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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.

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

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.

In this article, I survey the state of remote work in the American economy and investigate the implications for workers, businesses and local economies. Nevertheless, survey data show that employers offer about half a day less WFH than employees desire. What is certain, instead, is that the WFH revolution will redistribute resources among localities and individuals: More educated and geographically mobile workers can take advantage of the flexibility afforded by WFH, while less educated and mobile workers face significant adjustments. [Extracted from the article]

This article examines the underrepresentation of women in research departments at Federal Reserve Banks and explores the factors contributing to this disparity. The data shows that women are more likely to work in academia than at the Reserve Banks, and within academia, they are less likely to be in research tracks compared to men. The article suggests that women may prefer non-research career tracks at universities due to the flexibility they offer. While the representation of women at the Reserve Banks has been slowly increasing, proactive measures are needed to attract and retain female talent, particularly in fields relevant to monetary policy and central banking. The article also discusses the impact of family decisions on women's careers and the importance of creating a supportive ecosystem to foster a more inclusive and gender-balanced community at the Federal Reserve Banks. [Extracted from the article]

Introduces the papers published in the July/August 2005 issue of "Federal Reserve Bank of St. Louis Review."

Conclusion This article shows that high-productivity firms place more establishments in high-density locations than low productivity firms, and that the opposite is true in low density locations. The cost of opening an extra establishment in a location is equal to the sum of the direct cost of opening the establishment (measured by rent) and the firm's marginal span of control cost. When considering how many establishments to open in a location, firms attempt to equate the gains from opening the establishments with the costs. [Extracted from the article]

The FOMC decided at its September meeting that the best way to accomplish that goal was to keep the federal funds rate at its effective lower bound until both the inflation goal had nearly been reached and the FOMC's maximum employment goal had been reached. Interpretation The September 2020 FOMC meeting was the first one to occur after the Aug. 27 release of the FOMC's revised Statement on Longer-Run Goals and Monetary Policy Strategy ("Consensus Statement"). [Extracted from the article]

This paper develops a generalization of the formulas proposed by Kuttner (2001) and others for purposes of measuring the effects of a change in the federal funds target on Treasury yields of different maturities. The generalization avoids the need to condition on the date of the target change and allows for deviations of the effective fed funds rate from the target as well as gradual learning by market participants about the target. The paper shows that parameters estimated solely on the basis of the behavior of the fed funds and fed funds futures can account for the broad calendar regularities in the relation between fed funds futures and Treasury yields of different maturities. Although the methods are new, the conclusion is quite similar to that reported by earlier researchers—changes in the fed funds target seem to be associated with quite large changes in Treasury yields, even for maturities of up to 10 years. [ABSTRACT FROM AUTHOR]

The article reports that the Federal Reserve has resorted to statutory authorities that had lain unused for more than seven decades till 2008 when it took steps to improve a financial system on the brink of collapse. The Fed had reportedly been granted these powers in 1932 through passage of the Emergency Relief and Construction Act. It adds that the original Federal Reserve Act of December 23, 1913, incorporated strict limits on the scope of discretionary central bank credit policy.

This article is based on the Homer Jones Memorial Lecture delivered at the Federal Reserve Bank of St. Louis, November 2, 2023. Headline inflation in the euro area declined rapidly to 2.9% in October 2023 from its peak of 10.6% one year earlier. The bulk of this large drop reflected the substantial decline in the contributions from energy and food inflation. Once these base effects reverse, continued disinflation relies critically on monetary policy succeeding in reducing underlying inflation in a steady and timely manner. The last mile is about this change in the disinflation process. Large uncertainty around the appropriate calibration and effective transmission of monetary policy, together with the risk of new supply-side shocks pulling inflation away from our target once again, makes this part of the disinflation process the most difficult. In particular, monetary policy transmission may be weaker, or less direct, than in the past, given the share of less-interest-rate-sensitive services industries in total activity has increased steadily in the euro area and globally over the past few decades. In addition, persistent worker shortages have muted the transmission through the labor market, with unemployment at record low levels despite the sharp increase in interest rates. So, although progress on inflation so far is encouraging, the disinflation process during the last mile will be more uncertain, slower, and bumpier. Continued vigilance is therefore needed. [ABSTRACT FROM AUTHOR]

This article focuses on the Federal Reserve Banks as fiscal agents and depositories of the United States in a changing financial environment. The Federal Reserve Act assigns to the Federal Reserve Banks the task of serving as fiscal agents and depositories of the United States when required to do so by the Secretary of the U.S. Department of the Treasury. The Treasury and the Reserve Banks have implemented new web-based technology to improve the federal government's provision of services in the areas of securities, payments, and collections as well as government-wide financial reporting, much the same as financial services firms have used Web-based technology to improve the ways that they do business and communicate with their customers. INSETS: Use of the Automated Clearinghouse System (ACH);The Fedwire Securities Service;Relationship between the Treasury's Balance with the Reserve Bank;Additional Information on Fiscal Agent Services

Comments on the study conducted by Dan Thornton which determined the effectiveness of daily data to estimate liquidity effects on the federal funds market in the United States. Overview of modern macroeconomic literature on liquidity effects; Discussion on a model of the federal funds market; Examination of the relationship between money and nominal interest rates in response to monetary policy innovations.

