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An Empirical Analysis of the Fed's Term Auction Facility
Benmelech, Efraim - National Bureau of Economic Research (NBER) - 2012
range of counterparties and against a broader range of collateral than open market operations. The overall goal of the TAF … banks that pledged asset-backed securities as collateral for these loans. The data and analysis illustrate the major role …
Persistent link: https://www.econbiz.de/10010950874
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Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration
Goodfriend, Marvin; McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2007
its appropriate settings by as much as 4% pa. Also, shocks to banking productivity or collateral effectiveness call for …
Persistent link: https://www.econbiz.de/10005084957
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Illiquidity and Interest Rate Policy
Diamond, Douglas W.; Rajan, Raghuram G. - National Bureau of Economic Research (NBER) - 2009
The cheapest way for banks to finance long term illiquid projects is typically to borrow short term from households. But when household needs for funds are high, interest rates will rise sharply, debtors will have to shut down illiquid projects, and in extremis, will face more damaging runs....
Persistent link: https://www.econbiz.de/10005087453
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The Safe-Asset Share
Gorton, Gary; Metrick, Andrew; Lewellen, Stefan - National Bureau of Economic Research (NBER) - 2012
We document that the percentage of all U.S. assets that are "safe" has remained stable at about 33 percent since 1952. This stable ratio is a rare example of calm in a rapidly changing financial world. Over the same time period, the ratio of U.S. assets to GDP has increased by a factor of 2.5,...
Persistent link: https://www.econbiz.de/10009421965
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Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates
Scharfstein, David; Sunderam, Adi - National Bureau of Economic Research (NBER) - 2013
, loan, and collateral characteristics in two ways. First, we use a matching procedure to compare high- and low …
Persistent link: https://www.econbiz.de/10010668008
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Central Banks and the Financial System
Giavazzi, Francesco; Giovannini, Alberto - National Bureau of Economic Research (NBER) - 2010
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with a...
Persistent link: https://www.econbiz.de/10008548814
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The Macroeconomics of Shadow Banking
Moreira, Alan; Savov, Alexi - National Bureau of Economic Research (NBER) - 2014
collateral is scarce. We call this process shadow banking. A rise in uncertainty raises demand for crash-proof liquidity, forcing … intermediaries to delever and substitute toward safe, collateral- intensive liabilities. Shadow banking shrinks, causing the … liquidity supply to contract, discount rates and collateral premia spike, prices and investment fall. The model produces slow …
Persistent link: https://www.econbiz.de/10010821757
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Betting the House
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2014
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011106101
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Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity
Wright, Randall; Venkateswaran, Venky - National Bureau of Economic Research (NBER) - 2013
When limited commitment hinders unsecured credit, assets help by serving as collateral. We study models where assets …-pricing theory, is calibrated to analyze the effects of monetary policy and financial innovation. We show that inflation can raise …
Persistent link: https://www.econbiz.de/10010969326
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Monetary Policy and Rational Asset Price Bubbles
Gali, Jordi - National Bureau of Economic Research (NBER) - 2013
I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter,...
Persistent link: https://www.econbiz.de/10010969416