Similar Search Results

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

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

Assessing the systemic risk of a heterogeneous portfolio of banks during the recent financial crisis

Huang, Xin; Zhou, Hao; Zhu, Haibin - Federal Reserve Board (Board of Governors of the … - 2009

This paper extends the approach of measuring and stress-testing the systemic risk of a banking sector in Huang, Zhou, and Zhu (2009) to identifying various sources of financial instability and to allocating systemic risk to individual financial institutions. The systemic risk measure, defined as...

Persistent link: https://www.econbiz.de/10008616972

Systemic risk contributions

Huang, Xin; Zhou, Hao; Zhu, Haibin - Federal Reserve Board (Board of Governors of the … - 2011

We adopt a systemic risk indicator measured by the price of insurance against systemic financial distress and assess individual banks' marginal contributions to the systemic risk. The methodology is applied using publicly available data to the 19 bank holding companies covered by the U.S....

Persistent link: https://www.econbiz.de/10008828499

A framework for assessing the systemic risk of major financial institutions

Huang, Xin; Zhou, Hao; Zhu, Haibin - Federal Reserve Board (Board of Governors of the … - 2009

In this paper we propose a framework for measuring and stress testing the systemic risk of a group of major financial institutions. The systemic risk is measured by the price of insurance against financial distress, which is based on ex ante measures of default probabilities of individual banks...

Persistent link: https://www.econbiz.de/10008633418

Distance still matters: the information revolution in small business lending and the persistent role of location, 1993-2003

Brevoort, Kenneth P.; Holmes, John A.; Wolken, John D. - Federal Reserve Board (Board of Governors of the … - 2010

In a seminal article on small business lending, Petersen & Rajan (2002) argue that technological changes have revolutionized small business lending markets, weakening the reliance of small businesses on local lenders and increasing geographic distances between firms and their credit suppliers....

Persistent link: https://www.econbiz.de/10008498934