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What’s Driving Up Money Growth?
Two key monetary aggregates, M1 and M2, have grown quickly recently—especially M1, the narrow aggregate. In this post, we show that we can attribute most, but not all, of the recent high money growth rate of M1 to low current interest rates as well as the growth in bank reserves that has resulted from the Fed’s asset purchase programs. By Jamie McAndrews, Donald Morgan, and James Vickery |
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Recent Articles |
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How "Unconventional" Are Large-Scale Asset Purchases? The Impact of Monetary Policy on Asset Prices
This paper examines the impact of large-scale asset purchases (LSAP) on U.S. asset prices (nominal and inflation-indexed bonds, stocks, and U.S. dollar spot exchange rates) using an event study with intraday data. By Carlo Rosa, Staff Reports 560, May 2012 |
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The Evolution of Treasury Cash Management during the Financial Crisis
This paper examines how a change in Federal Reserve credit policy during the crisis was associated with the change in Treasury cash management practices. Understanding the relationship between Federal Reserve credit policy and Treasury cash management is important because the relationship illuminates an important but sometimes unappreciated interface between the Treasury and the Fed. By Paul J. Santoro, Current Issues in Economics and Finance (18) 3, April 2012 |
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Shadow Banking Regulation
The authors review the implications of these reform efforts for shadow funding sources including asset-backed commercial paper, triparty repurchase agreements, money market mutual funds, and securitization. By Tobias Adrian and Adam B. Ashcraft, Staff Reports 559, April 2012 |
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How Deeply Held Are Anti-American Attitudes among Pakistani Youth? Evidence Using Experimental Variation in Information
This paper investigates how attitudes toward the United States are affected by the provision of information. We use an experimentally generated panel of attitudes, obtained by providing urban Pakistanis with fact-based statements describing the United States in either a positive or negative light. By Adeline Delavande and Basit Zafar, Staff Reports 558, April 2012 |
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