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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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Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59
Carlson, Mark A.; Wheelock, David C. - Federal Reserve Board (Board of Governors of the … - 2014
The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of...
Persistent link: https://www.econbiz.de/10010787050
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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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Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis
Carlson, Mark A.; Duygan-Bump, Burcu; Nelson, William R. - Federal Reserve Board (Board of Governors of the … - 2015
introduction of liquidity regulations. These changes were motivated in part by the argument that central bank lending entails … institutions. Using examples from the recent crisis, we argue that central bank lending is the best response in the former …
Persistent link: https://www.econbiz.de/10011255344
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Banking panics and deflation in dynamic general equilibrium
Carapella, Francesca - Federal Reserve Board (Board of Governors of the … - 2015
This paper develops a framework to study the interaction between banking, price dynamics, and monetary policy. Deposit contracts are written in nominal terms: if prices unexpectedly fall, the real value of banks' existing obligations increases. Banks default, panics precipitate, economic...
Persistent link: https://www.econbiz.de/10011261279
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Modeling Money Market Spreads: What Do We Learn about Refinancing Risk?
Brousseau, Vincent; Nikolaou, Kleopatra; Pill, Huw - Federal Reserve Board (Board of Governors of the … - 2014
manner. Central bank interventions have reduced the spreads as well as the effect of refinancing risk on them. …
Persistent link: https://www.econbiz.de/10011119859
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Assessing Targeted Macroprudential Financial Regulation: The Case of the 2006 Commercial Real Estate Guidance for Banks
Bassett, William F.; Marsh, Blake - Federal Reserve Board (Board of Governors of the … - 2014
In the mid-2000s, federal bank regulatory agencies became alarmed by steadily increasing concentrations of commercial … of macroprudential regulation to have a significant and broad influence on bank behavior. …
Persistent link: https://www.econbiz.de/10010886224
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Bank Interventions and Options-based Systemic Risk: Evidence from the Global and Euro-area Crisis
Londono, Juan M.; Tian, Mary - Federal Reserve Board (Board of Governors of the … - 2014
Using a novel dataset on central bank interventions to financial institutions, we examine the impact of capital … compensation investors demand for being exposed to the risk of large correlated drops in bank stock prices. DCRP is calculated … using options that provide a hedge against large drops in the price of a bank index and its individual components. We find …
Persistent link: https://www.econbiz.de/10010937978
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Are the Borrowing Costs of Large Financial Firms Unusual?
Ahmed, Javed I.; Anderson, Christopher W.; Zarutskie, … - Federal Reserve Board (Board of Governors of the … - 2015
Estimates of investor expectations of government support of large financial firms are often based on large financial firms' lower borrowing costs relative to smaller financial firms. Using pricing data on credit default swaps (CDS) and corporate bonds over the period 2004 to 2013, however, we...
Persistent link: https://www.econbiz.de/10011268455