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Collateral framework: liquidity premia and multiple equilibria

Lengwiler, Yvan; Orphanides, Athanasios - 2021

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

Persistent link: https://www.econbiz.de/10012502094

Is monetary policy overburdened?

Orphanides, Athanasios - 2013

Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of...

Persistent link: https://www.econbiz.de/10010400888

The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

too-low inflation. The experience of the Bank of Japan's encounter with the zero lower bound suggests important benefits … Geldpolitik auch beim Einsatz unkonventioneller Maßnahmen erfolgreich ist? Athanasios Orphanides analysiert die Maßnahmen der Bank … of Japan (BoJ) seit den späten 1990er Jahren und zeigt auf, worauf bei der Formulierung geachtet werden sollte. …

Persistent link: https://www.econbiz.de/10011901698

The fiscal-monetary policy mix in the euro area : challenges at the zero lower bound

Orphanides, Athanasios - 2017

Persistent link: https://www.econbiz.de/10011675930

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010392194

New Paradigms in Monetary Theory and Policy?

Balling, Morten; Llewellyn, David T.; Orphanides, Athanasios - 2012

On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium “New Paradigms in Money and Finance?” All the papers in the present SUERF Study are based on...