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Monetary Versus Macroprudential Policies : Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report

Aikman, David - 2016

We have entered a world of conjoined monetary and macroprudential policies. But can they function smoothly in tandem, and with what effects? Since this policy cocktail has not been seen for decades, the empirical evidence is almost non-existent. We can only fix this shortcoming in a historical...

Persistent link: https://www.econbiz.de/10012987601

Quantitative Easing : A Rationale and Some Evidence from Japan

Wieland, Volker - 2010

of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …

Persistent link: https://www.econbiz.de/10013149980

Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?

Friedman, Benjamin M. - 2010

-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …

Persistent link: https://www.econbiz.de/10013141286

Bank of Japan Equity Purchases : The (Non-)Effects of Extreme Quantitative Easing

Charoenwong, Ben - 2019

From January 2011 through March 2018, the Bank of Japan purchased equity index ETFs worth about 3.5% of GDP …

Persistent link: https://www.econbiz.de/10012893140

The Effects of Quantitative Easing on Interest Rates : Channels and Implications for Policy

Krishnamurthy, Arvind - 2011

We evaluate the effect of the Federal Reserve's purchase of long-term Treasuries and other long-term bonds ("QE1" in 2008-2009 and "QE2" in 2010-2011) on interest rates. Using an event-study methodology we reach two main conclusions. First, it is inappropriate to focus only on Treasury rates as...

Persistent link: https://www.econbiz.de/10013118848

Measuring Central Bank Communication : An Automated Approach with Application to FOMC Statements

Lucca, David O. - 2010

We present a new automated, objective and intuitive scoring technique to measure the content of central bank communication about future interest rate decisions based on information from the Internet and news sources. We apply the methodology to statements released by the Federal Open Market...

Persistent link: https://www.econbiz.de/10013150907

Negative Interest Rate Policy and the Yield Curve

Wu, Jing Cynthia; Xia, Fan Dora - 2021

We evaluate the implications of the ECB's negative interest rate policy (NIRP) on the yield curve. To capture various shapes of the short end of the yield curve induced by the NIRP, we introduce two policy indicators, which summarize the immediate and longer-horizon future monetary policy...

Persistent link: https://www.econbiz.de/10013232446

Output Costs, Currency Crises, and Interest Rate Defense of a Peg

Lahiri, Amartya - 2010

Central banks typically raise short-term interest rates to defend currency pegs. Higher interest rates, however, often lead to a credit crunch and an output contraction. We model this trade-off in an optimizing, first-generation model in which the crisis may be delayed but is ultimately...

Persistent link: https://www.econbiz.de/10012761896

Mortgage Prepayment and Path-Dependent Effects of Monetary Policy

Berger, David - 2018

How much ability does the Fed have to stimulate the economy by cutting interest rates? We argue that the presence of substantial debt in fixed-rate, prepayable mortgages means that the ability to stimulate the economy by cutting interest rates depends not just on their current level but also on...

Persistent link: https://www.econbiz.de/10012909504

Interest Rate Volatility and Monetary Policy

Walsh, Carl E. - 2021

In October 1979 the Federal Reserve shifted from an interest rate oriented operating procedure to a reserves oriented procedure. It is argued in this paper that part of the very large increase in interest rate volatility which resulted from the policy switch may have been due to shifts in the...

Persistent link: https://www.econbiz.de/10013220958