Similar Search Results

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

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

An investigation of the gains from commitment in monetary policy

Schaumburg, Ernst (contributor); … - 2003 - [Elektronische Ressource]

This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...

Persistent link: https://www.econbiz.de/10001783067

ECB monetary operations and the interbank repo market

Dunne, Peter G.; Fleming, Michael J.; Zholos, Andrey - Federal Reserve Bank of New York - 2013

We examine the relationship between monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations between these funding sources and that this...

Persistent link: https://www.econbiz.de/10010732481

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

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

liquidity risk. In equilibrium, the more productive agents choose higher leverage, invest more, and take on higher liquidity … risk. Therefore, these agents respond less than the agents with lower productivity to monetary policy that reduces the … of a monetary stimulus: Worse overall quality leads to lower liquidation values, increasing the cost of liquidity risk …

Persistent link: https://www.econbiz.de/10011254935

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

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

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

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

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