Falls Church, Virginia, United States
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Articles by Bill
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Forward Guidance: What may happen at the FOMC meeting this week
Forward Guidance: What may happen at the FOMC meeting this week
By Bill Nelson
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Forward guidance: Something old and something new: two potential, beneficial discount window facilities
Forward guidance: Something old and something new: two potential, beneficial discount window facilities
By Bill Nelson
Activity
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Smarter people are more susceptible to fall for confirmation bias because they can conjure up all sorts of far-fetched reasons to poke holes in…
Smarter people are more susceptible to fall for confirmation bias because they can conjure up all sorts of far-fetched reasons to poke holes in…
Liked by Bill Nelson
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I am excited to share that I am joining the Federal Reserve Bank of Cleveland as the next President and CEO. I am honored to have this opportunity to…
I am excited to share that I am joining the Federal Reserve Bank of Cleveland as the next President and CEO. I am honored to have this opportunity to…
Liked by Bill Nelson
Publications
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Quantifying the costs and benefits of quantitative easing
NBER
We conduct a systematic analysis of the costs and benefits of large-scale securities purchases, using the Federal Reserve’s QE4 program as a concrete example. This program was initiated at the onset of the pandemic in March 2020 and continued for two years, leading to a doubling of the Fed’s securities holdings to about $8.5 trillion as of March 2022. QE4 was initially aimed at mitigating strains in markets for Treasuries and agency mortgage-backed securities but was subsequently aimed more…
We conduct a systematic analysis of the costs and benefits of large-scale securities purchases, using the Federal Reserve’s QE4 program as a concrete example. This program was initiated at the onset of the pandemic in March 2020 and continued for two years, leading to a doubling of the Fed’s securities holdings to about $8.5 trillion as of March 2022. QE4 was initially aimed at mitigating strains in markets for Treasuries and agency mortgage-backed securities but was subsequently aimed more broadly at supporting market functioning and providing monetary stimulus. Nonetheless, QE4 did not have any notable benefits in reducing term premiums. Moreover, since the securities purchases were financed by expanding the Fed’s short-term liabilities, QE4 amplified the interest rate risk associated with the publicly-held debt of the consolidated federal government. Our simulation analysis indicates that QE4 is likely to reduce the Federal Reserve’s remittances to the U.S. Treasury by about $760 billion over the next ten years.
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Helicopter Money, Fiscal QE, the Magic Asset, and Collateralizing the Currency
Cato Institute
Chapter in Populism and the Future of the Fed, Edited by James Dorn.
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Ringfencing versus Cooperation: A Game-theoretic Perspective
Bank Policy Institute
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An Even Better Way to Combine Stress Test Results
Bank Policy Institute
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Digital Currencies and Payments: Financial Stability and Monetary Polucy Implications
The Journal of Investing
This commentary focuses on the financial stability and monetary policy implications of digital currencies, which will be compared and contrasted to the implications of the inevitable eventual replacement of paper currency with digital transactions.
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Current Expected Credit Loss: Lessons from 2007-2009
Bank Policy Institute
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Financial Stability and Monetary Policy Issues Associated With Digital Currencies
Journal of Economics and Business
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The Fed Designed the GSIB Surcharge to Achieve a Flawed Objective
The Clearing House
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Central Bank Swap Lines and CIP Deviations
International Journal of Finance and Economics, Volume 22, Issue 4
Other authors -
Recognizing the Value of the Central Bank as a Liquidity Backstop
The Clearing House
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The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies
International Journal of Central Banking, vol. 12, no. 4
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Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007- 09 U.S. Financial Crisis
Finance and Economics Discussion Series 2015-011
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Lessons from Lender of Last Resort Actions during the Crisis: The Federal Reserve Experience
BIS Papers 79. Bank for International Settlements
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Using Policy Intervention to Identify Financial Stress
International Journal of Finance & Economics, vol. 19, no. 1
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Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility
Journal of Monetary Economics, vol. 58, no. 5,
More activity by Bill
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Join me at 9:45 a.m. (ET) May 20 for the first monetary policy session of the @Federal Reserve Bank of Atlanta’s Financial Markets Conference…
Join me at 9:45 a.m. (ET) May 20 for the first monetary policy session of the @Federal Reserve Bank of Atlanta’s Financial Markets Conference…
Shared by Bill Nelson
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Mickey and I presented this paper last week at the Hoover Institution’s annual Economic Monetary Policy Conference. Our view is that the new…
Mickey and I presented this paper last week at the Hoover Institution’s annual Economic Monetary Policy Conference. Our view is that the new…
Liked by Bill Nelson
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The Committee on Payments and Market Infrastructures (CPMI) Secretariat is hiring! In this role: · You will join a dynamic, diverse and…
The Committee on Payments and Market Infrastructures (CPMI) Secretariat is hiring! In this role: · You will join a dynamic, diverse and…
Liked by Bill Nelson
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Read BPI's new blog from Francisco Covas, Laura Suhr Plassman and Benjamin Gross.
Read BPI's new blog from Francisco Covas, Laura Suhr Plassman and Benjamin Gross.
Liked by Bill Nelson
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The Money Marketeers are humbled by my agreeing to speak at a Cocktails & Conversations event next week on Tuesday, April 16 in NYC (midtown).…
The Money Marketeers are humbled by my agreeing to speak at a Cocktails & Conversations event next week on Tuesday, April 16 in NYC (midtown).…
Shared by Bill Nelson
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I am honestly worried about the sheer amount of dogmatic and ideological positions taken by Western academic and governmental institutions that will…
I am honestly worried about the sheer amount of dogmatic and ideological positions taken by Western academic and governmental institutions that will…
Liked by Bill Nelson
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