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Central banks as lender of last resort: experiences during the 2007-2010 crisis and lessons for the future
Domanski, Dietrich; Moessner, Richhild; Nelson, William R. - Federal Reserve Board (Board of Governors of the … - 2014
During the 2007-2010 financial crisis, central banks accumulated a vast amount of experience in acting as lender of last resort. This paper reviews the various ways that central banks provided emergency liquidity assistance (ELA) during the crisis, and discusses issues for the design of ELA...
Persistent link: https://www.econbiz.de/10011119863
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Bank Failure, Relationship Lending, and Local Economic Performance
Kandrac, John - Federal Reserve Board (Board of Governors of the … - 2014
Whether bank failures have adverse effects on local economies is an important question for which there is conflicting … and relatively scarce evidence. In this study, I use county-level data to examine the effect of bank failures and … resolutions on local economies. Using quasi-experimental techniques as well as cross-sectional variation in bank failures, I show …
Persistent link: https://www.econbiz.de/10010784180
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Sovereign Debt Crises
Correa, Ricardo; Sapriza, Horacio - Federal Reserve Board (Board of Governors of the … - 2014
distress on bank solvency and financing. It then highlights the notable cost to the real economy of the close connection …
Persistent link: https://www.econbiz.de/10010784199
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Bank Liquidity and Capital Regulation in General Equilibrium
Covas, Francisco; Driscoll, John C. - Federal Reserve Board (Board of Governors of the … - 2014
generates a distribution of bank sizes arising from differences in banks' ability to generate revenue from loans and from …
Persistent link: https://www.econbiz.de/10011075119
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An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases
Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015
In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and...
Persistent link: https://www.econbiz.de/10011273692
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Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - Federal Reserve Board (Board of Governors of the … - 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/10011255343
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Optimal monetary and fiscal policy: a linear-quadratic approach
Benigno, Pierpaolo; Woodford, Michael - Federal Reserve Board (Board of Governors of the … - 2004
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the only available sources of government revenue are...
Persistent link: https://www.econbiz.de/10005368129
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The optimal degree of discretion in monetary policy
Athey, Susan; Atkeson, Andrew; Kehoe, Patrick J. - Federal Reserve Board (Board of Governors of the … - 2004
How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the...
Persistent link: https://www.econbiz.de/10005368142
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Optimal inflation persistence: Ramsey taxation with capital and habits
Chugh, Sanjay - Federal Reserve Board (Board of Governors of the … - 2005
Ramsey models of fiscal and monetary policy with perfectly-competitive product markets and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit...
Persistent link: https://www.econbiz.de/10005368152
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Global asset prices and FOMC announcements
Hausman, Joshua; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2006
This paper documents the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate...
Persistent link: https://www.econbiz.de/10005368193