eric fischer federal reserve

2011. Former Federal Reserve Bank of Dallas president Richard Fisher will chair Dallas Mayor Eric Johnson’s newly formed economic recovery task force. 2020, volume 2020, issue 21 The Highs and Lows of Productivity Growth pp. Figure 2Analysis of average bonos liquidity premium, Figure 3Analysis of 10-year bonos term premium. Permission to reprint must be obtained in writing. 5 Andrew Foerster, Christian Matthes and Lily Seitelman. 2011.

Recent liquidity premiums, however, have spiked to a level higher than ever before in our sample.

The group will consider ways to boost vital sectors in Dallas, ranging from small business and health care to the service industry and nonprofits.
Get the latest headlines delivered to your inbox every weekday. Rothenberg, Alexander D., and Francis Warnock. Christensen, Eric Fischer, and Patrick J. Shultz. We find that the realized values for the 10-year bonos term premium increased 0.73% above the predicted level as of the end of April 2020. Eric Fischer . By signing up you agree to our privacy policy, Stand with us in our mission to discover and uncover the story of North Texas. The spike is partially offset by the drop in oil prices, which generally lowers Mexican term premiums. Given forward-looking investor behavior, this lock-up effect implies that a particular bond’s sensitivity to the marketwide liquidity factor will vary depending on how long it has been since the bond was issued. h�bbd``b`�$��� �Q $XL@�`�~�XA �=��)��[A��@B�3�P "����r��~ �8�����d#����/���gb 0 :3_ University of California, Santa Cruz. Figure 2 shows our model-implied liquidity premium, and Figure 3 shows the model-implied term premium (solid blue lines). dollar exchange rate, an index for emerging market sovereign bond yields, oil prices, the year-over-year change in the Mexican consumer price index, the Mexican public debt-to-GDP ratio, the average bid-ask spread in the bonos market, and the one-month cetes rate, a widely used proxy for Mexican short-term interest rates. Opinions expressed in FRBSF Economic Letter do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System. The figures also depict the historical relationships between each series and a set of variables that explain variation in bonos market liquidity or general bond risk premiums. Christensen, Jens H.E., Francis X. Diebold, and Glenn D. Rudebusch. Dallas Fed ex-chief to lead city’s economic recovery task force, https://www.linkedin.com/in/paul-o-donnell-a476948/, Watch Live: Death and taxes feature prominently in first Trump-Biden debate, Shelley Luther leads early vote count in state Senate special election in North Texas, Bids are in to clean up Shingle Mountain. In the final step, we reestimate the yield curve model through the end of April 2020.

However, Mexico’s reliance on oil for government funding and its connections and border with the United States make it special among emerging market economies. RSS Feed These variables include the share of foreign holdings of bonos, the Mexican peso–U.S.

To assess the current bond market conditions in a major emerging economy, we focus on Mexico and examine both changes in foreign holdings of Mexican government bonds and the pandemic’s effect on their risk premiums. To assess the flow of funds in the Mexican government bond market, we use Bank of Mexico data on foreign and domestic holdings of Mexican sovereign debt securities. In addition, the bonos liquidity and term premiums have spiked more than a full percentage point above our model’s predicted levels in recent months. The COVID-19 pandemic has raised concerns about the ability of emerging market governments to borrow in domestic government bond markets on reasonable terms. 396 0 obj <>/Filter/FlateDecode/ID[<235049014159D24E8C2AE5FD5AAB31D3><864F4A0EA4468D4CA72C849ED41F2B3D>]/Index[376 46 423 1]/Info 375 0 R/Length 103/Prev 671348/Root 377 0 R/Size 424/Type/XRef/W[1 2 1]>>stream 421 0 obj <>stream 509–524.

The dashed green lines in Figures 2 and 3 show what the historical relationships imply for this time period. The liquidity risk factor is identified from its unique loading for each individual bond. 4–20. Professional Research Experience Currently, Financial Economist, Federal Reserve Bank … To assess whether these premiums have behaved differently during the pandemic, we use our explanatory variables since January 2020 to derive the liquidity and term premiums that would have prevailed if the same historical relationships had continued. Christensen, Jens H.E., Eric Fischer, and Patrick J. Shultz. Please send editorial comments and requests for reprint permission to

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