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9255 Results

Are Bank Bailouts Welfare Improving?

Staff Working Paper 2021-56 Malik Shukayev, Alexander Ueberfeldt
Financial sector bailouts, while potentially beneficial during a crisis, might lead to excessive risk taking if anticipated. Taking expectations and aggregate risk implications into account, we show that bailouts can be welfare improving, but only if capital adequacy constraints are sufficiently tight.
November 9, 2021

John Kuszczak Memorial Lecture 2021

Narrative Economics and Monetary Policy — Address by Robert Shiller, 2013 Nobel Laureate for Economic Sciences, Yale University, with introductory remarks by Paul Beaudry, Deputy Governor.

Optimal Monetary Policy According to HANK

Staff Working Paper 2021-55 Sushant Acharya, Edouard Challe, Keshav Dogra
We study optimal monetary policy in an analytically tractable Heterogeneous Agent New Keynesian model. In the model, the central bank has an incentive to reduce consumption inequality in addition to keeping economic activity at its efficient level and inflation stable.
Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Monetary policy JEL Code(s): E, E2, E21, E3, E30, E5, E52, E6, E62, E63

Evaluating the Effects of Forward Guidance and Large-scale Asset Purchases

Staff Working Paper 2021-54 Xu Zhang
I propose a novel method to identify and estimate the macroeconomic effects of forward guidance and large-scale asset purchases (LSAP) for each FOMC announcement. I find that LSAP is more important than forward guidance in influencing output and inflation. LSAP puts upward pressure on short-term yields, so it should always be used in conjunction with forward guidance.
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