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wyszukanych pozycji: 100
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Current Economic Conditions: March 5, 2014
ISBN: 9781503222960 / Angielski / Miękka / 2014 / 46 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Reports from most of the twelve Federal Reserve Districts indicated that economic conditions continued to expand from January to early February. Eight Districts reported improved levels of activity, but in most cases the increases were characterized as modest to moderate. New York and Philadelphia experienced a slight decline in activity, which was mostly attributed to the unusually severe weather experienced in those regions. Growth slowed in Chicago, and Kansas City reported that conditions remained stable during the reporting period. The outlook among most Districts remained optimistic....
Reports from most of the twelve Federal Reserve Districts indicated that economic conditions continued to expand from January to early February. Eight...
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52,40 |
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Banking Basics (Color)
ISBN: 9781511614757 / Angielski / Miękka / 2015 / 44 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Some young savers stash their cash in shoe boxes or jelly jars. Others use "piggy banks," which today look more like spaceships or cartoon characters. In any case, the same problem arises. Sooner or later, the piggy bank or jelly jar fills up, and you have to make a decision: Should I spend the money or continue to save? And if I continue to save, should I open a bank account or just find a bigger jar? Maybe you've had to face such a decision yourself. If you decide to keep your money at home, it will just sit there and won't earn any extra money for you. You also run the risk that a burglar,...
Some young savers stash their cash in shoe boxes or jelly jars. Others use "piggy banks," which today look more like spaceships or cartoon characters....
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80,72 |
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Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice
ISBN: 9781505421095 / Angielski / Miękka / 2014 / 44 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. The Federal Reserve has previously noted the importance of capital planning at large, complex bank holding companies (BHCs). Capital is central to a BHC's ability to absorb unexpected losses and continue to lend to creditworthy businesses and consumers. It serves as the first line of defense against losses, protecting the deposit insurance fund and taxpayers. As such, a large BHC's processes for managing and allocating its capital resources are critical not only to its individual health and performance, but also to the stability and effective functioning of the U.S. financial system. The...
The Federal Reserve has previously noted the importance of capital planning at large, complex bank holding companies (BHCs). Capital is central to a B...
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60,49 |
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Banking Basics
ISBN: 9781511614696 / Angielski / Miękka / 2015 / 44 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Some young savers stash their cash in shoe boxes or jelly jars. Others use "piggy banks," which today look more like spaceships or cartoon characters. In any case, the same problem arises. Sooner or later, the piggy bank or jelly jar fills up, and you have to make a decision: Should I spend the money or continue to save? And if I continue to save, should I open a bank account or just find a bigger jar? Maybe you've had to face such a decision yourself. If you decide to keep your money at home, it will just sit there and won't earn any extra money for you. You also run the risk that a burglar,...
Some young savers stash their cash in shoe boxes or jelly jars. Others use "piggy banks," which today look more like spaceships or cartoon characters....
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cena:
60,49 |
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Going Public Abroad
ISBN: 9781503231221 / Angielski / Miękka / 2014 / 48 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This study examines the decision to go public abroad using a sample of 17,808 IPOs. Although only 6% of initial public offerings are offered abroad, these represent approximately 25% of total IPO proceeds. We find that alleviating informational frictions in order to obtain greater offering proceeds is an important determinant of the decision to go public abroad. Foreign and global IPOs originate from countries with significantly fewer recent IPOs in the same industry, less developed capital markets, and lower disclosure standards. Contrary to assumptions in prior research, we also show that...
This study examines the decision to go public abroad using a sample of 17,808 IPOs. Although only 6% of initial public offerings are offered abroad, t...
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60,49 |
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Repo Collateral Fire Sales: The Effects of Exemption from Automatic Stay
ISBN: 9781503283497 / Angielski / Miękka / 2014 / 48 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. What are the consequences of a potential fire sale stemming from the exemption of repurchase agreements (repos) from automatic stay? This paper shows that repo's exemption from stay alters firms' financing and investment decisions ex ante. Specifically, a stay exemption changes firms' investment opportunity set, enabling them to purchase assets of defaulted firms at fire sale prices. Fire sales arise endogenously because of limited capital available to purchase collateral posted by insolvent firms, i.e., cash-in-the-market pricing. A fire sale effectively creates a premium for holding on to...
What are the consequences of a potential fire sale stemming from the exemption of repurchase agreements (repos) from automatic stay? This paper shows ...
