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Segregated balance accounts
Garratt, Rod; Martin, Antoine; McAndrews, James Joseph; … - 2015
This paper describes segregated balance accounts (SBAs), a concept for a new type of account that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess...
Persistent link: https://www.econbiz.de/10011340973
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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
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The heterogeneous impact of referrals on labor market outcomes
Lester, Benjamin; Rivers, David A.; Topa, Giorgio - 2021
We document a new set of facts regarding the impact of referrals on labor market outcomes. Our results highlight the importance of distinguishing between different types of referrals-those from family and friends and those from business contacts-and different occupations. Then we develop an...
Persistent link: https://www.econbiz.de/10012703480
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How abundant are reserves? Evidence from the wholesale payment system
Afonso, Gara; Duffie, Darrell; Rigon, Lorenzo; Shin, … - 2022
inflation. …
Persistent link: https://www.econbiz.de/10014302762
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The optimal supply of central bank reserves under uncertainty
Afonso, Gara; La Spada, Gabriele; Mertens, Thomas; … - 2023
This paper provides an analytically tractable theoretical framework to study the optimal supply of central bank reserves when the demand for reserves is uncertain and nonlinear. We fully characterize the optimal supply of central bank reserves and associated market equilibrium. We find that the...
Persistent link: https://www.econbiz.de/10014480469
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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
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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
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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
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Interest, reserves, and prices
Benigno, Gianluca; Benigno, Pierpaolo - 2021
rate both matter for determining inflation and economic activity. …
Persistent link: https://www.econbiz.de/10012619548
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The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market
Bech, Morten L.; Klee, Elizabeth - 2009
To combat the financial crisis that intensified in the fall of 2008, the Federal Reserve injected a substantial amount of liquidity into the banking system. The resulting increase in reserve balances exerted downward price pressure in the federal funds market, and the effective federal funds...
Persistent link: https://www.econbiz.de/10010287022