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policy, economic growth, and separately, shocks to risk premia. Our approach exploits high-frequency comovement of stocks and …
Persistent link: https://www.econbiz.de/10012896694
Experience from financial crises and central bank policies in the past decade has led to an intensified debate about the relationship between monetary policy and financial stability. Since there is no established theoretical framework for analysing the links between financial stability and...
Persistent link: https://www.econbiz.de/10013019611
Central banks, which used to be so secretive, are communicating more and more these days about their monetary policy. This development has proceeded hand in glove with a burgeoning new scholarly literature on the subject. The empirical evidence, reviewed selectively here, suggests that...
Persistent link: https://www.econbiz.de/10013095756
policy moves, market participants risk giving too much weight to central bankers' utterances and not enough to assessing …
Persistent link: https://www.econbiz.de/10012929426
In addition to revamping existing rules for bank capital, Basel III introduces a new global framework for liquidity regulation. One part of this framework is the liquidity coverage ratio (LCR), which requires banks to hold sufficient high-quality liquid assets to survive a 30-day period of...
Persistent link: https://www.econbiz.de/10013059557
This paper studies a modern monetary economy: trade in both goods and securities relies on money provided by intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the transmission of monetary policy then depend on the...
Persistent link: https://www.econbiz.de/10012914919
Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We exploit this difference to study the relative influences...
Persistent link: https://www.econbiz.de/10012911907
sheet strength and risk perception. Such a recasting implies, contrary to conventional wisdom, that greater reliance on …
Persistent link: https://www.econbiz.de/10013095074
strongest specifically for downside risk measures rather than simple measures of volatility (e.g. the VIX). The impact of actual …
Persistent link: https://www.econbiz.de/10013059562
Persistent link: https://www.econbiz.de/10013095755