Economic Policy Review
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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
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
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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
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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
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CommentaryPDF4 pages / 50 kb
Stephen P. Zeldes
Monetary Policy Transmission to Residential InvestmentPDF20 pages / 225 kb
Jonathan McCarthy and Richard W. Peach
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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
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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
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CommentaryPDF5 pages / 72 kb
John C. Driscoll
Securitization and the Efficacy of Monetary Policy PDF13 pages / 556 kb
Arturo Estrella
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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
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