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The Fed's International Dollar Liquidity Facilities : New Evidence on Effects

Goldberg, Linda S.; Ravazzolo, Fabiola - 2021

sensitivity of these strains to risk sentiment deterioration. Cross-border flows through banks for excess liquidity support … facilities leaves longer-term patterns of cross-border liquidity and capital flows broadly unchanged. While official sector … liquidity hoarding and “dash for cash” activity are expected to be lower with access to these facilities, initial evidence does …

Persistent link: https://www.econbiz.de/10013309964

The Role of Consumption Substitutability in the International Transmission of Shocks

Tille, Cédric - 2006

This paper develops a general framework to analyze the welfare consequences of monetary and fiscal shocks in an open economy, focusing on the role of the degree of substitutability between goods produced in different countries. We find that an expansionary shock that would be beneficial in a...

Persistent link: https://www.econbiz.de/10012735734

How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007

Acharya, Viral V. - 2013

In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We … investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial …

Persistent link: https://www.econbiz.de/10013077991

Banking Globalization, Transmission, and Monetary Policy Autonomy

Goldberg, Linda S. - 2013

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...

Persistent link: https://www.econbiz.de/10013075025

Macroeconomic Interdependence and the International Role of the Dollar

Goldberg, Linda S. - 2008

The U.S. dollar plays a key role in international trade invoicing along two complementary dimensions. First, most U.S. exports and imports are invoiced in dollars; second, trade flows that do not involve the United States are often invoiced in dollars, a fact that has received relatively little...

Persistent link: https://www.econbiz.de/10012725210

The International Transmission of Monetary Policy

Buch, Claudia M. - 2018

transmission of monetary policies of the United States, the euro area, Japan, and the United Kingdom. Two other studies use …

Persistent link: https://www.econbiz.de/10012923576

COVID Response : The Fed’s Central Bank Swap Lines and FIMA Repo Facility

Choi, Mark; Goldberg, Linda S.; Lerman, Robert I; … - 2021

Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new...

Persistent link: https://www.econbiz.de/10013211409

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs

Goldberg, Linda S. - 2010

banks. These central banks had the capacity to use these swap facilities to provide dollar liquidity to institutions in … important part of the toolbox for dealing with systemic liquidity disruptions …

Persistent link: https://www.econbiz.de/10013148247

Is the Integration of World Asset Markets Necessarily Beneficial in the Presence of Monetary Shocks?

Tille, Cédric - 2006

This paper evaluates the consequences of the integration of international asset markets when goods markets are characterized by price rigidities. Using an open economy general equilibrium model with volatility in the money markets, we show that such an integration is not universally beneficial....

Persistent link: https://www.econbiz.de/10014056493

How Valuable is Exchange Rate Flexibilty? Optimal Monetary Policy Under Sectoral Shocks

Tille, Cédric - 2006

The paper explores the optimal monetary policy reaction to productivity shocks in an open economy. Whereas earlier studies assume that countries specialize in producing particular goods, I enrich the analysis by allowing for incomplete specialization. I confirm the finding of Obstfeld and Rogoff...

Persistent link: https://www.econbiz.de/10014056752