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From Taylor's rule to Bernanke's temporary price level targeting
Hebden, James; López-Salido, José David - 2018
shortfalls in inflation and output relative to exogenous trends, and the policy rate is kept at the ELB until the joint shortfall … is made up. Bernanke's second proposal adds only the cumulative inflation shortfall since the beginning of an ELB episode … directly to an otherwise standard Taylor rule. This cumulative shortfall in inflation from the 2 percent objective can be …
Persistent link: https://www.econbiz.de/10012016089
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The costs and benefits of liquidity regulations : lessons from an idle monetary policy tool
Curfman, Christopher J.; Kandrac, John - 2019
We investigate how liquidity regulations affect banks by examining a dormant monetary policy tool that functions as a liquidity regulation. Our identification strategy uses a regression kink design that relies on the variation in a marginal high-quality liquid asset (HQLA) requirement around an...
Persistent link: https://www.econbiz.de/10012181216
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Monetary policy and bank equity values in a time of low and negative interest rates
Ampudia, Miguel; Heuvel, Skander van den - 2019
Does banks' exposure to interest rate risk change when interest rates are very low or even negative? Using a high-frequency event study methodology and intraday data, we find that the effect of surprise interest rate cuts announced by the ECB on European bank equity values - an effect that is...
Persistent link: https://www.econbiz.de/10012182094
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Monetary policy implementation and private repo displacement : evidence from the overnight reverse repurchase facility
Anderson, Alyssa G.; Kandrac, John - 2016
In recent years, the scale and scope of major central banks' intervention in financial markets has expanded in unprecedented ways. In this paper, we demonstrate how monetary policy implementation that relies on such intervention in financial markets can displace private transactions....
Persistent link: https://www.econbiz.de/10011578994
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Monetary policy options at the effective lower bound : assessing the Federal Reserve's current policy toolkit
Chung, Hess; Gagnon, Etienne; Nakata, Taisuke; … - 2019
the Global Financial Crisis are modestly effective in speeding up the labor market recovery and return of inflation to 2 …
Persistent link: https://www.econbiz.de/10012016767
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Monetary policy strategies for a low-rate environment
Bernanke, Ben; Kiley, Michael T.; Roberts, John M. - 2019
adequate stimulus at the ELB while avoiding sizable overshoots of inflation and output …
Persistent link: https://www.econbiz.de/10012017503
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"Unconventional" monetary policy as conventional monetary policy : a perspective from the U.S. in the 1920s
Carlson, Mark; Duygan-Bump, Burcu - 2018
To implement monetary policy in the 1920s, the Federal Reserve utilized administered interest rates and conducted open market operations in both government securities and private money market securities, sometimes in fairly considerable amounts. We show how the Fed was able to effectively use...
Persistent link: https://www.econbiz.de/10011927094
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The effects of liquidity regulation on bank demand in monetary policy operations
Rezende, Marcelo; Styczynski, Mary-Frances; Vojtech, … - 2016
We estimate the effects of the liquidity coverage ratio (LCR), a liquidity requirement for banks, on the tenders that banks submit in Term Deposit Facility operations, a Federal Reserve tool created to manage the quantity of bank reserves. We identify these effects using variation in LCR...
Persistent link: https://www.econbiz.de/10011578907
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Attenuating the forward guidance puzzle : implications for optimal monetary policy
Nakata, Taisuke; Ogaki, Ryota; Schmidt, Sebastian; Yoo, Paul - 2018 - This draft: June 2018
We examine the implications of less powerful forward guidance for optimal policy using a sticky-price model with an effective lower bound (ELB) on nominal interest rates as well as a discounted Euler equation and Phillips curve. When the private-sector agents discount future economic conditions...
Persistent link: https://www.econbiz.de/10011932433
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Money-financed fiscal programs : a cautionary tale
English, William B.; Erceg, Christopher J.; … - 2017
) could be efficacious in boosting output and inflation in economies facing persistent economic weakness, very low inflation, and … persistently high inflation if the central bank fully adhered to the program; or alternatively, that such a program would be …
Persistent link: https://www.econbiz.de/10011709425