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52,40 |
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Effects of Monetary Policy Shocks across Time and across Sectors
ISBN: 9781503231245 / Angielski / Miękka / 2014 / 32 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Recent empirical research by Olivei and Tenreyro (2007) demonstrates that the effect of monetary policy shocks on output and prices depends on the shock's timing: In the United States, a monetary policy shock that takes place in the first half of the year has a larger effect on output than on prices, while the opposite is true in the second half of the year. Olivei and Tenreyro argue that this finding reflects the fact that a greater fraction of wage rates are re-contracted in the second half of the year, implying that wages (and prices) are less flexible in the first half. In this paper, I...
Recent empirical research by Olivei and Tenreyro (2007) demonstrates that the effect of monetary policy shocks on output and prices depends on the sho...
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cena:
60,49 |
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Consumers' Attitudes and Their Inflation Expectations
ISBN: 9781511660471 / Angielski / Miękka / 2015 / 32 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This paper studies consumers' inflation expectations using micro-level data from the surveys of consumers conducted by university of Michigan
This paper studies consumers' inflation expectations using micro-level data from the surveys of consumers conducted by university of Michigan
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cena:
52,40 |
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Financing Constraints and Unemployment: Evidence from the Great Recession
ISBN: 9781507563014 / Angielski / Miękka / 2015 / 54 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Exploiting the differential financing needs across industrial sectors, this paper shows that financing constraints of small businesses in the United States are one of the drivers explaining the unemployment dynamics during the Great Recession. We show that workers in small firms are more likely to become unemployed during the 2007-09 financial crisis if they work in industries with high external financing needs. We find very similar results for the 1990-91 recession, but not for the 2001 recession, where only the former was associated with a reduction in loan supply. These findings further...
Exploiting the differential financing needs across industrial sectors, this paper shows that financing constraints of small businesses in the United S...
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cena:
52,40 |
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Tradability of Output, Business Cycles, and Asset Prices
ISBN: 9781508847403 / Angielski / Miękka / 2015 / 50 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. I document in this book that firms in the tradable sector have more cyclical asset returns and earning than firms in the non-tradable sector
I document in this book that firms in the tradable sector have more cyclical asset returns and earning than firms in the non-tradable sector
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52,40 |
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Payday Lending Regulation
ISBN: 9781503283527 / Angielski / Miękka / 2014 / 40 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. To date the debate over payday lending has focused on whether access to such lending is on net beneficial or harmful to consumer welfare. However, payday loans are not one product but many, and different forms of lending may have different welfare implications. The current diversity in payday lending stems from the diverse ways in which states have regulated the industry. This paper attempts to quantify the effects that various regulatory approaches have had on lending terms and usage. Using a novel institutional dataset of over 56 million payday loans, covering 26 states for nearly 6 years,...
To date the debate over payday lending has focused on whether access to such lending is on net beneficial or harmful to consumer welfare. However, pay...
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cena:
52,40 |
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A Global Trade Model for the Euro Area
ISBN: 9781511660518 / Angielski / Miękka / 2015 / 36 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. We propose a model for analyzing euro area trade based on the interaction between macroeconomic and trade variables. First, we show that macroeconomic variables are necessary to generate accurate short-term trade forecasts; this result can be explained by the high correlation between trade and macroeconomic variables, with the latter being released in a more timely manner. Second, the model tracks well the dynamics of trade variables conditional on the path of macroeconomic variables during the great recession; this result makes our model a reliable tool for scenario analysis. Third, we...
We propose a model for analyzing euro area trade based on the interaction between macroeconomic and trade variables. First, we show that macroeconomic...
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52,40 |
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Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy
ISBN: 9781503222908 / Angielski / Miękka / 2014 / 62 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than the one that seemed to be in place prior to 2007. Using a version of an unobserved components model introduced by Fleischman and Roberts (2011), we estimate that potential GDP is currently about 7 percent below the trajectory it appeared to be on prior to 2007. We also examine the recent performance of the labor market. While the available evidence is still inconclusive, some indicators suggest that hysteresis should be a more present concern now...
The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than t...
