On Friday, September 21st Raphael Schoenle, Assistant Professor of Economics,  presented his paper “Market Structure and Exchange Rate Pass-Through” at the Federal Reserve Bank of New York.  The paper, written jointly with Raphael Auer (Swiss National Bank),  examines the extent to which market structure affects pricing decisions of profit-maximizing firms.  The research can explain incomplete exchange rate pass-through.

On Monday, October 1st Catherine Mann, Barbara and Richard M. Rosenberg Professor of Global Finance, International Business Schoolreturned to the Federal Reserve Board  to give the invited talk, “U.S. Treasury Auction Yields during Boom, Bust, and Quantitative Easing:  Role for Foreign Bidders and the Federal Reserve.” In this paper, written jointly with former IBS student Oren Klachkin (now at IHS Global Insight), they show that foreign bidder activity disproportionately reduced interest rates on US treasury securities when they are auctioned… at least until the Federal Reserve started the quantitative easing program in March 2009.  Prof. Mann worked at the Federal Reserve in the International Finance Division from 1984 to 1997, and it was great to see her colleagues again.


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