Showing 1 – 7 of 7 results.
Curated
Conducting Monetary Policy Without Government Debt: The Fed's Early Years (ICPSR 1259)
Released/updated on: 2003-01-23
Geographic coverage: United States
The Federal Reserve implements its monetary policy by using open market operations in United States government securities to target the federal funds rate. A substantial decline in the stock of United States Treasury debt could interfere with the conduct of monetary policy, possibly forcing the Fed to rely more heavily on discount window lending or to conduct open market transactions in other types of securities. Either choice would cause the implementation of monetary policy to resemble the methods used by the Fed before World War II. This paper describes two things: (1) how the Fed implemented monetary policy before the war and (2) the conflicts that arose within the Fed over the allocation of private-sector credit when discount window loans and Fed purchases of private securities were a substantial component of Federal Reserve credit. Those conflicts help explain the Fed's failure to respond vigorously to the Great Depression. The experience suggests that a renewed reliance on the discount window or on open market operations in securities other than those issued by the United States Treasury could hamper the conduct of monetary policy if it leads to increased pressure on the Fed to affect the allocation of credit.
Curated
Simple Crosstabs
Firm Database of Emerging Growth Initial Public Offerings (IPOs), 1990-2010 (ICPSR 34944)
Released/updated on: 2014-02-23
Geographic coverage: United States
Time period: 1990-01-01--2010-12-01
This database is comprised of all emerging growth initial public offerings (IPOs) on American stock exchanges and filed with the Securities and Exchange Commission (SEC) from January 1990 through December 2010. The emerging growth status of firms were established through examination of the prospectus, specifically in the the prospectus summary where the firm describes its activities, history, and business. The data has been constructed directly from registration statements and prospectuses filed with the SEC and contains variables that pertain to the firm going public and the offering itself. Documents used to collect this data were found on the SEC's Electronic Data, Gathering, Analysis and Retrieval (EDGAR) Web site. Information regarding IPO registration statements and prospectuses filed from January 1990 through May 1996 were obtained from the Stanford Graduate School Library in either PDF of TIFF format.
Curated
The FOMC's Balance-of-Risk Statement and Market Expectations of Policy Actions (ICPSR 1270)
Released/updated on: 2003-04-18
Geographic coverage: United States
In January 2000, the Federal Open Market Committee (FOMC) instituted the practice of issuing a "balance of risks" statement along with their policy decision immediately following each FOMC meeting. The authors evaluate the use of the balance-of-risks statement and the market's interpretation of it. They find that the balance-of-risks statement is one of the factors that market participants use to determine the likelihood that the FOMC will adjust its target for the federal funds rate at their next meeting. Moreover, they find that, on some occasions, the FOMC behaved in such a way as to encourage the use of the balance-of-risks statement for this purpose. The clarifying statements that sometimes accompany these balance-of-risks statements, as well as general remarks made by the Chairman and other FOMC members, often provide additional useful information.
Curated
Information Content of Treasury Inflation-Indexed Securities (ICPSR 1232)
Released/updated on: 2001-04-02
Geographic coverage: United States
United States Treasury Inflation-Indexed Securities (TIIS) were first issued in January 1997. They are now a small but growing fraction of outstanding Treasury debt. This article describes TIIS and explores what these securities can and cannot tell us about financial market expectations of inflation and real interest rates.
Curated
Price Quotations in Early United States Securities Markets, 1790-1860 (ICPSR 4053)
Released/updated on: 2005-08-24
Geographic coverage: United States, England, United Kingdom, South Carolina, Pennsylvania, New York City, Charleston (South Carolina), Baltimore, Massachusetts, Louisiana, London, New Orleans, Alexandria, Virginia, Maryland, Philadelphia, Boston, Norfolk, Richmond
Time period: 1790-01-01--1860-01-01
The dataset is a compilation of prices of public securities (equities and bonds) traded in nine United States securities markets and in London during the period between the United States Revolutionary and Civil Wars. The data were gathered by scanning early United States periodicals chronicling the period from 1786-1862. The data were concentrated on what were termed "runs" of securities quotations broken down by days, weeks, or months for each of the ten cities in the data set. Runs are series of bids and offer quotes for different securities and maturities. Within each part (market), the data were divided by issuer sectors or types. There may be some redundancy in the data, because when there was doubt about categorizing similar issues under a key code they were categorized under separate codes.
Curated
Rise of American Industrial Corporations, 1880-1914 (ICPSR 9392)
Released/updated on: 2011-08-11
Geographic coverage: United States
Time period: 1880-01-01--1914-01-01
This collection is designed to allow examination of economic and social determinants of variation in incorporation rates by industry and state in the United States from 1880-1914. Data are presented for manufacturing corporations in all industries, with detailed data for specific states. Information covered includes economic characteristics of industries such as capital, workers, wages, material, value of products, common and preferred stock, and bonded indebtedness. Social characteristics of industries such as newness and strike activity also are provided.
Curated
Stock Market Returns, Volatility, and Future Output (ICPSR 1269)
Released/updated on: 2003-04-18
Geographic coverage: United States
In this article, the author shows that, if stock volatility follows an AR(1) process, stock market returns relate positively to past volatility but relate negatively to contemporaneous volatility in Merton's (1973) Intertemporal Capital Asset Pricing Model. The model helps explain the recent finding that stock market volatility drives out returns in forecasting real gross domestic product growth because the predictive power of returns is hampered by their positive correlation with past volatility. If the positive relation between returns and past volatility is controlled for, however, the author finds that volatility provides no additional information beyond returns in forecasting output in the post-World War II sample.