Monetary Policy and Regional Interest Rates in the United States, 1880-2202 PDF Download
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Author: John Landon-Lane
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
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Author: John Landon-Lane
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
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Author: Brian C. Gendreau
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 32
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Author: Masagus M. Ridhwan
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: David Alexander Baerncopf
Publisher:
ISBN:
Category : Interest
Languages : en
Pages : 598
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Author: Paul Anthony Meyer
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 372
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Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: John Steele Henderson
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: John S. Landon-Lane
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 51
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The long running debate among economic historians over how long it took regional financial markets in the United States to become fully integrated should be of considerable interest to students of monetary unions. This paper reviews the debate, discusses the implications of various hypotheses for the optimality of the US monetary union, and presents some new findings on the origin and diffusion of monetary shocks. It appears that financial markets were integrated in the late nineteenth and early twentieth centuries in the sense that monetary shocks were routinely transmitted from one part of the United States to another. In particular, shocks to interest rates in the eastern financial centers were routinely transmitted to the periphery. However, it also appears that during this period significant shocks to bank lending rates in the periphery often arose on the periphery itself. This suggests that a nineteenth century monetary authority that relied on operations confined to eastern financial centers would have had a difficult time managing the U.S. monetary union. After World War II the problem of eruptions on the periphery declined.
Author: Erik Hurst
Publisher:
ISBN:
Category : Interest rates
Languages : en
Pages : 63
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An integrated tax and transfer system together with factor mobility can help mitigate local shocks within monetary and fiscal unions. In this paper we explore the role of a new mechanism that may also be central to determining the welfare effects of regional shocks. The degree to which households can use borrowing to smooth location-specific risks depends crucially on the interest rate and how it varies with local economic conditions. In the U.S., the bulk of borrowing occurs through the mortgage market and is heavily influenced by the presence of government-sponsored enterprises (GSEs). We empirically establish that despite large spatial variation in predictable default risk, there is essentially no spatial variation in GSE mortgage rates, conditional on borrower observables. In contrast, we show that the private market does set interest rates based in part on regional risk factors and postulate that the lack of regional variation in GSE mortgage rates is likely driven by political pressure. We quantify the economic impact of the national interest rate policy on regional risk by building a structural spatial model of collateralized borrowing to match various features from our empirical analysis. The model suggests that the national interest rate policy has significant ex-post redistributional consequences across regions.
Author: Randall J. Miller
Publisher: Gower Publishing Company, Limited
ISBN:
Category : Business & Economics
Languages : en
Pages : 184
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