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Papers by William Osterberg

Working paper (Federal Reserve Bank of Cleveland), 1988

Working paper (Federal Reserve Bank of Cleveland), 1987

Working paper (Federal Reserve Bank of Cleveland), 1999

Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to s... more Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reserve System Working papers are now available electronically through the Cleveland Fed's home page on the World Wide Web: http://www.clev.frb.org.

Working paper (Federal Reserve Bank of Cleveland), 1992

for helpful comments and suggestions. Working papers of the Federal Reserve Bank of Cleveland are... more for helpful comments and suggestions. Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment. The views stated herein are those of the author and not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reserve System.

Working paper (Federal Reserve Bank of Cleveland), 1991

, and Rebecca Wetmore for research assistance and to Owen Humpage for useful comments and suggest... more , and Rebecca Wetmore for research assistance and to Owen Humpage for useful comments and suggestions. Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment. The views stated herein are those of the authors and not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reserve System.

Working paper (Federal Reserve Bank of Cleveland), 1989

The shift from a fixed-exchange-rate regime to a flexible regime, in which central-bank exchange-... more The shift from a fixed-exchange-rate regime to a flexible regime, in which central-bank exchange-market intervention has been hlghly visible, has renewed interest in studying the effects of intervention. In separate work started by Engle (1982), new techniques have been developed to analyze risk premia in asset returns and particularly in exchange rates. We utilize a framework developed by Hodrick (1989) to show how central-bank intervention can affect both the level of exchange rates and the risk premium. We assume specific f o m s for preferences and for the stochastic processes of the exogenous variables and show how the risk premium is related to the conditional variances of intervention and the other exogenous processes. This approach differs from previous analyses of intervention by explicitly relating intervention to the risk premium. This lays the groundwork for future tests of the theory's implications for the intervention/ris<k premium relati~~nship.

Working paper (Federal Reserve Bank of Cleveland), 1995

It is unclear whether the distinction between U.S. foreign exchange intervention and newspaper re... more It is unclear whether the distinction between U.S. foreign exchange intervention and newspaper reports of such activity is important. Dominguez and Frankel (1993) argue that unreported intervention has a weaker impact on the market. In this paper, we ask the empirical question: If intervention is reported (was actual), does it matter whether it occurred (was reported)? For a subsample for both the yen-to-dollar and Deutschemark-todollar exchange rates, we reject the hypothesis that the impact of intervention on the variance does not depend on whether it was reported. We also find that the sign of the impact depends on whether the intervention was reported. In addition, we uncover some evidence for impacts of false reports of intervention. We suggest that remaining concerns about these distinctions should be focused on the market microstructure surrounding the actual intervention operations.

Economic Commentary, 1987

A discussion of the use of municipal debt issues to fund publicly supported stadiums, focusing on... more A discussion of the use of municipal debt issues to fund publicly supported stadiums, focusing on the role of federal tax exemption as a hidden subsidy in reducing local funding costs and on the rationale for seeking public subsidies of private, local facilities.

An analysis of the often-understated role of capital flows from the United States to Mexico follo... more An analysis of the often-understated role of capital flows from the United States to Mexico following passage of the North American Free Trade Agreement in late 1993, examining their implications for the Mexican economy.

An argument that recent growth in the number of banking offices (head offices plus their branches... more An argument that recent growth in the number of banking offices (head offices plus their branches) does not necessarily mean that banking services have increased.

An examination of the banking reform efforts under way in Mexico, emphasizing how incentive effec... more An examination of the banking reform efforts under way in Mexico, emphasizing how incentive effects can drive up the cost of these efforts and ultimately boost the cost of resolving the nation's debt problem.

Foreign-exchange-market intervention is generally ineffective when undertaken independent of mone... more Foreign-exchange-market intervention is generally ineffective when undertaken independent of monetary policy. But when undertaken as a goal of monetary policy, exchange-rate management can compromise price stability. This Economic Commentary explains the difficulties of implementing an intervention policy.

Federal Reserve Bank of Cleveland, …, 1993

A discussion of leveraged buyouts and their dramatic impact on traditional corporate structure an... more A discussion of leveraged buyouts and their dramatic impact on traditional corporate structure and relationships among stockholders, bondholders, and employees.

An investigation of the impact of U.S. and German central-bank interventions on the forward disco... more An investigation of the impact of U.S. and German central-bank interventions on the forward discount puzzle for two exchange rates-the German mark/U.S. dollar and the Japanese yen/U.S. dollar-using official 1985-91 data. The evidence on the importance of intervention is strongest for the DM/$. However, the direction of the impact is inconsistent with the findings of Flood and Rose (1996) if periods of intervention are viewed as equivalent to fixed-rate regimes.

Aestimatio: The IEB International Journal of …, 2011

Repurchase Agreements (repos) have received increasing scrutiny as a result of their involvement ... more Repurchase Agreements (repos) have received increasing scrutiny as a result of their involvement in the recent financial crisis. While viewed as an important part of the 'shadow banking system' allowing non-banks to access liquidity and expand leverage, the legal and accounting status of most 'repos' is still unclear. Meanwhile, the usage of 'repos' in the development of emerging financial markets continues to expand, playing a pivotal role in monetary operations and fixed income markets. In this briefing, I discuss the main issues surrounding 'repos' in relatively undeveloped markets (EMs 1) including the legal status of the first leg of the 'repo' as a true sale and the distinction between 'repos' and 'sell-buybacks.' I also discuss aspects of EMs that are relevant to the adoption of 'repos.' Primary among these is the thinness of markets, the legal status of 'repos,' accounting practices, monetary policy. Recommendations are offered regarding specific issues common to these countries.