Conventional Politics for Unconventional Drilling? Lessons from Pennsylvania's Early Move into Fracking Policy Development

Conventional and Unconventional Monetary Policy

The authors extend a standard New Keynesian model to incorporate heterogeneity in spending opportunities and two sources of (potentially time-varying) credit spreads and to allow a role for the central bank’s balance sheet in equilibrium determination. They use the model to investigate the implications of imperfect financial intermediation for familiar monetary policy prescriptions, and to cons...

Unconventional Monetary Policy and the Dollar: Conventional Signs, Unconventional Magnitudes

We examine the effects of unconventional monetary policy surprises on the value of the dollar using high-frequency intraday data and contrast them with the effects of conventional policy tools. Identifying monetary policy surprises from changes in interest rate future prices in narrow windows around policy announcements, we find that monetary policy surprises since the Federal Reserve lowered i...

Ingredients for Good Health Policy-Making: Incorporating Power and Politics into the Mix

An institutional theory of hydraulic fracturing policy

a r t i c l e i n f o The use of high-volume horizontal hydraulic fracturing (fracking) has increased substantially over the past five years in the United States. Use of this drilling technology to extract natural gas from hitherto impermeable shale is expected to increase even more in coming decades. Two institutions, integration contracts and well spacing requirements, evolved to mitigate the...

Lorenzo Bini Smaghi: Conventional and unconventional monetary policy

This topic has not featured prominently in the speeches given by central bankers in recent decades. But the escalating financial crisis since last autumn has pushed the theme to centre stage. Central banks throughout the world have been responding to the crisis by taking both conventional and unconventional policy measures. It is important to have a good understanding of the unconventional poli...