ECB paper finds the Fed ‘well-served’ by its stress index
Research evaluates efficacy of stress index used during crisis
Staff at the Federal Reserve were "well served" by the financial stress index they used to monitor and model financial developments in real time during the crisis, according to a working paper published by the European Central Bank (ECB) this week.
In Financial stress and economic dynamics: the transmission of crises, Kirstin Hubrich and Robert Tetlow, argue that one reason why "macro-economically important linkages" between the financial sector and the macroeconomy have been elusive is because
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