Similar Search Results

Large-scale asset purchases by the Federal Reserve: Did they work?

Gagnon, Joseph; Raskin, Matthew; Remache, Julie; Sack, Brian - 2010

Since December 2008, the Federal Reserve's traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial...

Persistent link: https://www.econbiz.de/10010287156

A model of the federal funds market: Yesterday, today, and tomorrow

Afonso, Gara; Armenter, Roc; Lester, Benjamin - 2018

The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves and new regulations made it more costly for these institutions to lend. As traditional levers for implementing...

Persistent link: https://www.econbiz.de/10011942785

An empirical study of trade dynamics in the fed funds market

Afonso, Gara; Lagos, Ricardo - 2012

We use minute-by-minute daily transaction-level payments data to document the crosssectional and time-series behavior of the estimated prices and quantities negotiated by commercial banks in the fed funds market. We study the frequency and volume of trade, the size distribution of loans, the...

Persistent link: https://www.econbiz.de/10010287019

Money, credit, monetary policy, and the business cycle in the euro area: What has changed since the crisis?

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...

Persistent link: https://www.econbiz.de/10012144728

Time-varying pass-through from import prices to consumer prices: Evidence from an event study with real-time data

Amstad, Marlene; Fischer, Andreas M. - 2005

This paper analyzes the pass-through from import prices to consumer price index (CPI) inflation in real time. Our … strategy follows an event-study approach that compares inflation forecasts before and after import price releases. Inflation … monthly import price releases provide important information for CPI inflation forecasts, and that the behavior of updated …

Persistent link: https://www.econbiz.de/10010283392

Can US monetary policy fall (again) into an expectation trap?

Armenter, Roc; Bodenstein, Martin - 2005

. We find that for all parametrizations with an equilibrium inflation rate of about 2 percent, there is a second … equilibrium with an inflation rate just above 10 percent. Thus, the model can simultaneously account for the low and high … inflation episodes in the United States. We carefully characterize the set of Markov equilibria along the parameter space and …

Persistent link: https://www.econbiz.de/10010283471

Floor systems and the Friedman rule: The fiscal arithmetic of open market operations

Keister, Todd; Martin, Antoine; McAndrews, James - 2015

In a floor system of monetary policy implementation, the central bank remunerates bank reserves at or near the market rate of interest. Some observers have expressed concern that operating such a system will have adverse fiscal consequences for the public sector and may even require the...

Persistent link: https://www.econbiz.de/10011460634

ECB monetary operations and the interbank repo market

Dunne, Peter G.; Fleming, Michael J.; Zholos, Andrey - 2013

We examine the relationship between monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral. We first establish that, in the precrisis period, there are important but rather weak relations between these funding sources and that this...

Persistent link: https://www.econbiz.de/10010333597

Time variation in asset price response to macro announcements

Goldberg, Linda S.; Grisse, Christian - 2013

Although the effects of economic news announcements on asset prices are well established, theserelationships are unlikely to be stable. This paper documents the time variation in the responses of yield curves and exchange rates using high-frequency data from January 2000 through August 2011....

Persistent link: https://www.econbiz.de/10010333621

Monetary cycles, financial cycles, and the business cycle

Adrian, Tobias; Estrella, Arturo; Shin, Hyun Song - 2010

One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to expectations of future interest rates, which affect the slope of the term structure. In this paper,...

Persistent link: https://www.econbiz.de/10010287018

1
2
3
4
5
6
7
8
9
10
Next
Last