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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

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

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

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

Demand estimation and consumer welfare in the banking industry

Dick, Astrid A. - Federal Reserve Board (Board of Governors of the … - 2002

This paper estimates a structural demand model for commercial bank deposit services. Following the discrete choice literature, consumer decisions are based on prices and bank characteristics. The results, based on the U.S. for 1993-1999, indicate that, with respect to prices, consumers respond...

Persistent link: https://www.econbiz.de/10005512969

Market discipline in banking reconsidered: the roles of deposit insurance reform, funding manager decisions and bond market liquidity

Covitz, Daniel M.; Hancock, Diana; Kwast, Myron L. - Federal Reserve Board (Board of Governors of the … - 2002

This paper demonstrates that the risk sensitivity of a banking organization's subordinated debt yield spreads may understate the potential for market discipline in some periods and overstate in others because such spreads contain liquidity premiums that are driven, in part, by the...

Persistent link: https://www.econbiz.de/10005513016

Monitoring, moral hazard, and market power: a model of bank lending

Covitz, Daniel; Heitfield, Erik - Federal Reserve Board (Board of Governors of the … - 1999

We model the relationship between market power and both loan interest rates and bank risk without placing strong restrictions on the moral hazard problems between borrowers and banks and between banks and a government guarantor. Our results suggest that these relationships hinge on intuitive...

Persistent link: https://www.econbiz.de/10005513044

The economic effects of technological progress: evidence from the banking industry

Berger, Allen N. - Federal Reserve Board (Board of Governors of the … - 2002

This paper examines technological progress and its effects in the banking industry. Banks are intensive users of both IT and financial technologies, and have a wealth of data available that may be helpful for the general understanding of the effects of technological change. The research suggests...

Persistent link: https://www.econbiz.de/10005513051

Market discipline in banking reconsidered: the roles of funding manager decisions and deposit insurance reform

Covitz, Daniel M.; Hancock, Diana; Kwast, Myron L. - Federal Reserve Board (Board of Governors of the … - 2004

We find that the risk-sensitivity of bank holding company subordinated debt spreads at issuance increased with regulatory reforms that were designed to reduce conjectural government guarantees, but declined somewhat with subsequent reforms that were aimed in part at reducing regulatory...

Persistent link: https://www.econbiz.de/10005514141