Recently added articles from Federal Reserve Bank of St. Louis Review:
Monetary economic research at the St. Louis fed during Ted Balbach's tenure as research director.(Federal Reserve Bank of St. Louis)(Statistical data)
Sep 01, 2008; ... Ted Balbach served as research director at the Federal Reserve Bank of St. Louis from 1975 to 1992. This paper lauds his contributions during that time, including the expanded influence of the Review, enhanced databases and data publications, and a visiting scholar program that attracted ...
Oil and the U.S. macroeconomy: an update and a simple forecasting exercise.(Statistical table)
Sep 01, 2008; ... Some analysts and economists recently warned that the U.S. economy faces a much higher risk of recession should the price of oil rise to $100 per barrel or more. In February 2008, spot crude oil prices closed above $100 per barrel for the first time ever, and since then they have climbed ...
Banking crisis solutions old and new.(Northern Rock PLC)
Sep 01, 2008; ... In 2007 Britain experienced its first run on a bank of any macroeconomic significance since 1866. This was not dealt with by the method that had maintained banking stability for so long: letting the bank fail but supplying abundant liquidity to the markets to prevent contagion. In this ...
The credit crunch of 2007-2008: a discussion of the background, market reactions, and policy responses.(Statistical table)
Sep 01, 2008; ... This paper discusses the events surrounding the 2007-08 credit crunch. It highlights the period of exceptional macrostability, the global savings glut, and financial innovation in mortgage-backed securities as the precursors to the crisis. The credit crunch itself occurred when house ...
Welcome.(conference of Federal Reserve Bank of St. Louis)
Jul 01, 2008; ... Welcome to the Thirty-Second Annual Policy Conference sponsored by the Federal Reserve Bank of St. Louis. Our theme this year is "Monetary Policy Under Uncertainty." We chose this topic to coordinate with Bill Poole's imminent completion of 10 years of service at the Bank and his ...
Editor's introduction.(economic policy of Federal Reserve Bank of St. Louis)(Editorial)(Conference notes)
Jul 01, 2008; ... The Thirty-Second Annual Policy Conference of the Federal Reserve Bank of St. Louis brought together economists working on the conduct of monetary policy under uncertainty. This subject, which has been a long-standing professional interest of President William Poole's, is of significant ...
Optimal monetary policy under uncertainty: a Markov jump-linear-quadratic approach.
Jul 01, 2008; ... This paper studies the design of optimal monetary policy under uncertainty using a Markov jump linear-quadratic (MJLQ) approach. To approximate the uncertainty that policymakers face, the authors use different discrete modes in a Markov chain and take mode-dependent linear-quadratic ...
Commentary.(models of monetary policy)
Jul 01, 2008; ... William Poole has made a number of fundamental contributions to the theory and practice of monetary policy during his long and productive career. Among other things, Poole has long emphasized the importance of uncertainty in shaping monetary policy. Uncertainty takes many forms. The ...
Commentary.
Jul 01, 2008; ... Over the past decade or so, researchers at academic institutions and central banks have been active in specifying and estimating dynamic stochastic general equilibrium (DSGE) models that can be used to analyze monetary policy. (1) Although the first-generation models were relatively small ...
Economic projections and rules of thumb for monetary policy.
Jul 01, 2008; ... Monetary policy analysts often rely on rules of thumb, such as the Taylor rule, to describe historical monetary policy decisions and to compare current policy with historical norms. Analysis along these lines also permits evaluation of episodes where policy may have deviated from a simple ...
Commentary.
Jul 01, 2008; ... It is indeed a pleasure to have the opportunity to be here today at the Thirty-Second Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis. It is a conference I have attended a dozen times or more in various roles. In each and every case, it has proven to be a timely ...
Commentary.
Jul 01, 2008; ... Is housing the business cycle, as Leamer says? In their fascinating paper, Jarocinski and Smets's (2008) careful analysis suggests that the answer is no. Very briefly, they show that the recent U.S. housing boom is explained by a combination of increases in housing demand and loose ...
Commentary.
Jul 01, 2008; ... Recent efforts to understand the transmission of monetary policy have spawned a growing literature examining the response of financial markets to monetary policy. (1) Most of these studies assess the likely impact of unanticipated changes in the target federal funds rate, typically in a ...
The importance of being predictable.(Panel Discussion)
Jul 01, 2008; ... This has been an absolutely wonderful occasion for me. I deeply appreciate all those who have come: friends that I've known from way, way back, newer friends recently formed. And I am very gratified that Ben Bernanke and John Taylor joined on the panel. I especially want to thank, above ...
Commentary.
Jul 01, 2008; ... Back in 1984, I was invited by Bill Poole, then a member of the President's Council of Economic Advisors, to work as a senior staff economist for money and banking at the Council. When I arrived at the Old Executive Office Building that fall, I brought with me an early draft of a paper on ...