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Brookings Papers on Economic Activity
Journal Prestige (SJR): 6.851  Citation Impact (citeScore): 2 Number of Followers: 48  Open Access journalISSN (Print) 0007-2303 - ISSN (Online) 1533-4465 Published by Brookings Institution  [1 journal]
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- Symposium: Monetary policy at the effective lower bound
Authors: Kristin J. Forbes; James Hamilton, Eric T. Swanson, Janet L. Yellen
Abstract: Summary Economists refer to episodes of interest rates approaching zero as the effective lower bound or zero lower bound. Previous research in the Brookings Papers on Economic Research showed that rates could near the zero lower bound as much as 40 percent of the time—twice as often as predicted by others. In a symposium for…
PubDate: Fri, 14 Sep 2018 15:30:43 +000
- The real effects of the financial crisis
Authors: Ben S. Bernanke
Abstract: Abstract Economists both failed to predict the global financial crisis and underestimated its consequences for the broader economy. Focusing on the second of these failures, this papers make two contributions. First, I review research since the crisis on the role of credit factors in the decisions of households, firms, and financial intermediaries and in macroeconomic…
PubDate: Thu, 13 Sep 2018 04:05:33 +000
- Should the Fed regularly evaluate its monetary policy framework'
Authors: Jeffrey Fuhrer; Giovanni Olivei, Eric Rosengren, Geoffrey Tootell
Abstract: Abstract Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe spanning the 1960s to present, it is possible to point to many significant changes to the framework. Some of the changes were precipitated by acute economic conditions, others were…
PubDate: Thu, 13 Sep 2018 04:04:03 +000
- The first 20 years of the European Central Bank: Monetary policy
Authors: Philipp Hartmann; Frank Smets
Abstract: Abstract On 1 May 2018, the ECB delebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of the euro in 1999, going through four…
PubDate: Thu, 13 Sep 2018 04:00:59 +000
- Accounting for macro-finance trends: Market power, intangibles, and risk
premia
Authors: Emmanuel Farhi; François Gourio
Abstract: Abstract Real risk-free interest rates have trended down over the past 30 years. Puzzlingly in light of this decline, (1) the return on private capital has remained stable or even increased, creating an increasing wedge between public and private rates of return; (2) stock market valuation ratios have increased only moderately; (3) investment has been…
PubDate: Thu, 13 Sep 2018 04:00:27 +000
- The cyclical sensitivity in estimates of potential output
Authors: Olivier Coibion; Yuriy Gorodnichenko, Mauricio Ulate
Abstract: Abstract The fact that declines in output since the Great Recession have parlayed into equivalent declines in measures of potential output is commonly interpreted as implying that output will not return to previous trends. We show that real-time estimates of potential output for the U.S. and other countries respond gradually and similarly to both transitory…
PubDate: Thu, 13 Sep 2018 04:00:06 +000
- Saving the heartland: Place-based policies in 21st Century America
Authors: Benjamin Austin; Edward Glaeser, Lawrence Summers
Abstract: Abstract America’s regional disparities are large and regional convergence has declined if not disappeared. This wildly uneven economic landscape calls for a new look at spatially targeted policies. There are three plausible justifications for place-based policies–agglomeration economies, spatial equity and larger marginal returns to targeting social distress in high distress areas. The second justification is…
PubDate: Thu, 08 Mar 2018 05:05:33 +000
- Is automation labor-displacing' Productivity growth, employment, and
the labor share
Authors: David Autor; Anna Salomons
Abstract: Abstract Is automation a labor-displacing force? This possibility is both an age-old concern and at the heart of a new theoretical literature considering how labor immiseration may result from a wave of "brilliant machines," which is in part motivated by declining labor shares in many developed countries. Comprehensive evidence on this labor-displacing channel is at…
PubDate: Thu, 08 Mar 2018 05:04:31 +000
- Safety net investments in children
Authors: Hilary W. Hoynes; Diane Whitmore Schanzenbach
Abstract: Abstract In this paper, we examine what groups of children are served by core childhood social safety net programs—including Medicaid, EITC, CTC, SNAP, and AFDC/TANF—and how they have changed over time. We find that virtually all gains in spending on the social safety net for children since 1990 have gone to families with earnings, and…
PubDate: Thu, 08 Mar 2018 05:03:35 +000
- Liquidity crises in the mortgage market
Authors: You Suk Kim; Steven M. Laufer, Karen Pence, Richard Stanton, Nancy Wallace
Abstract: Abstract Nonbanks originated about half of all mortgages in 2016, and 75% of mortgages insured by the FHA or VA. Both shares are much higher than those observed at any point in the 2000s. We describe in this paper how nonbank mortgage companies are vulnerable to liquidity pressures in both their loan origination and servicing…
PubDate: Thu, 08 Mar 2018 05:02:32 +000
