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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

When Does a Central Bank's Balance Sheet Require Fiscal Support?

Del Negro, Marco - 2014

Using a simple general equilibrium model, we argue that it would be appropriate for a central bank with a large balance sheet composed of long-duration nominal assets to have access to, and be willing to ask for, support for its balance sheet by the fiscal authority. Otherwise its ability to...

Persistent link: https://www.econbiz.de/10013043485

Central Bank Transparency and the Crowding Out of Private Information in an Experimental Asset Market

Middeldorp, Menno H. - 2011

Central banks have become increasingly communicative. An important reason is that democratic societies expect more transparency from public institutions. Central bankers, based on empirical research, also believe that sharing information has economic benefits. Communication is seen as a way to...

Persistent link: https://www.econbiz.de/10013128675

The Central-Bank Balance Sheet as an Instrument of Monetary Policy

Cúrdia, Vasco - 2010

While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...

Persistent link: https://www.econbiz.de/10013139787

Central Bank Transparency, the Accuracy of Professional Forecasts, and Interest Rate Volatility

Middeldorp, Menno H. - 2011

Central banks worldwide have become more transparent. An important reason is that democratic societies expect more openness from public institutions. Policymakers also see transparency as a way to improve the predictability of monetary policy, thereby lowering interest rate volatility and...

Persistent link: https://www.econbiz.de/10013124570

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

The Effects of Policy Guidance on Perceptions of the Fed's Reaction Function

Femia, Katherine - 2013

In the past few years, the Federal Open Market Committee (FOMC) has been using forward guidance about the federal funds rate in a more explicit way than ever before. This paper explores the market reaction to the forward guidance, with particular focus on the use of calendar dates and economic...

Persistent link: https://www.econbiz.de/10013072898

Auctions Implemented by the Federal Reserve Bank of New York during the Great Recession

Armantier, Olivier - 2013

During the Great Recession, the Federal Reserve implemented several novel programs to address adverse conditions in financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term Securities Lending Facility, and the disposition of the...

Persistent link: https://www.econbiz.de/10013075093

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

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