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We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high … interest rates at end each period. In this context, central bank's interest-rate-smoothing policy causes high supply liquid be …
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The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a "hands-off" approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The...
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that distance from the parent organization plays a significant role in this allocation, where distance is bank …
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Remarks at the New York Bankers Association Financial Services Forum, New York City.
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Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
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