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An Empirical Analysis of the Fed's Term Auction Facility
Benmelech, Efraim - National Bureau of Economic Research (NBER) - 2012
was to ensure that liquidity provisions could be disseminated efficiently even when the unsecured interbank markets were …
Persistent link: https://www.econbiz.de/10010950874
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Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
Acharya, Viral V.; Tuckman, Bruce - National Bureau of Economic Research (NBER) - 2013
lose funding liquidity, an indirect effect is to allow these firms to minimize deleveraging sales of illiquid assets. This … liquidity shortfalls more likely, and can lead to an increase in default risks. Furthermore, this increase in default risk can …
Persistent link: https://www.econbiz.de/10010951126
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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - National Bureau of Economic Research (NBER) - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10010951167
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The Golden Dilemma
Harvey, Campbell; Erb, Claude B. - National Bureau of Economic Research (NBER) - 2013
While gold objects have existed for thousands of years, gold's role in diversified portfolios is not well understood. We critically examine popular stories such as 'gold is an inflation hedge'. We show that gold may be an effective hedge if the investment horizon is measured in centuries. Over...
Persistent link: https://www.econbiz.de/10010951171
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Trade Dynamics in the Market for Federal Funds
Lagos, Ricardo; Afonso, Gara - National Bureau of Economic Research (NBER) - 2014
We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive and...
Persistent link: https://www.econbiz.de/10011262797
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Macroprudential Policies in Open Emerging Economies
Mishkin, Frederic; Shin, Kwanho; Hahm, Joon-Ho; Shin, … - National Bureau of Economic Research (NBER) - 2012
This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also...
Persistent link: https://www.econbiz.de/10009652754
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Crisis Resolution and Bank Liquidity
Acharya, Viral V.; Shin, Hyun Song; Yorulmazer, Tanju - National Bureau of Economic Research (NBER) - 2009
-sale prices make it attractive for banks to hold liquid assets. We show that the resulting choice of bank liquidity is counter … crises may be desirable ex post. However, policies aimed at resolving crises affect ex-ante bank liquidity in subtle ways …: while liquidity support to failed banks or unconditional support to surviving banks in acquiring failed banks give banks …
Persistent link: https://www.econbiz.de/10008635912
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Self-Fulfilling Credit Market Freezes
Bebchuk, Lucian; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2010
This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain...
Persistent link: https://www.econbiz.de/10008635935
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Incentive Conflict In Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries
Kane, Edward J. - National Bureau of Economic Research (NBER) - 2007
National safety nets are imbedded in country-specific regulatory cultures that encompass contradictory goals of nationalistic welfare maximization, merciful treatment of distressed institutions, and bureaucratic blame avoidance. Focusing on this goal conflict, this paper develops two hypotheses....
Persistent link: https://www.econbiz.de/10005575509
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Understanding the Great Depression: Lessons for Current Policy
Cecchetti, Stephen - National Bureau of Economic Research (NBER) - 1997
Over the four years beginning in the summer of 1929, financial markets, labor markets and goods markets all virtually ceased to function. Throughout this, the government policymaking apparatus seemed helpless. Since the end of the Great Depression, macroeconomists have labored diligently in an...
Persistent link: https://www.econbiz.de/10005580609