R&D. The author provides new estimates based on a...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Revisiting The Supply-Side Effects Of Government Spending
Feb 2009
The author revisits the macroeconomic effects of government consumption in the neoclassical growth model when agents face uninsured idiosyncratic investment risk. Under complete markets, a...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
State And Local Finances And The Macroeconomy: The High-Employment Budget And Fiscal Impetus
Oct 2008
The author examines the interplay of the economy and state and local budgets by developing and examining two measures of fiscal policy: the high-employment budget and fiscal impetus. The author...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
The Economics Of The Mutual Fund Trading Scandal
Dec 2008
The author examines the economic incentives behind the mutual fund trading scandal, which made headlines in late 2003 with news that several asset management companies had arranged to allow...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Modeling Earnings Dynamics
Feb 2009
In this paper the author uses indirect inference to estimate a joint model of earnings, employment, job changes, wage rates, and work hours over a career. The model incorporates duration...
Provided by Board of Governors of the Federal Reserve System
-
Webcasts
John B. Taylor
Mar 2008
The inspiration for the "Taylor Rule," a widely used calculation that guides the monetary policy of central banks as they set short-term interest rates, delivered a lecture to a standing-room-only...
Provided by Northwestern University (Kellogg)
-
White Papers
Efficiency In Housing Markets: Do Home Buyers Know How To Discount?
Oct 2008
For the majority of households, the purchase of a home is the largest financial decision of their lives. One may therefore assume that housing market transactions are conducted by agents who have...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Three Great American Disinflations
Jun 2007
This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Exchange Rate Pass-Through To Export Prices: Assessing Some Cross-Country Evidence
Sep 2007
A growing body of empirical work has found evidence of a decline in exchange rate pass-through to import prices in a number of industrial countries. This paper complements this work by examining...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Trading Activity And Exchange Rates In High-Frequency EBS Data
Sep 2007
The absence of data has, until now, precluded virtually all research on trading volume in the foreign exchange market. This paper introduces a new high-frequency foreign exchange dataset from EBS...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Frequency Of Observation And The Estimation Of Integrated Volatility In Deep And Liquid Financial Markets
Aug 2009
Using two newly available ultrahigh-frequency datasets, one investigates empirically how frequently one can sample certain foreign exchange and U.S. Treasury security returns without contaminating...
Provided by Federal Reserve Board
-
White Papers
External Governance And Debt Agency Costs Of Family Firms
Nov 2007
This paper investigates the impact of family block-holders on the firm's debt agency costs under different investor protection environments. On one hand, families - through their undiversified...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Quantitative Implications Of Indexed Bonds In Small Open Economies
Oct 2007
This paper analyzes the macroeconomic implications of real-indexed bonds, indexed to the terms of trade or GDP, using a general equilibrium model of a small open economy with financial frictions....
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Bank Core Deposits And The Mitigation Of Monetary Policy
Jan 2008
This paper considers the business strategy of some banks that provide relationship loans (where they have loan origination and monitoring advantages relative to capital markets) with core deposit...
Provided by Federal Reserve Board
-
White Papers
Risk And Concentration In Payment And Securities Settlement Systems
Oct 2007
Large value payment and securities settlement systems are important components of an economy's financial system. Many such systems are operated by central banks and are liquidity intensive....
Provided by Federal Reserve Board
-
White Papers
The Evolution Of Household Income Volatility
Oct 2007
Using data from the PSID, one finds that household income has become noticeably more volatile during the past thirty years. One estimates that the standard deviation of percent changes in...
Provided by Federal Reserve Board
-
White Papers
Gauging The Uncertainty Of The Economic Outlook From Historical Forecasting Errors
Nov 2007
Participants in meetings of the Federal Open Market Committee (FOMC) regularly produce individual projections of real activity and inflation that are published in summary form. These summaries...
Provided by Federal Reserve Board
-
White Papers
Hyperbolic Discounting And Uniform Savings Floors
Sep 2007
Previous research suggests that, in partial equilibrium, individuals whose decision-making exhibits a present-bias - such as hyperbolic discounters who tend to over-consume - will be in favor of...
