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Second Quarter 2019

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Posted 2019-04-15

In Memoriam: Keith M. Carlson

Posted 2019-04-15

Gauging Market Responses to Monetary Policy Communication

by Kevin L. Kliesen, Brian Levine, and Christopher J. Waller

The modern model of central bank communication suggests that central bankers prefer to err on the side of saying too much rather than too little. The reason is that most central bankers believe that clear and concise communication of monetary policy helps achieve their goals. 

Posted 2019-04-15

International Trade Openness and Monetary Policy: Evidence from Cross-Country Data

by Fernando Leibovici

This article studies the extent to which open economies conduct monetary policy differently from economies that are relatively closed to international trade. 

Posted 2019-04-15

The Real Term Premium in a Stationary Economy with Segmented Asset Markets

by YiLi Chien and Junsang Lee

This article proposes a general equilibrium model to explain the positive and sizable term premia implied by the data. The authors introduce a slow mean-reverting process of consumption growth and a segmented asset-market mechanism with heterogeneous trading technologies into an otherwise standard heterogeneous agent general equilibrium model. 

Posted 2019-04-15

Racial Gaps, Occupational Matching, and Skill Uncertainty

by Limor Golan and Carl Sanders

White workers in the United States earn almost 30 percent more per hour on average than Black workers, and this wage gap is associated with large racial differences in occupational assignments. In this article, we theoretically and empirically examine the Black-White disparity in occupations. 


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