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Wilcox, James A. - 2008

This article assesses the extent to which government-administered financial shocks and lower interest rates can account for the massive accumulation of bank excess reserves in the Great Depression. Both factors are shown to be statistically significant. Financial shocks did exert astatistically...

Persistent link: https://www.econbiz.de/10012774837

The Federal Funds Rate and the Channels of Monetary Transnission

Bernanke, Ben; Blinder, Alan S. - 2021

First, we show that the interest rate on Federal funds is extremely informative about future movements of real macroeconomic variables, more so than monetary aggregates or other interest rates. Next, we argue that the reason for this forecasting is that the funds rate sensitively records shocks...

Persistent link: https://www.econbiz.de/10013219705

Emu : Ready, or Not?

Obstfeld, Maurice - 2021

In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...

Persistent link: https://www.econbiz.de/10013235280

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

Friedman, Benjamin M. - 2010

the level of short-term interest rates. Event studies show no relationship between the two for the United States, the Euro-system … 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

Monetary Policy with Interest on Reserves

Cochrane, John H. - 2014

determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy …

Persistent link: https://www.econbiz.de/10013044987

Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves

Hall, Robert E. - 2016

surpluses like the fiscal theory of the price level, liquidity preference as in quantity theories, or local approximations as in …

Persistent link: https://www.econbiz.de/10012980673

Optimal Foreign Reserves and Central Bank Policy Under Financial Stress

Céspedes, Luis Felipe; Chang, Roberto - 2022

We study the interaction between optimal foreign reserves accumulation and central bank international liquidity provision in a small open economy under financial stress. Firms and households finance investment and consumption by borrowing from domestic financial intermediaries (banks), which in...

Persistent link: https://www.econbiz.de/10013292430

Reversing Reserves

Pathak, Parag A.; Rees-Jones, Alex; Sonmez, Tayfun - 2022

Affirmative action policies are often implemented through reserve systems. In this study, we demonstrate that reserve systems face widespread misunderstanding by the public. This misunderstanding can lead individuals to support policies that ineffectively pursue their interests. To establish...

Persistent link: https://www.econbiz.de/10013310185

Shocks, Structures or Monetary Policies? The Euro Area and Us after 2001

Christiano, Lawrence J. - 2008

. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general … are misleading. We find that - because there is greater inertia in the ECB's policy rule - the ECB's policy actions … out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of …

Persistent link: https://www.econbiz.de/10012773305

Establishing Credibility : Evolving Perceptions of the European Central Bank

Goldberg, Linda S. - 2010

Bank (ECB) provide a natural experiment for this model. Tests of the effect of news announcements on the slope of yield … the ECB during its first six years of operation significantly evolved, with a belief in its inflation aversion increasing …

Persistent link: https://www.econbiz.de/10012761892

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