159 research outputs found

    The current P/E ratio: higher than you think

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    Stock market ; Stock - Prices

    What’s behind the falling U.S. private savings rate?

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    Saving and investment

    Recent developments in wholesale payments systems

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    Wholesale payments and settlement systems in G-10 countries have undergone significant change in recent years. Notably, central banks have sought to increase the safety and reliability of these systems. In this article, William R. Emmons describes two approaches that have been pursued. Significant progress has been achieved in strengthening (or "securing") many existing payments system arrangements based on net settlement. In addition, many new gross settlement systems have been created, and existing ones have been improved. The article also explores why private-sector financial institutions often prefer to upgrade and secure existing net settlement systems, despite central bank preferences for the latter.Payment systems ; Electronic funds transfers ; Fedwire ; Risk

    Interbank netting agreement and the distribution of bank default risk

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    Central banks and private banks alike have advocated greater use of interbank netting agreements in recent years in order to reduce potential for transmitting economic shocks through interbank markets. This paper provides a model of an interbank payment market and shows that one sideeffect of greater netting of interbank claims is a redistribution of bank default risk away from interbank claimants toward non-bank creditors of banks, including the deposit insurer. Interbank netting agreements thus involve a trade-off between reduced interbank credit-risk exposure and increased concentration of bank default risk on other sets of bank creditors.Deposit insurance

    CBO’s growth outlook

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    Economic forecasting

    The information content of Treasury inflation-indexed securities

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    Government securities ; Treasury notes

    Questions about the budget deficit of the U.S. have no easy answers

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    This Q&A on the federal deficit is a preview of the "Dialogue with the Fed" that the public is invited to Oct. 18 at the St. Louis Fed.Budget deficits

    The mortgage crisis: let markets work, but compensate the truly needy

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    As painful as it may be, letting the housing and mortgage markets sort out these problems on their own would be best for the economy in the long run. Large-scale government interventions are not necessarily the best policy responses, although those made truly needy by this crisis need to be helped.Mortgages ; Financial crises
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