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Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009
Fleming, Michael J. - 2012
This paper examines the Federal Reserve's unprecedented liquidity provision during the financial crisis of 2007 …-2009. It first reviews how the Fed provides liquidity in normal times. It then explains how the Fed's new and expanded … liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the …
Persistent link: https://www.econbiz.de/10013102405
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Minimum Price Increment, Competition for Liquidity Provision, and Price Discovery
Fleming, Michael J.; Nguyen, Giang; Ruela, Francisco - 2021
depth, and improved price efficiency.Moreover, slow traders become more competitive in liquidity provision and price …
Persistent link: https://www.econbiz.de/10013244513
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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
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Monetary Policy Implementation with an Ample Supply of Reserves
Afonso, Gara - 2020
Methods of monetary policy implementation continue to change. The level of reserve supply—scarce, abundant, or somewhere in between—has implications for the efficiency and effectiveness of an implementation regime. The money market events of September 2019 highlight the need for an...
Persistent link: https://www.econbiz.de/10012843257
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Central Bank Macroeconomic Forecasting during the Global Financial Crisis : The European Central Bank and Federal Reserve Bank of New York Experiences
Alessi, Lucia - 2014
This paper documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped...
Persistent link: https://www.econbiz.de/10013050511
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The FRBNY Staff Underlying Inflation Gauge : UIG
Amstad, Marlene - 2014
Monetary policymakers and long-term investors would benefit greatly from a measure of underlying inflation that uses all relevant information, is available in real time, and forecasts inflation better than traditional underlying inflation measures such as core inflation measures. This paper...
Persistent link: https://www.econbiz.de/10013054722
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Repo Market Effects of the Term Securities Lending Facility
Fleming, Michael J. - 2010
The Term Securities Lending Facility (TSLF) was introduced by the Federal Reserve to promote liquidity in the financing …
Persistent link: https://www.econbiz.de/10013148779
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ECB Monetary Operations and the Interbank Repo Market
Dunne, Peter G. - 2014
We examine the relationship between monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations between these funding sources and that this...
Persistent link: https://www.econbiz.de/10013061127
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Do Monetary Policy Announcements Shift Household Expectations?
Lewis, Daniel J. - 2020
We use a decade of daily survey data from Gallup to study how monetary policy influences households' beliefs about economic conditions. We first document that public confidence in the state of the economy reacts instantaneously to certain types of macroeconomic news. Next, we show that surprises...
Persistent link: https://www.econbiz.de/10012847866
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Announcement-Specific Decompositions of Unconventional Monetary Policy Shocks and Their Macroeconomic Effects
Lewis, Daniel J. - 2020
I propose to identify announcement-specific decompositions of asset price changes into monetary policy shocks exploiting heteroskedasticity in intraday data. This approach accommodates both changes in the nature of shocks and the state of the economy across announcements, allowing me to...
Persistent link: https://www.econbiz.de/10012848808