Provided by Federal Reserve Board
-
White Papers
Financial Market Perceptions Of Recession Risk
Nov 2007
Over the Great Moderation period in the United States, one finds that corporate credit spreads embed crucial information about the one-year-ahead probability of recession, as evidenced by both in-...
Provided by Federal Reserve Board
-
White Papers
Implied Interest Rate Skew, Term Premiums, And The "Conundrum"
Sep 2007
The skew, irrespective of the mean and variance, of investors' interest rate expectations may affect required bond yields over expected short rates. Indeed, evidence suggests that the near-term...
Provided by Federal Reserve Board
-
White Papers
Reserve Requirement Systems In OECD Countries
Jul 2007
This paper compares the reserve requirements of OECD countries. Reserve requirements are the minimum percentages or amounts of liabilities that depository institutions are required to keep in cash...
Provided by Federal Reserve Board
-
White Papers
Do High Debt Payments Hinder Household Consumption Smoothing?
Jul 2007
Over the past fifteen years, U.S. households have committed a rising share of their disposable personal income to required principal and interest payments on household debt. The direct link...
Provided by Federal Reserve Board
-
White Papers
Choice Of Mortgage Contracts: Evidence From The Survey Of Consumer Finances
Aug 2007
This paper revisits the empirical question of determinants of the choice between fixed- and adjustable-rate mortgages using more comprehensive data from the Survey of Consumer Finances (SCF) that...
Provided by Federal Reserve Board
-
White Papers
Habit Persistence, Non-Separability Between Consumption And Leisure, Or Rule-Of-Thumb Consumers
Aug 2007
Research documenting violations of the permanent-income hypothesis has been a staple of applied work for nearly thirty years. As illustrated by Hall (1978), the most basic model of intertemporal...
Provided by Federal Reserve Board
-
White Papers
Cracking The Conundrum
Oct 2007
Between June 29, 2004 and February 2, 2005, the Federal Open Market Committee increased the target federal funds rate by 150 bps (basis points) or 1.5 percentage points. Over the same period, the...
Provided by Federal Reserve Board
-
White Papers
Will Monetary Policy Become More Of A Science?
Sep 2007
Over the past three decades, one has seen a remarkable change in the performance of monetary policy. By the end of the 1970s, inflation had risen to very high levels, with many countries in the...
Provided by Federal Reserve Board
-
White Papers
Corporate Asset Purchases And Sales: Theory And Evidence
May 2007
Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the...
Provided by Federal Reserve Board
-
White Papers
News, Noise, And Estimates Of The "True" Unobserved State Of The Economy
Sep 2007
Which provides a better estimate of the "True" state of the U.S. economy, gross domestic product (GDP) or gross domestic income (GDI)? Past work has assumed the idiosyncratic variation in each...
Provided by Federal Reserve Board
-
White Papers
The Rise In U.S. Household Indebtedness: Causes And Consequences
Aug 2007
During the past several decades in the United States, significant changes have occurred in household saving and borrowing behavior. As shown in the top panel of Figure 1, the personal saving rate...
Provided by Federal Reserve Board
-
White Papers
An Efficiency Perspective On The Gains From Mergers And Asset Purchases
Aug 2007
A simple efficiency-based view states that acquisitions shift assets to more productive owners. This implies that expected returns from acquisitions increase with transaction value. The author...
Provided by Federal Reserve Board
-
White Papers
Housing And The Monetary Transmission Mechanism
Aug 2007
The housing market seems to be on everybody's mind these days, and for good reason: Developments in the housing market have a major effect on economic activity. For example, as single-family...
Provided by Federal Reserve Board
-
White Papers
Stock Market Participation, Portfolio Choice And Pensions Over The Life-Cycle
Nov 2008
The empirical evidence on stock market participation and portfolio choice defies the predictions of standard life-cycle theory. In this paper, the author develops and estimate a model of portfolio...
