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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

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

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

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

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

Monetary policy when the nominal short-term interest rate is zero

Clouse, James; Henderson, Dale; Orphanides, Athanasios; … - Federal Reserve Board (Board of Governors of the … - 2000

In an environment of low inflation, the Federal Reserve faces the risk that it has not provided enough monetary stimulus even when it has pushed the short-term nominal interest rate to its lower bound of zero. Assuming the nominal Treasury-bill rate has been lowered to zero, this paper considers...

Persistent link: https://www.econbiz.de/10005513014

Declining required reserves, funds rate volatility, and open market operations

Demiralp, Selva; Farley, Dennis - Federal Reserve Board (Board of Governors of the … - 2003

The standard view of the monetary transmission mechanism rests on the central bank's ability to manipulate the …

Persistent link: https://www.econbiz.de/10005513041

Making news: financial market effects of Federal Reserve disclosure practices

Bomfim, Antulio N.; Reinhart, Vincent R. - Federal Reserve Board (Board of Governors of the … - 2000

As recently as early 1994, market participants had to infer the stance of U.S. monetary policy according to the type and size of the open market operations conducted by the Federal Reserve's Trading Desk. Thus, investors were exposed to uncertainty about both the timing and the motivation for...

Persistent link: https://www.econbiz.de/10005394049

Whither the liquidity effect: the impact of Federal Reserve Open Market Operations in recent years

Judson, Ruth; Klee, Elizabeth - Federal Reserve Board (Board of Governors of the … - 2009

Previous research indicated that the daily liquidity effect, or the change in the federal funds rate associated with an exogenous change in Fed balances, varies with several factors including the day of the maintenance period. In this paper, we examine the data over the recent period of...

Persistent link: https://www.econbiz.de/10004994088

Firm volatility and banks: evidence from U.S. banking deregulation

Correa, Ricardo; Suarez, Gustavo A. - Federal Reserve Board (Board of Governors of the … - 2009

This paper exploits the staggered timing of state-level banking deregulation in the United States during the 1980s to study the causal effect of banking integration on the volatility of non-financial corporations. We find that firm-level employment, production, sales, and cash flows are less...

Persistent link: https://www.econbiz.de/10008616971