Found 49 article(s) for author 'Jeremy Stein'

Monetary Policy and Long-Term Real Rates

Monetary Policy and Long-Term Real Rates. Samuel G. Hanson, Jeremy Stein, April 2014, Paper. “Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis point increase in the two-year nominal yield on an FOMC announcement day is associated with a 42 basis point increase in the ten-year forward real rate. This finding is at odds with standard macro models based on sticky nominal prices, which imply that monetary policy cannot move real rates over a horizon longer than that over which all prices in the economy can readjust…” Link

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Incorporating Financial Stability Considerations into a Monetary Policy Framework

Incorporating Financial Stability Considerations into a Monetary Policy Framework. Jeremy Stein, March 21, 2014, Opinion. “I would like to talk today about how one might explicitly incorporate financial stability considerations into a monetary policy framework. Doing so involves tackling two questions–one that is relatively easy and one that is much harder. The easier question is, should financial stability concerns, in principle, influence monetary policy decisions?…” Link

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Comments on “Market Tantrums and Monetary Policy”

Comments on “Market Tantrums and Monetary Policy”. Jeremy Stein, February 28, 2014, Opinion. “I am delighted to have the opportunity to discuss the paper “Market Tantrums and Monetary Policy.” It is timely, provocative, and extremely insightful. Let me start by summarizing what I take to be the paper’s main messages. First, the authors argue that policymakers should pay careful attention not just to measures of leverage in the banking and shadow banking sectors, but also to the financial stability risks that might arise from the behavior of unlevered asset managers…” Link Verified October 12, 2014

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Banks as Patient Debt Investors

Banks as Patient Debt Investors. Jeremy Stein, January 3, 2014, Opinion. “I’m delighted to be speaking to this group; it’s really an honor. Given the audience–and because I may never again have so many economists in front of me at one time–I thought that rather than giving a policy-oriented speech, I would test-drive a new research project. The project is ongoing joint work with Samuel Hanson and Andrei Shleifer of Harvard and with Robert Vishny of the University of Chicago…” Link Verified October 12, 2014

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Lean, Clean, and In-Between

Lean, Clean, and In-Between. Jeremy Stein, October 18, 2013, Opinion. “Thank you. The theme of this conference is, “Lessons from the Financial Crisis for Monetary Policy.” Given the opportunity to speak about this topic, my first thought was that I should organize my remarks around the familiar “lean versus clean” debate. The traditional, pre-crisis framing of the question went something like this: Should policymakers rely on ex ante measures to lean against potential financial imbalance…” Link Verified October 12, 2014

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The Fire-Sales Problem and Securities Financing Transactions

The Fire-Sales Problem and Securities Financing Transactions. Jeremy Stein, October 4, 2013, Opinion. “Thank you. It’s a pleasure to be here at this workshop. In an effort to provide some broad framing for the sessions to follow, I thought I would try to do three things in my opening remarks. First, I will briefly discuss the welfare economics of fire sales. That is, I will try to make clear when a forced sale of an asset is not just an event that leads to prices being driven below long-run fundamental values, but also one that involves a market failure…” Link Verified October 12, 2014

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Yield-Oriented Investors and the Monetary Transmission Mechanism

Yield-Oriented Investors and the Monetary Transmission Mechanism. Jeremy Stein, September 26, 2013, Opinion. “Let me start by thanking the organizers for including me in this event. It’s a great pleasure to be here with other old friends and colleagues to pay tribute to Raghu, and to congratulate him not only on winning the Deutsche Bank prize for Financial Economics, but also on his new job as governor of the Reserve Bank of India…” Link Verified October 12, 2014

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Comments on Monetary Policy

Comments on Monetary Policy. Jeremy Stein, June 28, 2013, Opinion. “Thank you very much. It’s a pleasure for me to be here at the Council on Foreign Relations, and I look forward to our conversation. To get things going, I thought I would start with some brief remarks on the current state of play in monetary policy. As you know, at the Federal Open Market Committee (FOMC) meeting last week, we opted to keep our asset purchase program running at the rate of $85 billion per month…” Link Verified October 13, 2014

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Liquidity Regulation and Central Banking

Liquidity Regulation and Central Banking. Jeremy Stein, April 19, 2013, Opinion. “I’d like to talk today about one important element of the international regulatory reform agenda–namely, liquidity regulation. Liquidity regulation is a relatively new, post-crisis addition to the financial stability toolkit. Key elements include the Liquidity Coverage Ratio (LCR), which was recently finalized by the Basel Committee on Banking Supervision, and the Net Stable Funding Ratio, which is still a work in progress. In what follows, I will focus on the LCR…” Link Verified October 13. 2014

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