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Rediscounting Under Aggregate Risk With Moral Hazard
Chapman, James T. E.; Martin, Antoine - 2007
In a 1999 paper, Freeman proposes a model in which discount window lending and open market operations have different outcomes - an important development because in most of the literature the results of these policy tools are indistinguishable. Freeman's conclusion that the central bank should...
Persistent link: https://www.econbiz.de/10014225041
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How 'Unconventional' are Large-Scale Asset Purchases? The Impact of Monetary Policy on Asset Prices
Rosa, Carlo - 2012
This paper examines the impact of large-scale asset purchases (LSAP) on U.S. asset prices (nominal and inflation-indexed bonds, stocks, and U.S. dollar spot exchange rates) using an event study with intraday data. The surprise component of LSAP announcements is identified from Financial Times...
Persistent link: https://www.econbiz.de/10013106884
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Conventional and Unconventional Monetary Policy
Cúrdia, Vasco - 2009
We extend a standard New Keynesian model both to incorporate heterogeneity in spending opportunities along with two sources of (potentially time-varying) credit spreads and to allow a role for the central bank's balance sheet in determining equilibrium. We use the model to investigate the...
Persistent link: https://www.econbiz.de/10013154673
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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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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