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FOMC Communication Policy and the Accuracy of Fed Funds Futures

Middeldorp, Menno H. - 2011

Over the last two decades, the Federal Open Market Committee (FOMC), the rate-setting body of the United States Federal Reserve System, has become increasingly communicative and transparent. According to policymakers, one of the goals of this shift has been to improve monetary policy...

Persistent link: https://www.econbiz.de/10013126070

Bank Liquidity, Interbank Markets, and Monetary Policy

Freixas, Xavier - 2010

A major lesson of the recent financial crisis is that the ability of banks to withstand liquidity shocks and to provide …

Persistent link: https://www.econbiz.de/10013152719

Day-to-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate

Bartolini, Leonardo - 2006

We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly...

Persistent link: https://www.econbiz.de/10012735689

Money, Credit, Monetary Policy, and the Business Cycle in the Euro Area : What Has Changed Since the Crisis?

Giannone, Domenico - 2019

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...

Persistent link: https://www.econbiz.de/10012871932

The Effect of the Term Auction Facility on the London Interbank Offered Rate

McAndrews, James - 2017

The Term Auction Facility (TAF), the first auction-based liquidity initiative by the Federal Reserve during the global … efficacy of the TAF in helping the interbank market to relieve liquidity strains …

Persistent link: https://www.econbiz.de/10012971012

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

The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities

Del Negro, Marco; Eggertsson, Gauti B.; Ferrero, Andrea; … - 2011

We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities, explicitly … incorporating the zero bound on the short-term nominal interest rate. Within this framework, we ask: Can a shock to the liquidity of … government exchanges liquid government assets for illiquid private paper? We find that the effects of the liquidity shock can be …

Persistent link: https://www.econbiz.de/10014176860