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The article reports that i n March 2020, commercial paper markets experienced disruptions related to the outbreak of COVID-19 and its associated shutdowns. Investor flows out of money market funds were exacerbated by uncertainty about the impact of COVID-19 on businesses. Anecdotally, commercial paper investors were unwilling to extend credit to issuers except at very short maturities (less than five days).

The article presents a study which focuses on the Commercial Paper Funding Facility (CPFF) of the U.S. Federal Reserve System, as well as the economic role of the commercial paper market. It says that the commercial paper market is being used by commercial banks and financial institutions to acquire short-term external funding. It also mentions that the CPFF was designed to provide additional source of funding to institutions in order to minimize the reinvestment risk.

Discusses the commercial paper market, wherein corporations and foreign governments issue short-term unsecured promissory notes. Importance of the market; Characteristics and features of commercial paper; Major market participants; Risks and risk control; Asset-backed commercial paper; Swaps; Global market.

Since its inception in the early nineteenth century, the U.S. commercial paper market has grown to become a key source of short-term funding for major businesses, with issuance averaging over $100 billion per day. In the fall of 2008, the commercial paper market achieved national prominence when increasing market stress caused some to fear that, given its size and importance, the market's failure would sharply worsen the recession. The Department of the Treasury and Federal Reserve enacted programs targeted at providing credit and liquidity to restore investor confidence. The authors review the history of the commercial paper market, describe its structure and key relationships to money market mutual funds, and present a detailed discussion of the crisis in the market, including the resulting Federal Reserve programs. [ABSTRACT FROM AUTHOR]

Presents a list of working papers from the Federal Reserve Bank of Saint Louis, Missouri in 2003. "Asymmetric Common Trends: An Application of Monetary Policy in a Markov-Switching VECM," by Neville Francis and Michael T. Owyang; "FOMC Forecasts: Is All the Information in the Central Tendency?," by William T. Gavin; "Does Consumer Sentiment Predict Regional Consumption?," by Thomas A. Garrett.

The article presents research paper on using and disposing paper and electronic payment instruments. It states that the paper examines data from the Federal Reserve Bank of Boston's 2008 Survey of Consumer Payment Choice (SCPC), which highlights comprehensive and detailed information on consumer's payment choice. Moreover, it notes that the data presented in the SCPC suggest that the range of payment instruments adopted and regularly used by African Americans is narrower that of Caucasians.

This article presents a summary of papers presented at the second conference of the International Research Forum on Monetary Policy. The 2003 conference, held in Washington D.C., featured ten papers. Analysts Athanasios Orphanides and John C. Williams trace the high-inflation episode to monetary policy mistakes that had started earlier, in the mid-1960s. Authors employ a New Neoclassical Synthesis model, specified to produce a unique equilibrium, in which policymakers follow a standard Henderson-McKibbin-Taylor rule to set the policy rate.

Presents an overview and summary of papers presented at the conference held at the Federal Reserve Bank of New York which tackled issues regarding disclosure and market discipline in the banking industry. Interaction between supervisor examinations and market discipline; Relationship between bank disclosure and stock price volatility; Indicators for the determination of troubled banks.

Presents several working papers from the Federal Reserve Bank of Saint Louis, Missouri which contain preliminary results of staff research as of 2002.

Presents several working papers from the Federal Reserve Bank of Saint Louis that contain preliminary results of staff research made available to encourage comment and discussion. Some of the 1997 working papers; The 1996 working papers; More.

Compares the social costs and benefits of electronic cash presentment (ECP) with trunctuation to those of paper check collection. Description details associated with check trunctuation; Analysis on why the private market has not yet already transformed the check payment system to trunctuation. INSET: Key terms..

Lists the working papers from the Federal Reserve Bank of Saint Louis, Missouri containing preliminary results of staff research from 1991 to 1996. Includes `Discount Rate Policies of Five Federal Reserve Chairman,' by Daniel L. Thornton; `Dependent Children and Aged Parents: Funding Education and Social Security in an Aging Economy,' by Patricia S. Pollard and Rowena A. Pecchenino.

