 | Macro-Financial Stability in the COVID-19 Crisis: Some Reflections Author/Editor: Tobias Adrian, Fabio M Natalucci, Mahvash S Qureshi. Release Date:December, 2022 The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This more...
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| The Great Carbon Arbitrage Author/Editor: Tobias Adrian, Patrick Bolton, Alissa M Kleinnijenhuis. Release Date:June, 2022 We measure the gains from phasing out coal as the average social cost of carbon times the quantity of avoided emissions. By comparing the present value of benefits from avoided emissions against the more...
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| A Medium-Scale DSGE Model for the Integrated Policy Framework Author/Editor: Tobias Adrian, Vitor Gaspar, Francis Vitek. Release Date:January, 2022 This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on more...
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| A Quantitative Microfounded Model for the Integrated Policy Framework Author/Editor: Tobias Adrian, Christopher J Erceg, Marcin Kolasa, Jesper Lindé, Pawel Zabczyk. Release Date:December, 2021 We develop a microfounded New Keynesian model to analyze monetary policy and financial stability issues in open economies with financial fragilities and weakly anchored inflation expectations. We more...
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 | Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies during COVID-19 and Beyond Author/Editor: Tobias Adrian, Christopher J Erceg, Simon T Gray, Ratna Sahay. Release Date:October, 2021 Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus. more...
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| "Low for Long" and Risk-Taking Author/Editor: Tobias Adrian. Release Date:November, 2020 The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary more...
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| Monetary and Macroprudential Policy with Endogenous Risk Author/Editor: Tobias Adrian, Fernando Duarte, Nellie Liang, Pawel Zabczyk. Release Date:November, 2020 We extend the New Keynesian (NK) model to include endogenous risk. Lower interest rates not only shift consumption intertemporally but also conditional output risk via their impact on risk-taking, more...
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| Managing Macrofinancial Risk Author/Editor: Tobias Adrian, Francis Vitek. Release Date:August, 2020 We augment a linearized dynamic stochastic general equilibrium (DSGE) model with a tractable endogenous risk mechanism, to support the joint analysis of monetary and macroprudential policy. This more...
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| A Quantitative Model for the Integrated Policy Framework Author/Editor: Tobias Adrian, Christopher J Erceg, Jesper Lindé, Pawel Zabczyk, Jianping Zhou. Release Date:July, 2020 Many central banks have relied on a range of policy tools, including foreign exchange intervention (FXI) and capital flow management tools (CFMs), to mitigate the effects of volatile capital flows on more...
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| The Non-U.S. Bank Demand for U.S. Dollar Assets Author/Editor: Tobias Adrian, Peichu Xie. Release Date:June, 2020 The USD asset share of non-U.S. banks captures the demand for dollars by these investors. An instrumental variable strategy identifies a causal link from the USD asset share to the USD exchange rate. more...
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