Economic Policy Review
Browse the Economic Policy Review:  
Volume 8, Number 1 May 2002

Financial Innovation and Monetary Transmission
Proceedings of a Conference Sponsored by the Federal Reserve Bank of New York, April 5 and 6, 2001

Opening RemarksPDF3 pages / 41 kb
William J. McDonough
Distinguished Address
Monetary Policy Transmission: Past and Future Challenges
PDF5 pages / 75 kb
Paul A. Volcker
Overview
The Monetary Transmission Mechanism: Some Answers and Further Questions
PDF12 pages / 145 kb
Kenneth N. Kuttner and Patricia C. Mosser
Session 1: The Reserves Market

The Announcement Effect: Evidence from Open Market Desk Data
PDF20 pages / 226 kb
Selva Demiralp and Oscar Jordá
CommentaryPDF4 pages / 58 kb
Charles L. Evans
Are U.S. Reserve Requirements Still Binding? PDF16 pages / 573 kb
Paul Bennett and Stavros Peristiani
View executive summary (HTML)
CommentaryPDF3 pages / 43 kb
James A. Clouse
Roundtable Discussion—Monetary Policy in the New Millennium: The Evolution of Central Banks’ Operating Procedures and Practices
Recent Trends in Monetary Policy Implementation: A View from the DeskPDF4 pages / 82 kb
Sandra C. Krieger
Interest on Reserves and Monetary Policy PDF8 pages / 481 kb
Marvin Goodfriend
Financial Market Efficiency and the Effectiveness of Monetary PolicyPDF10 pages / 130 kb
Michael Woodford
Session 2: The Macroeconomic Environment

Assessing Changes in the Monetary Transmission Mechanism: A VAR Approach
PDF15 pages / 185 kb
Jean Boivin and Marc Giannoni
View executive summary (HTML)
CommentaryPDF4 pages / 58 kb
Mark W. Watson
Monetary Policy Transmission through the Consumption-Wealth ChannelPDF17 pages / 240 kb
Sydney Ludvigson, Charles Steindel, and Martin Lettau
View executive summary (HTML)
CommentaryPDF4 pages / 50 kb
Stephen P. Zeldes
Monetary Policy Transmission to Residential InvestmentPDF20 pages / 225 kb
Jonathan McCarthy and Richard W. Peach
View executive summary (HTML)
CommentaryPDF3 pages / 47 kb
Christopher Mayer
Houses as Collateral: Has the Link between House Prices and Consumption in the U.K. Changed?
PDF15 pages / 188 kb
Kosuke Aoki, James Proudman, and GertjanVlieghe
CommentaryPDF4 pages / 62 kb
Simon Gilchrist
On the Causes of the Increased Stability of the U.S. EconomyPDF20 pages / 224 kb
James A. Kahn, Margaret M. McConnell, and Gabriel Perez-Quiros
View executive summary (HTML)
CommentaryPDF4 pages / 55 kb
Spencer Krane
Keynote Address
Understanding Financial Consolidation
PDF5 pages / 68 kb
Roger W. Ferguson, Jr.
Session 3: Financial Markets and Institutions

Credit Effects in the Monetary Mechanism
PDF19 pages / 273 kb
Cara S. Lown and Donald P. Morgan
View executive summary (HTML)
CommentaryPDF5 pages / 72 kb
John C. Driscoll
Securitization and the Efficacy of Monetary Policy PDF13 pages / 556 kb
Arturo Estrella
View executive summary (HTML)
CommentaryPDF2 pages / 37 kb
Sonya W. Stanton
Does Bank Capital Matter for Monetary Transmission?PDF7 pages / 100 kb
Skander J. Van den Heuvel
CommentaryPDF4 pages / 55 kb
Jeremy C. Stein
Financial Consolidation and Monetary Policy PDF14 pages / 154 kb
William B. English
CommentaryPDF5 pages / 67 kb
Ignazio Angeloni
Tools
Related New York Fed Content
By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement.   Close