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The Fed's central bank swap lines and FIMA repo facility
Choi, Mark; Goldberg, Linda S.; Lerman, Robert Irving; … - 2021
Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new...
Persistent link: https://www.econbiz.de/10012625891
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Safety, liquidity, and the natural rate of interest
Del Negro, Marco; Giannone, Domenico; Giannoni, Marc Paolo - 2017
and liquidity has increased since the late 1990s, and to a lesser extent because economic growth has slowed. We reach this …
Persistent link: https://www.econbiz.de/10011647660
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Expectations-driven liquidity traps : implications for monetary and fiscal policy
Nakata, Taisuke; Schmidt, Sebastian - 2019
can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no …-driven liquidity traps. Raising the in ation target or appointing an in ation-conservative central banker improves in ation outcomes … sufficiently less concerned with government spending stabilization than society can eliminate expectations-driven liquidity traps …
Persistent link: https://www.econbiz.de/10012037377
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Fiscal foundations of inflation : imperfect knowledge
Eusepi, Stefano; Preston, Bruce - 2013
This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The theory is similar in spirit to, but distinct from, unpleasant monetarist arithmetic and the fiscal theory of the price level. Because the assumption of imperfect knowledge breaks...
Persistent link: https://www.econbiz.de/10010202656
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Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019
’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis. …
Persistent link: https://www.econbiz.de/10012009191
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How do banks manage liquidity? : evidence from the ECB's tiering experiment
Baldo, Luca; Heider, Florian; Hoffmann, Peter; Sigaux, … - 2022
We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of … assets over time. Our results imply that frictions in one market for liquidity can spill over to several markets. …
Persistent link: https://www.econbiz.de/10013375171
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Stabilizing expectations under monetary and fiscal policy coordination
Eusepi, Stefano (contributor); Preston, Bruce (contributor) - 2008
This paper analyzes how the formation of expectations constrains monetary and fiscal policy design. Economic agents have imperfect knowledge about the economic environment and the policy regime in place. Households and firms learn about the policy regime using historical data. Regime uncertainty...
Persistent link: https://www.econbiz.de/10003781690
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Monetary conservatism and fiscal policy
Adam, Klaus (contributor); Billi, Roberto M. (contributor) - 2006
Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...
Persistent link: https://www.econbiz.de/10003358641
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Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers
Leith, Campbell B. (contributor);  … - 2006
This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...
Persistent link: https://www.econbiz.de/10003337474
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Optimal simple rules for the conduct of monetary and fiscal policy
Chadha, Jagjit; Nolan, Charles - In: Journal of macroeconomics 29 (2007) 4, pp. 665-689
Persistent link: https://www.econbiz.de/10003586682