Provided by Federal Reserve Board
-
White Papers
The Past, Present, And Future Of Subprime Mortgages
Nov 2008
This paper models the historical default and prepayment behavior for subprime mortgages using data on securitized mortgages originated from 2000 to 2007. It's found that more recently originated...
Provided by Federal Reserve Board
-
White Papers
The Rigidity Of Choice. Lifecycle Savings With Information-Processing Limits
Oct 2008
This paper studies the implications of information-processing limits on the consumption and savings behavior of households through time. It presents a dynamic model in which consumers rationally...
Provided by Federal Reserve Board
-
White Papers
The Rise In Mortgage Defaults
Nov 2008
The mortgage market began suffering serious problems in mid-2005. According to data from the Mortgage Bankers Association, share of mortgage loans that were "seriously delinquent" (90 days or more...
Provided by Federal Reserve Board
-
White Papers
The Incentives Of Mortgage Servicers: Myths And Realities
Oct 2008
As foreclosure initiations have soared over the past couple of years, many have questioned whether mortgage servicers have the right incentives to work out troubled subprime mortgages so that...
Provided by Federal Reserve Board
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White Papers
The Use Of Alternative Employment Arrangements By Small Businesses
Sep 2008
According to the CPS, employees in alternative work arrangements make up over 10 percent of U.S. workers. Because of the pervasiveness of these types of arrangements, it is important to understand...
Provided by Federal Reserve Board
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White Papers
Lowering The Anchor: How The Bank Of England's Inflation-Targeting Policies Have Shaped Inflation Expectations And Perceptions Of Inflation Risk
Aug 2008
Inflation targeting as practiced by the Bank of England has undergone several changes since its adoption in 1992, including redefinition of the goal, measures to increase transparency and the...
Provided by Federal Reserve Board
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White Papers
Distress In The Financial Sector And Economic Activity
Oct 2008
This paper explores the relationship between the health of the financial sector and the rest of the economy. The author develops an indicator of financial sector health using a distance-to-default...
Provided by Federal Reserve Board
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White Papers
Borrowing From Yourself: 401(K) Loans And Household Balance Sheets
Aug 2008
Over the last two decades, 401(k) accounts have become the dominant form of retirement plan for American workers, covering 65 million people and representing $2.4 trillion in assets in 2005 (U.S....
Provided by Federal Reserve Board
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White Papers
Effects Of Liquidity On The Nondefault Component Of Corporate Yield Spreads: Evidence From Intraday Transactions Data
Mar 2008
The author estimates the non-default component of corporate bond yield spreads and examines its relationship with bond liquidity and measures bond liquidity using intraday transactions data and...
Provided by Federal Reserve Board
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White Papers
The High-Frequency Impact Of News On Long-Term Yields And Forward Rates: Is It Real?
Aug 2008
This paper uses high-frequency intradaily data to estimate the effects of macroeconomic news announcements on yields and forward rates on nominal and index-linked bonds, and on inflation...
Provided by Federal Reserve Board
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White Papers
Estimating The Common Trend Rate Of Inflation For Consumer Prices And Consumer Prices Excluding Food And Energy Prices
Jul 2008
Core inflation is often defined as the trend rate of change in overall prices. The rate of change in consumer prices excluding food and energy prices, perhaps smoothed over several quarters, is a...
Provided by Federal Reserve Board
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White Papers
Temporal Risk Aversion And Asset Prices
Jul 2008
Agents with standard, time-separable preferences do not care about the temporal distribution of risk. This is a strong assumption. For example, it seems plausible that a consumer may …nd...
Provided by Federal Reserve Board
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White Papers
Consumer Switching Costs And Firm Pricing: Evidence From Bank Pricing Of Deposit Accounts
May 2008
This paper employs extensive information on bank deposit rates and county migration patterns to test for pricing relationships implied by the existence of switching costs. While these...
Provided by Federal Reserve Board
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White Papers
Zero Bound, Option-Implied PDFs, And Term Structure Models
Jun 2008
It is well known, at least since Breeden and Litzenberger (1978), that options at a broad range of strikes can provide information about the whole risk-neutral distribution of the underlying...
Provided by Federal Reserve Board
