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Recursos bibliográficos en papel y digitales -
- libros, artículos de revistas,
ponencias de eventos, etc. -
» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Hakkio, Craig S. - Keeton, William R. - |
| Título: | Financial Stress: What Is It, How Can It Be Measured, and Why Does It Matter? |
| Fuente: | Economic Review. v.94, n.2. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 5-50 |
| Año: | 2009 |
| Resumen: | The U.S. economy is currently experiencing a period of significant financial stress. This stress has contributed to the downturn in the economy by boosting the cost of credit and making businesses, households, and financial institutions highly cautious. To alleviate the financial stress and counteract its effects on the economy, the Federal Reserve has reduced the federal funds rate target substantially and undertaken unprecedented actions to support the functioning of financial markets. There will come a point, however, when the Federal Reserve needs to remove liquidity from the economy and unwind special lending programs to ensure a return to sustainable growth with low inflation. In past recoveries, the decision when to tighten policy was based mainly on the strength of business and consumer spending and the degree of upward pressure on prices and wages. An additional element in the current exit strategy will be determining if financial stress is no longer high enough to endanger economic recovery. As financial conditions begin to improve, the various measures of financial stress that the Federal Reserve monitors may give mixed signals. In this situation, policymakers would greatly benefit from having a single, comprehensive index of financial stress. Such an index could also prove valuable further down the road, when the Federal Reserve might again need to decide whether financial stress was serious enough to warrant special attention. Hakkio and Keeton present a new index of financial stress--the Kansas City Financial Stress Index (KCFSI). They explain how the components of the KCFSI capture key aspects of financial stress and show that high values of the KCFSI have tended to coincide with known periods of financial stress. They also show that the KCFSI provides valuable information about future economic growth. |
| Palabras clave: | CRISIS | RECESION ECONOMICA | FINANZAS LOCALES | MEDICION | |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Hakkio, Craig S. - Sellon, Gordon H., Jr. - |
| Título: | The discount window : time for reform? |
| Fuente: | Economic Review. v.85, n.2. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 1-20 |
| Año: | 2000 |
| Resumen: | For many years, the Federal Reserve’s discount window has played an important role in monetary policy. Discount window borrowing helps individual depository institutions manage their reserve accounts in the presence of unexpected deposit and payments flows. Improved reserve management, in turn, helps stabilize the overnight federal funds market by reducing the volatility of short-term interest rates. Moreover, announced changes in the Federal Reserve’s discount rate have often signaled important shifts in the stance of monetary policy and have frequently been associated with large changes in market interest rates, exchange rates, and asset prices. In the 1990s, however, fewer and fewer institutions have relied on the window to meet short-term credit needs. Consequently, the usefulness of the discount window in smoothing reserve imbalances and stabilizing interest rates may have been reduced. In addition, changes in monetary policy operating procedures and the formal announcement of monetary policy decisions by the Federal Reserve may have reduced the effectiveness of discount rate changes in influencing market interest rates and asset prices. Hakkio and Sellon analyze the changing role of the discount window in monetary policy and examine the case for discount window reform. One alternative to the traditional discount window is a "Lombard-type" lending facility in which depository institutions can borrow more freely than under the current system but at a higher rate. While there appear to be good arguments in favor of modernizing the discount mechanism, a number of conceptual and practical issues must be addressed before implementing a Lombard-type lending facility. An additional consideration, going forward, is the projected reduction in the supply of Treasury debt over the next few years. A shrinking supply of Treasury securities could complicate the use of open market operations in providing reserves to the banking system and require the Federal Reserve to place greater emphasis on the discount window. Consequently, any redesign of the discount window would need to address this issue. |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
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