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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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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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The Domestic and International Effects of Interstate U.S. Banking
Cacciatore, Matteo; Ghironi, Fabio; Stebunovs, Viktors - Federal Reserve Board (Board of Governors of the … - 2014
This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial...
Persistent link: https://www.econbiz.de/10010886231
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Large Capital Inflows, Sectoral Allocation, and Economic Performance
Benigno, Gianluca; Converse, Nathan; Fornaro, Luca - Federal Reserve Board (Board of Governors of the … - 2015
This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic...
Persistent link: https://www.econbiz.de/10011268459
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Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record
Jalil, Andrew; Rua, Gisela - Federal Reserve Board (Board of Governors of the … - 2015
This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business...
Persistent link: https://www.econbiz.de/10011273691
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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 injection announcements on systemic risk for the banking sector in the U.S. and the euro area between 2008 and 2013. We propose a new measure of options-based systemic risk called...
Persistent link: https://www.econbiz.de/10010937978
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A Model of Endogenous Loan Quality and the Collapse of the Shadow Banking System
Ferrante, Francesco - Federal Reserve Board (Board of Governors of the … - 2015
I develop a macroeconomic model with a financial sector, in which banks can finance risky projects (loans) and can affect their quality by exerting a costly screening effort. Informational frictions regarding the observability of loan characteristics limit the amount of external funds that banks...
Persistent link: https://www.econbiz.de/10011268457
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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
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the … Reserve, in its role as lender of last resort (LOLR), injected extraordinary amounts of liquidity. In the aftermath, lawmakers … introduction of liquidity regulations. These changes were motivated in part by the argument that central bank lending entails …
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