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An investigation of the gains from commitment in monetary policy
Schaumburg, Ernst (contributor);  … - 2003 - [Elektronische Ressource]
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …
Persistent link: https://www.econbiz.de/10001783067
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The execution of monetary policy : a tale of two central banks
Bartolini, Leonardo (contributor);  … - 2003 - [Elektronische Ressource]
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...
Persistent link: https://www.econbiz.de/10001752004
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The overnight interbank market : evidence from the G-7 and the euro zone
Prati, Alessandro (contributor);  … - 2001 - [Elektronische Ressource]
This study of the major industrial countries' interbank markets for overnight loans links the behavior of very short-term interest rates to the operating procedures of the countries' central banks. Previous studies have focused on key features of the U.S. federal funds rate's behavior. We find...
Persistent link: https://www.econbiz.de/10001630855
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Benefits and spillovers of greater competition in Europe : a macroeconomic assessment
Bayoumi, Tamim A. (contributor); Laxton, Douglas (contributor) - 2004 - [Elektronische Ressource]
We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area...
Persistent link: https://www.econbiz.de/10002101549
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Overnight RRP operations as a monetary policy tool: some design considerations
Martin, Antoine; Remache, Julie Ann; Frost, Joshua; … - Federal Reserve Bank of New York - 2015
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10011184286
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Watering a lemon tree: heterogeneous risk taking and monetary policy transmission
Choi, Dong Beom; Eisenbach, Thomas M.; Yorulmazer, Tanju - Federal Reserve Bank of New York - 2015
We build a general equilibrium model with financial frictions that impede the effectiveness of monetary policy in stimulating output. Agents with heterogeneous productivity can increase investment by levering up, but this increases interim liquidity risk. In equilibrium, the more productive...
Persistent link: https://www.econbiz.de/10011254935
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Recent developments in monetary policy implementation
Potter, Simon M. - Federal Reserve Bank of New York - 2013
Remarks before the Money Marketeers of New York University, New York City
Persistent link: https://www.econbiz.de/10010732462
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Recent developments in monetary policy implementation
Potter, Simon - Federal Reserve Bank of New York - 2013
Remarks before the Money Marketeers of New York University, New York City
Persistent link: https://www.econbiz.de/10010748394
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An empirical analysis of stock and bond market liquidity
Chordia, Tarun (contributor); Sarkar, Asani (contributor);  … - 2003 - [Elektronische Ressource]
This paper explores liquidity movements in stock and Treasury bond markets over a period of more than 1800 trading days. Cross-market dynamics in liquidity are documented by estimating a vector autoregressive model for liquidity (that is, bid-ask spreads and depth), returns, volatility, and...
Persistent link: https://www.econbiz.de/10001752003