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Alternative central bank credit policies for liquidity provision in a model of payments
David C. Mills, Jr. - Federal Reserve Board (Board of Governors of the … - 2005
I explore alternative central bank policies for liquidity provision in a model of payments. I use a mechanism design …, the central bank invests in costly enforcement and charges an interest rate to recover costs. I show that the second best … solution is not distortionary. In the second policy, the central bank requires collateral. If collateral does not bear an …
Persistent link: https://www.econbiz.de/10005721142
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Central bank talk: does it matter and why?
Kohn, Donald L.; Sack, Brian P. - Federal Reserve Board (Board of Governors of the … - 2003
found to significantly affect market interest rates, indicating that central bank "talk" conveys important information to …
Persistent link: https://www.econbiz.de/10005721234
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Are long-run inflation expectations anchored more firmly in the Euro area than in the United States?
Beechey, Meredith J.; Johannsen, Benjamin K.; Levin, … - Federal Reserve Board (Board of Governors of the … - 2008
This paper compares the recent evolution of long-run inflation expectations in the euro area and the United States, using evidence from financial markets and surveys of professional forecasters. Survey data indicate that long-run inflation expectations are reasonably well-anchored in both...
Persistent link: https://www.econbiz.de/10005394111
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Will monetary policy become more of a science?
Mishkin, Frederic S. - Federal Reserve Board (Board of Governors of the … - 2007
This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of "scientific" principles. However, there remains, and will...
Persistent link: https://www.econbiz.de/10005394140
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Risk and concentration in payment and securities settlement systems
David C. Mills, Jr.; Nesmith, Travis D. - Federal Reserve Board (Board of Governors of the … - 2007
such systems are operated by central banks and are liquidity intensive. Central banks often provide inexpensive liquidity … these questions, central banks need to understand what factors influence the timing of settlement. This paper offers a model … participants' incentives to influence the use of intraday liquidity and the resultant credit exposure of a central bank. The model …
Persistent link: https://www.econbiz.de/10005394158
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The information content of the embedded deflation pption in TIPS
Grishchenko, Olesya V.; Vanden, Joel M.; Zhang, Jianing - Federal Reserve Board (Board of Governors of the … - 2011
In this paper we estimate the value of the embedded option in U.S. Treasury Inflation Protected Securities (TIPS). The option value exhibits significant time variation that is correlated with periods of deflationary expectations. We use our estimated option values to construct an embedded option...
Persistent link: https://www.econbiz.de/10009395282
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The usefulness of core PCE inflation measures
Detmeister, Alan K. - Federal Reserve Board (Board of Governors of the … - 2011
This paper examines a number of alternative PCE price inflation measures including overall PCE inflation, PCE inflation excluding food and energy, trimmed mean PCE inflation, component-smoothed inflation, variance-weighted inflation, inflation with weights based on disaggregated regressions, and...
Persistent link: https://www.econbiz.de/10009395283
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Measuring the level and uncertainty of trend inflation
Mertens, Elmar - Federal Reserve Board (Board of Governors of the … - 2011
Firmly-anchored inflation expectations are widely viewed as playing a central role in the successful conduct of …
Persistent link: https://www.econbiz.de/10009358560
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New tests of the New-Keynesian Phillips curve
Rudd, Jeremy; Whelan, Karl - Federal Reserve Board (Board of Governors of the … - 2001
Is the observed correlation between current and lagged inflation a function of backward-looking inflation expectations, or do the lags in inflation regressions merely proxy for rational forward-looking expectations, as in the new-Keynesian Phillips curve? Recent research has attempted to answer...
Persistent link: https://www.econbiz.de/10005720983
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NAIRU uncertainty and nonlinear policy rules
Meyer, Laurence H.; Swanson, Eric T.; Wieland, Volker W. - Federal Reserve Board (Board of Governors of the … - 2001
Meyer (1999) has suggested that episodes of heightened uncertainty about the NAIRU may warrant a nonlinear policy response to changes in the unemployment rate. This paper offers a theoretical justification for such a nonlinear policy rule, and provides some empirical evidence on the relative...
Persistent link: https://www.econbiz.de/10005720987