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Lending-of-Last-Resort is as Lending-of-Last-Resort Does : Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

Garcia de Andoain, Carlos - 2016

This paper investigates the impact of ample liquidity provision by the European Central Bank on the functioning of the … main euro area payment system. To identify exogenous shocks to central bank liquidity, we exploit the timing of ECB … liquidity operations and use a simple structural vector auto-regression framework. We argue that the ECB acted as a de …

Persistent link: https://www.econbiz.de/10012998230

Surprising Comparative Properties of Monetary Models : Results from a New Model Database

Taylor, John B. - 2010

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10013136676

Money markets, collateral and monetary policy

De Fiore, Fiorella; Hoerova, Marie; Uhlig, Harald - 2019

number of occasionally binding constraints. The interactions between these constraints - in particular leverage and liquidity …. If the liquidity constraint is very tight, the leverage constraint may turn slack. In this case, there are large declines …

Persistent link: https://www.econbiz.de/10012142083

Surprising comparative properties of monetary models: Results from a new model database

Taylor, John B.; Wieland, Volker - 2010

Persistent link: https://www.econbiz.de/10011605307

Welfare-based monetary policy rules in an estimated DSGE model of the US economy

Juillard, Michel; Karam, Philippe; Laxton, Douglas; … - 2006

We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...

Persistent link: https://www.econbiz.de/10011604659

Money talks

Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009

We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since...

Persistent link: https://www.econbiz.de/10011605137

Money in monetary policy design: Monetary cross-checking in the New-Keynesian model

Wieland, Volker; Beck, Günter W. - 2010

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...

Persistent link: https://www.econbiz.de/10011605237

Money Talks

Hoerova, Marie - 2010

Persistent link: https://www.econbiz.de/10013150973

Money Markets, Collateral and Monetary Policy

De Fiore, Fiorella - 2019

liquidity constraints - are key in determining macroeconomic outcomes. We find that both secured and unsecured money market … and output. If the liquidity constraint is very tight, the leverage constraint may turn slack. In this case, there are …

Persistent link: https://www.econbiz.de/10012892834

On Collateral : Implications for Financial Stability and Monetary Policy

Corradin, Stefano - 2017

This paper examines the role of collateral in the financial system, with special emphasis on the implications for financial stability and the conduct of monetary policy. First, we review what drives the demand and supply for both real and financial collateral assets. Then we examine financial...

Persistent link: https://www.econbiz.de/10012943962