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Creator: Bryant, John B. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 126 Abstract:
A model is presented in which demand deposits backed by fractional currency reserves and public insurance can be beneficial. The model uses Samuelson's pure consumption-loans model. The case for demand deposits, reserves, and deposit insurance rests on costs of illiquidity and incomplete information. The effect of deposit insurance depends upon how, and at what cost, the government meets its insurer's obligation--something which is not specified in practice. It remains possible that demand deposits and deposit insurance are a distortion, and reserve requirements serve only to limit the size of this distortion.
Mot-clé: Bank panic, Reserve requirements, Insolvency, Banks, and Bond reserve Assujettir: G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages and E58 - Central Banks and Their Policies
Creator: Kaatz, Ronald and Nelson, Clarence W. (Clarence Walford), 1924- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 000 La description:
This paper was published with no issue number.
Mot-clé: Asset pricing, Capital spending, Investments, and Expenditures Assujettir: G31 - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity, E58 - Central Banks and Their Policies, and E22 - Investment; Capital; Intangible Capital; Capacity
Creator: Duprey, James N. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 071 Abstract:
This paper briefly recounts several of the key financial developments of 1974, describes the contingency planning exercise developed by the Minneapolis Federal Reserve Bank to encourage planning by large member banks, and then discusses some of the comments received in a trial run. The Appendix contains a copy of the exercise together with an illustrative example.
Mot-clé: Banking, Contingency planning, Loss of confidence, 1974 banking crisis, and Emergency lending program Assujettir: G28 - Financial Institutions and Services: Government Policy and Regulation, G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages, and E58 - Central Banks and Their Policies
Creator: Bengui, Julien, Bianchi, Javier, and Coulibaly, Louphou Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 535 Abstract:
In this paper, we study the optimal design of financial safety nets under limited private credit. We ask when it is optimal to restrict ex ante the set of investors that can receive public liquidity support ex post. When the government can commit, the optimal safety net covers all investors. Introducing a wedge between identical investors is inefficient. Without commitment, an optimally designed financial safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher ex ante welfare. Our result can rationalize the prevalent limited coverage of safety nets, such as the lender of last resort facilities.
Mot-clé: Public liquidity provision, Bailouts, Time inconsistency, and Safety nets Assujettir: G28 - Financial Institutions and Services: Government Policy and Regulation, E58 - Central Banks and Their Policies, and E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
Creator: Cavallo, Michele, Del Negro, Marco, Frame, W. Scott, Grasing, Jamie, Malin, Benjamin A., and Rosa, Carlo Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 747 Abstract:
The paper surveys the recent literature on the fiscal implications of central bank balance sheets, with a special focus on political economy issues. It then presents the results of simulations that describe the effects of different scenarios for the Federal Reserve's longer-run balance sheet on its earnings remittances to the U.S. Treasury and, more broadly, on the government's overall fiscal position. We find that reducing longer-run reserve balances from $2.3 trillion (roughly the current amount) to $1 trillion reduces the likelihood of posting a quarterly net loss in the future from 30 percent to under 5 percent. Further reducing longer-run reserve balances from $1 trillion to pre-crisis levels has little effect on the likelihood of net losses.
Mot-clé: Central bank balance sheets, Remittances, and Monetary policy Assujettir: E59 - Monetary Policy, Central Banking, and the Supply of Money and Credit: Other, E58 - Central Banks and Their Policies, and E69 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: Other
Creator: Fitzgerald, Terry J. and Nicolini, Juan Pablo Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 713 Abstract:
This paper makes two straightforward points that we argue are central to understanding the literature and debate surrounding the stability of the Phillips curve. First, the endogeneity of monetary policy implies that aggregate data are largely uninformative as to the existence of a stable relationship between unemployment and future inflation. Second, if the NAIRU model is assumed to be true, regional data can be used to identify the structural relationship between unemployment and future inflation. We find that a 1 percentage point increase in the unemployment rate is associated with a roughly 0.3 percentage point decline in inflation over the next year.
Mot-clé: Stability of the Phillips curve and Endogenous monetary policy Assujettir: E58 - Central Banks and Their Policies and E52 - Monetary Policy
Creator: Nicolini, Juan Pablo Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 582 Abstract:
In this paper, I revisit some recent work on the theory of the money supply, using a theoretical framework that closely follows Karl Brunner's work. I argue that had his research proposals been followed by the profession, some of the misunderstandings related to the instability of the money demand relationship could have been avoided.
Mot-clé: Means of payment, Money multiplier, and Transaction services Assujettir: E58 - Central Banks and Their Policies and E51 - Money Supply; Credit; Money Multipliers