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Are Prime Rate Changes Asymmetric? - Review

The popular assertion—that banks raise loan rates more readily than they lower them in opposite circumstances—returns to the forefront during every period of declining market interest rates. Perhaps this assertion captures attention because since the 1980s, the ubiquity of credit card balances means that consumer loan rates affect more people than ever.

research.stlouisfed.org/publications/review/2000/09/01/are-prime-rate-changes-asymmetric

The Mechanics of a Successful Exchange Rate Peg: Lessons for Emerging Markets - Review

To the surprise of many market watchers, Thailand’s exchange rate peg to the dollar collapsed in July 1997, leading to similar rounds of currency devaluations in other East Asian countries. This study seeks to determine whether there were identifiable contrasts in implementation between Thailand’s peg and a perennially successful peg—Austria’s peg to the Deutsche mark—that would have hinted at problems for Thailand prior to July 1997.

research.stlouisfed.org/.../

Discrete Monetary Policy Changes and Changing Inflation Targets in Estimated Dynamic Stochastic General Equilibrium Models - Review

Many estimated macroeconomic models assume interest rate smoothing in the monetary policy equation. In practice, monetary policymakers adjust a target level for the federal funds rate by discrete increments. One often-neglected consequence of using a quarterly average of the daily federal funds rate in empirical work is that any change in the target federal funds rate will affect the quarterly average in the current quarter and the subsequent quarter. 

research.stlouisfed.org/.../