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- With Asset Prices So High, Where's the FOMC?
- Are asset prices, which are fueled by higher profits and productivity, climbing too far too fast? Do they signal the approach of an unsustainable boom that the Federal Open Market Committee should stop? Bubbles are hard to spot beforehand, and even if the Are asset prices, which are fueled by...
- Research articles 2005-09-01
- A Fed bias investors have learned to exploit.(Federal Reserve)(Brief Article)
- Investors now view monetary policy ease as an elixir for all that ails. Every time the Federal Reserve steps in and eases to stabilize asset prices, investors breathe a collective sigh of relief. The Fed's decision to intervene in a crisis, but not c Investors now...
- Research articles 2000-11-13
- Too much risk?
- Some participants believed that the prolonged period of policy accommodation had generated a significant degree of liquidity that might be contributing to signs of potentially excessive risk-taking in financial markets. --FOMC Minutes, December 14 Some participants believed that the prolonged period of policy...
- Research articles 2005-03-15
- Fed conundrum;Dealing with soaring asset prices without hurting the economy.
- The conundrum facing the Fed is what to do about soaring asset prices when wage and consumer price inflation remain relatively dormant. The Fed has little choice but to pay increasing attention to asset prices in its deliberations. For in the end, The...
- Research articles 1999-12-27
- Why the Geithner Plan is Good Medicine for the Banking System
- One thing that has puzzled me has been why I find myself to be one of relatively few people who approves of the Geithner plan. I think that it not only has a good chance of improving the employment situation by boosting risky asset prices so that businesses have an...
- Blog posts 2009-04-08
- Asset Price Instability and Policy Responses: The Legacy of Liberalisation
- The debate about the dynamics and potential policy responses to asset inflation has intensified in recent years. This paper argues that the uncertainties involved in understanding financial market developments and their potential impact on the real economy are likely to remain too high to embolden policy makers. The political and...
- White papers 2003-12-02
- Demographic Variation, Capital Accumulation and Asset Prices
- During the 1990s, asset prices increased significantly in North America and Western Europe and in particular in the United States. This surge in asset prices coincided with the baby boom generation entering its peak earnings and savings years. This paper uses an OLG model with production to ask whether or...
- White papers 2003-06-01
- Asset Prices and Informed Trader's Abilities: Evidence From Experimental Asset Markets
- This study reports the results of fifteen experimental asset markets designed to investigate the effects of forecasts on market prices, traders' abilities to assess asset value, and the link between the two. Across the fifteen markets, the paper investigates alternative forecast-generating processes. In some markets the process produces an unbiased...
- White papers 2002-12-01
- Are Asset Price Guarantees Useful for Preventing Sudden Stops?
- The globalization hazard hypothesis maintains that the current account reversals and asset price collapses observed during 'Sudden Stops' are caused by global capital market frictions. A policy implication of this view is that Sudden Stops can be prevented by offering global investors price guarantees on emerging markets assets. These guarantees,...
- White papers 2005-03-01
- Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
- The paper presents a framework for analyzing the degree of financial transmission between money, bond and equity markets and exchange rates within and between the United States and the euro area. It finds that asset prices react strongest to other domestic asset price shocks, and that there are also substantial...
- White papers 2005-03-01
- Two Trees: Asset Price Dynamics Induced by Market Clearing
- If stocks go up, investors may want to rebalance their portfolios. But investors cannot all rebalance. Expected returns may need to change so that the average investor is still happy to hold the market portfolio despite its changed composition. In this way, simple market clearing can give rise to complex...
- White papers 2003-11-01
- The Time Series of the Cross Section of Asset Prices
- This paper proposes a general equilibrium model that successfully reproduces the historical experience of the cross section of US stock prices as well as the realized history of the market portfolio. The model achieves this while addressing traditional concerns in the asset pricing literature: A high equity premium and volatility...
- White papers 2002-09-01
- Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy
- The link between monetary policy and asset price movements has been of perennial interest to policy makers. This paper considers the potential case for pre-emptive monetary restrictions when asset price reversals can have serious effects on real output. First, it provides some historical background on two famous asset price reversals:...
- White papers 2002-06-01
- Asset Prices in a Flexible Inflation Targeting Framework
- This paper summarizes the arguments for our basic proposition. It then discusses some of the counter-arguments. Specifically, it counters those who argue that reacting to asset prices does not improve macroeconomic performance by claiming that they are attacking the 'straw man' under which central bankers react in the same way...
- White papers 2002-06-01
- Rational Asset Prices
- The mean, co-variability, and predictability of the return of different classes of financial assets challenge the rational economic model for an explanation. The unconditional mean aggregate equity premium is almost seven percent per year and remains high after adjusting downwards the sample mean premium by introducing prior beliefs about the...
- White papers 2002-03-01
- Monetary Policy and Asset Price Volatility
- This paper explores the implications of asset price volatility for the management of monetary policy. It shows that it is desirable for central banks to focus on underlying inflationary pressures. Asset prices become relevant only to the extent they may signal potential inflationary or deflationary forces. Rules that directly target...
- White papers 2000-02-01
- Inflation Targeting, Asset Prices and Financial Imbalances: Conceptualizing the Debate
- This paper attempts to conceptualize the debate regarding the role of asset prices and perceived financial imbalances in the formation of monetary policy from the perspective of theoretically optimal policy responses. While much of the disagreement can be reconciled within the framework of flexible inflation targeting, defined as a commitment...
- White papers 2005-01-01
- Asset Prices and Exchange Rates
- This paper develops a simple two-country, two-good model, in which the real exchange rate, stock and bond prices are jointly determined. The model predicts that stock market prices are correlated internationally even though their dividend processes are independent, providing a theoretical argument in favor of financial contagion. The foreign exchange...
- White papers 2003-07-01
- Bubbles and Capital Flows
- This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and liberating resources that are...
- White papers 2002-10-01
- Suppressing Asset Price Inflation: The Confederate Experience, 1861-1865
- Confederate monetary reforms encouraged holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their convertibility. The paper shows that Confederate funding acts aimed at precipitating the conversion of currency into bonds did temporarily suppress currency depreciation. These acts also triggered upsurges in commodity prices; however,...
- White papers 2002-10-01
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