Presents a list of working papers submitted to the Federal Reserve Bank of St. Louis in Saint Louis, Missouri from 1991 to 1995. Includes `Dependent Children and Aged Parents: Funding Education and Social Security in an Aging Economy,' by Patricia S. Pollard and Rowena A. Pecchenino; `The Baby Boom and Economic Growth,' by Peter S. Yoo; `The P-Star Model and Austrian Prices,' by John A. Tatom.

Discusses the application of economic models to the analysis of monetary policy issues in the U.S. Influence of economic uncertainty on policymaking; Role of money in the transmission of monetary policy; Determination of asset prices.

The article discusses a research on the possibility that financial analysts are able to foretell the large volume of losses in 2007 and 2008, from housing investment in the U.S. The researchers examined information on high-risk mortgage loans taken out in 2005 that gave a clue to the housing crisis. The financiers failed to forecast the decrease of house prices and the increase in the volume of borrowers who reneged on their loan payments due to the economic recession.

Presents a Federal Reserve System Board of Governors Member's July 1995 statement expressing the Board's views on the S.874 proposal which provides for the substitution of a one dollar coin for the one dollar bank note in circulation. Benefits and costs of making the replacement; Budget and accounting processes for notes and coins; Pitfalls of not withdrawing the note from circulation.

Cites the effects of the economic turmoil in the securities markets on the borrowing practices of large corporations. Significance of commercial paper in short-term credits; Role of banks in supplying liquidity insurance for commercial paper; Rate of growth in large banks' commercial and industrial lending.

Introduces a series of articles on economics and other related topics.

Argues that the discount window, properly administered, can help the government direct temporary credit subsidies through the banking system to firms suffering from a panic in nonbank financial market. Commercial paper crisis of the 1970; Penn Central as an example of a beneficial discount window intervention; Stabilizing effect of the discount window on nonbank financial market.

What is the impact of large swings in economic policy on the risk-return trade-off faced by i nvestors? What is the impact of changes in policy regimes on investment strategies? In this paper we study the impact on returns of switches between periods of market-friendly economic policies and periods of populist policies. To quantify the impact of policy instability, we use data from Argentina--a country that has experienced frequent and very large regime changes--and find that the risk-return for individual assets and minimum variance portfolios are quite different across regimes. We then develop a dynamic model to understand optimal portfolios when investors are cognizant that regimes can change. We find that when portfolios are unrestricted, it is optimal for investors to take a large amount of risk. On the other hand, when portfolios are restricted to include only long positions, a real asset (real estate) dominates financial assets. [ABSTRACT FROM AUTHOR]

An introduction is presented in which the editor discusses various reports within the issue on topics including statistical or technical research, analysis on topics of current interest concerning the economy, and research on economic and policy issues of concern to New England.

Lists research papers dealing with economics and finance issues. Includes `A Simple Model of Conflicting Horizons,' by S. Brock Blomberg; `Explaining the Growing Gap Between Low-Skilled and High-Skilled Wages,' by David Brauer and Susan Hickok; `Perspectives on U.S. External Deficits,' by M.A. Akhtar.

The article presents abstracts on topics related to federal reserve banks in San Francisco, California, including the study of the Great Moderation sources, the calibration of exposure at default (EAD) for corporate credit lines, and the constructing price index with weights on the prices of different personal consumption expenditure goods.

The article presents abstracts on economic topics including "Tax Competition Among U.S. States: Racing to the Bottom or Riding on a Seesaw?," by Robert Chirinko and Daniel Wilson, "Imperfect Knowledge and the Pitfalls of Optimal Control Monetary Policy," by Athanasios Orphanides and John C. William, "Climate Change and Asset Prices: Hedonic Estimates for North American Ski Resorts," by Van Butsic and colleagues.