Reports on developments in the U.S. Federal Reserve banks as of June 2003. Publication of the annual report of the Board of Governors of the Federal Reserve System; Termination of enforcement orders; Change of assignments in the Division of Consumer and Community Affairs; Treasury and Federal Financial Regulators's issuance of final rules on customer identification.

The article introduces a method for computing equilibrium in dynamic heterogeneous-agent economies by including an entire distribution if finite-dimensional or a fine approximation if it is infinite-dimensional, as a state variable. Topics covered include the capability of the model in accurately computing equilibrium, the feasibility of the model for an economy where households face occasionally binding constraints, and the application of Smolyak's algorithm presented in the paper.

Ted Balbach served as research director at the Federal Reserve Bank of St. Louis from 1975 to 1992. This paper lauds his contributions during that time, including the expanded influence of the Review, enhanced databases and data publications, and a visiting scholar program that attracted leading economists from around the world. Balbach is remembered fondly as a visionary leader and gracious mentor. [ABSTRACT FROM AUTHOR]

Comments on the model developed by John Taylor which illustrated how the United States Federal Reserve Bank System affect the federal funds rate. Functions of federal reserve banks for depository institutions; Implications of Taylor's model on the daily management of Federal bank reserves; Evaluation of the Trading Desk reaction function used by Taylor to describe the Desk operations of the Federal Reserve.

Reports developments related to the Federal Reserve Systems in the United States as of September 2000. Accounts on Federal Open Market Committee's decision to maintain the existing monetary policy; Names of appointed chairmen and deputy chairmen of the Federal Reserve Banks for 2001; Issuance of guidance on managing risk in banking by the Basel Committee.

Provides a guideline to tables presented in the paper. Includes table on reserves, money stock and debt measures; Reserves of depository institutions and reserve bank credit; Reserves and borrowings of depository institutions; Interest rates of federal reserve banks; Data on federal reserve open market transactions; Condition and federal reserve note statements of federal reserve banks.

Provides information on monetary services indexes (MSI). Difference of MSI with monetary aggregates; Account on the monetary aggregates published by the Federal Reserve Board; Methodology used for measuring MSI.

The article discusses a study on the regional economics of Federal Reserve Banks and its used in the gathering, analyzing and publishing regional data in the U.S. An overview on the summary of regional economic conditions during meetings of the Federal Open Market Committee (FOMC), is provided. Also included are the effect of aggregate disturbances on the aggregate economy and to individual sectors or firms.

Private currency used to be widespread in the U.S. beforeand around the creation of the Federal Reserve System.The role of private currency has also been debatedextensively in the economics literature. However,we can think of various reasons for a central bank tostill consider the possibility of issuing a central bankdigital currency (CBDC) as a way to complementregulation: * Issuing private digital currencies, as we discussedbefore, involves significant resource costs. Economic Brief This article reviews private currencies in U.S. historyto shed light on the contemporary issue of digitalcurrencies. [Extracted from the article]

Economic Brief The recent removal of Russian banks from the SWIFT messaging system has highlightedthe importance of payments in supporting economies. Bank reserve account balances maintained at Federal Reserve banks are an example ofaccount-based outside money. [Extracted from the article]

The U.S. Treasury and the Federal Reserve System have long enjoyed a close relationship, each helping the other to carry out certain statutory responsibilities. This relationship proved beneficial during the 2008-09 financial crisis, when the Treasury altered its cash management practices to facilitate the Fed's dramatic expansion of credit to banks, primary dealers, and foreign central banks. [ABSTRACT FROM AUTHOR]

The article relates the author's view on the study by J. Hamilton which assesses the affects of monetary policy using daily federal funds futures contracts in the U.S. The author asserts that the signal-extraction approach to determine the market's reaction of the study allows the market's reaction to be estimated using an entire sample and allows the measurement of financial markets' response to evolving expectations of future federal actions.

This article discusses the linkages between two recent themes in economic research: "real time" data and replication. These two themes share many of the same ideas, specifically, that scientific research itself has a time dimension. In research using real-time data, this time dimension is the date on which particular observations, or pieces of data, became available. In work with replication, it is the date on which a study (and its results) became available to other researchers and/or was published. Recognition of both dimensions of scientific research is important. A project at the Federal Reserve Bank of St. Louis to place large amounts of historical data on the Internet holds promise to unify these two themes. [ABSTRACT FROM AUTHOR]