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cena:
52,40 |
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Discovering the Universe: Measuring the Role of Finance Companies in the U.S. Economy
ISBN: 9781503223677 / Angielski / Miękka / 2014 / 38 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Credit to consumers and business is critical to the efficient functioning of the U.S. economy, and finance companies are a key source of such credit. Every five years, the Federal Reserve conducts a two-part survey: the Census of Finance Companies (CFC) to identify the universe of such firms and the Survey of Finance Companies (SFC) to obtain balance-sheet data from firms identified in the CFC. In 2010, this survey underwent a major revision that addressed both the absence of a comprehensive list frame and low response rates. A follow-up study of nonrespondents to the CFC was conducted to...
Credit to consumers and business is critical to the efficient functioning of the U.S. economy, and finance companies are a key source of such credit. ...
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cena:
52,40 |
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Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
ISBN: 9781511467247 / Angielski / Miękka / 2015 / 38 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. |
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52,40 |
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Volatility, Labor Heterogeneity and Asset Prices
ISBN: 9781503287129 / Angielski / Miękka / 2014 / 50 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This study shows that a firm's reliance on skilled labor is an underlying determinant of its exposure to aggregate volatility risk. I present a model in which firms make hiring and firing decisions in an environment of time-varying aggregate volatility, and face linear adjustment costs that increase with the skill of a worker. In the model, an increase in aggregate volatility slows a firm's labor demand reaction to changes in economic conditions, reducing its ability to smooth cash flows. The rise in aggregate volatility has a more pronounced impact on firms with a high share of skilled labor...
This study shows that a firm's reliance on skilled labor is an underlying determinant of its exposure to aggregate volatility risk. I present a model ...
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52,40 |
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Computing Arbitrage-Free Yields in Multi-Factor Gaussian Shadow-Rate Term Structure Models
ISBN: 9781503223738 / Angielski / Miękka / 2014 / 36 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. This paper develops a method to approximate arbitrage-free bond yields within a term structure model in which the short rate follows a Gaussian process censored at zero (a shadow-rate model as proposed by Black, 1995). The censoring ensures that model-implied yields are constrained to be positive, but it also introduces non-linearity that renders standard bond pricing formulas inapplicable. In particular, yields are not linear functions of the underlying state vector as they are in a ne term structure models (see Piazzesi, 2010). Existing approaches towards computing yields in shadow-rate...
This paper develops a method to approximate arbitrage-free bond yields within a term structure model in which the short rate follows a Gaussian proces...
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cena:
52,40 |
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Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey
ISBN: 9781511660396 / Angielski / Miękka / 2015 / 34 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth accumulation remain somewhat unresolved. We consider whether measurement error on the existing suite of longitudinal surveys hinders their usefulness for addressing these questions. We review the features of wealth data that make it difficult to collect and assess which assets and debts households are more likely to report accurately. We suggest several considerations in choosing between improving existing surveys and starting a new one.
Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth accumulation remain somewhat un...
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cena:
52,40 |
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Sectoral Allocation, Risk Efficiency and the Great Moderation
ISBN: 9781499136708 / Angielski / Miękka / 2014 / 40 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. The decline in U.S. real GDP growth volatility after the mid 1980s was an outcome of more risk efficient and more diversified sectoral allocations. Using a portfolio approach, I distinguish between the two determinants of GDP growth volatility: sectoral covariances and sectoral allocations. I use the sectoral growth and covariances to compute the growth-volatility frontier of the economy. I define the efficiency of the actual sectoral allocation as the distance of the economy from the frontier, measured in the (volatility, growth) space. There are three main findings. 1) The frontier has...
The decline in U.S. real GDP growth volatility after the mid 1980s was an outcome of more risk efficient and more diversified sectoral allocations. Us...
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cena:
60,49 |
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The Federal Reserve's Framework for Monetary Policy-Recent Changes and New Questions
ISBN: 9781503287174 / Angielski / Miękka / 2014 / 68 str. Termin realizacji zamówienia: ok. 16-18 dni roboczych. In recent years, the Federal Reserve has made substantial changes to its framework for monetary policymaking by providing greater clarity regarding its objectives, its intentions regarding the use of monetary policy- including nontraditional policy tools such as forward guidance and asset purchases-in the pursuit of those objectives, and its broader policy strategy. These changes reflected both a response to changes in economists' understanding of the most effective way to implement monetary policy and a response to specific challenges posed by the financial crisis and its aftermath,...
In recent years, the Federal Reserve has made substantial changes to its framework for monetary policymaking by providing greater clarity regarding it...
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cena:
52,40 |
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