FRASER™ (Federal Reserve Archival System for Economic Research)

The Federal Reserve Archival System for Economic Research is the newest project by the Research Division of the Federal Reserve Bank of St. Louis to expand on its mission to provide economic information and data to researchers interested in the U.S. economy. On this web site you will find links to scanned images (in Adobe® Acrobat® PDF format) of historical economic statistical publications, releases, and … [ Read more ]

Risk and Return: Some New Evidence

The return on the market portfolio plays a central role in the capital asset pricing model (CAPM), the financial theory widely used by both academics and practitioners. However, the intertemporal properties of the stock market return are not yet fully understood. In particular, ther is an ongoing debate in the literature about the relationship between market risk and return and the extent to … [ Read more ]

The Relationship Between the Federal Funds Rate and the Fed’s Federal Funds Rate Target

ABSTRACT – It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be necessary for controlling the funds rate. Rather, they suggest that the Fed controls the funds … [ Read more ]

The Dynamic Relationship Between the Federal Funds Rate and the Treasury Bill Rate

ABSTRACT: This article examines empirically the dynamic relationship between two key US money market interest rates – the federal funds rate and the 3-month Treasury bill rate. Using daily data over the period 1974-1999, we show that a long-run no-arbitrage relationship exists between these two rates. This relationship is shown to be remarkably stable across monetary policy regimes of interest rate and monetary aggregate targeting. … [ Read more ]

FRED, an Economic Time-Series Data Base

This site, a part of the Federal Reserve Bank of St. Louis, Louis provides consumers, students, economists and financial institutions around the world with economic and financial information in an easy-to-use format. Specifically, it provides historical U.S. economic and financial data, including daily U.S. interest rates, monetary and business indicators, exchange rates, balance of payments and regional economic data.

The Practice of Central Bank Intervention: Looking Under the Hood

This article first reviews methods of foreign exchange intervention and then presents evidence—focusing on survey results—on the mechanics of such intervention. Types of intervention, instruments, timing, amounts, motivation, secrecy and perceptions of efficacy are discussed.

National Economic Trends

A Federal Reserve Bank of St. Louis monthly publication, _National Economic Trends_ contains an impressive collection of graphs covering economic trends including sections on Output and Growth; Interest Rates; Inflation and Prices; Consumer Spending; Investment Spending; Government Revenues, Spending and Debt; International Trade; Productivity and Profits; and Labor Markets.

International Economic Trends

This 47-page document from FRB St. Louis, full of charts and graphs, reports on economic trends from countries throughout the world, including Japan, Canada, Italy, France, Germany, the US, the United Kingdom and the Euro Area. Also includes an interesting cover page discussing the disconnect between opinions about free trade held by the general public and economists.

A Simple Model of International Capital Flows, Exchange Rate Risk, and Portfolio Choice

Paper from the Federal Reserve Bank of St. Louis examines Int’l capital flows in the context of a simple Diamond-Dybvig model in which there are neither moral hazard nor adverse selection problems, thus isolating exchange rate risk as the propagator of capital flows.