The article discusses widespread agreement for both market participants and China's policymakers China's economic growth slowed in 2018. Topics include China plays a dominant role in world demand for key energy, metal, and agricultural commodities; and disagreements on China's business cycle stem from differing views on the reliability and accuracy of China's official economic statistics.

The article presents abstracts on the U.S. economic research which includes the implications of countervailing effects of market power and relationships in small business lending, examination on the welfare-maximizing monetary policy in micro-founded general equilibrium model of the economy and the theory of interpersonal income comparison using individual-level data on suicide deaths.

The article presents abstracts of economic research. They include "Monetary Policy Shocks, Inventory Dynamics and Price-setting Behavior," "Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the U.S., U.K. and Sweden," and "The U.S. Current Account Deficit and the Expected Share of World Output."

Presents abstracts of economic research. "The Welfare Consequences of ATM Surcharges: Evidence From a Structural Entry Model"; "On Using Relative Prices to Measure Capital-Specific Technological Progress"; "Government Consumption Expenditures and the Current Account."

Presents abstract of several articles on the world economy. "Does Regional Economic Performance Affect Bank Conditions? New Analysis of an Old Question," by Mary C. Daly, John Kraner and Jose A. Lopez; "Using Securities Market Information for Bank Supervisory Monitoring," by John Krainer and Jose A. Lopez; "Lock-in of Extrapolative Expectations in an Asset Pricing Model," by Kevin J. Lansing.

Presents several abstracts of studies on economic policies. 'The Disposition of Failed Japanese Bank Assets: Lessons From the U.S. Savings and Loan Crisis,' by Mark M. Spiegel; 'How Bad Are Twins? Output Costs of Currency and Banking Crises,' by Michael Hutchison; 'Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets,' by Michael Hutchison.

Presents several abstracts of studies on economic policies. 'Operating Performance of Banks Among Asian Economies: An International and Time Series Comparison,' by Simon H. Kwan; 'Assessing the Lucas Critique in Monetary Policy Models,' by Glenn D. Rudebusch; 'Investment, Capacity, and Uncertainty: A Putty-Clay Approach,' by Simon Gilchrist and John C. Williams.

Presents abstracts on economics and finance. 'The Federal Reserve Banks' Imputed Cost of Equity Capital,' by Edward J. Green, Jose A. Lopez and Zhenyu Wang; 'Forward-looking Behavior and the Optimality of the Taylor Rule,' by Kevin J. Lansing and Bharat Trehan; 'Solvency Runs, Sunspot Runs, and International Bailouts,' by Mark M. Spiegel; 'The Supplemental Security Income Program,' by May C. Daly and Richard Burkhauser.

Presents abstracts on economics and finance in Asia and the Pacific. 'Asian Finance and the Role of Bankruptcy,' by Thomas F. Cargill and Elliott Parker; 'A Cure Worse than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs,' by Michael Hutchison; Structural Changes and the Scope of Inflation Targeting in Korea,' by Gongpil Choi; 'Foreign Exchange: Macro Puzzles, Micro Tools,' by Richard K. Lyons.

Presents several abstracts on economic research. 'The Potential Diversification and Failure Reduction Benefits of Bank Expansion Into Nonbanking Activities,' by Elizabeth S. Laderman; 'Assessing Nominal Income Rules for Monetary Policy with Model and Data Uncertainty,' by Glenn D. Rudebusch; 'Union Effects on Health Insurance Provision and Coverage in the United States,' by Thomas C. Buchmueller, John DiNardo and Robert G. Valletta.

Presents several abstracts of articles on economics. 'Optical Indicators of Socioeconomic Status for Health Research,' by Mary C. Daly, Greg J. Duncan, Peggy McDonough and David Williams; 'The Ins and Outs of Joining a Monetary Union,' by Mark M. Spiegel; 'Is the Fed Too Timid? Monetary Policy in an Uncertain World,' by Glenn D. Rudesbusch; 'The Role of Relative Performance in Bank Closure Decisions,' by Kenneth Kasa and Mark M. Spiegel.