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Financial stability considerations for monetary policy : theoretical mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022
This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial...
Persistent link: https://www.econbiz.de/10013161877
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Financial stability considerations for monetary policy : empirical evidence and challenges
Boyarchenko, Nina; Favara, Giovanni; Schularick, Moritz - 2022
This paper reviews literature on the empirical relationship between vulnerabilities in the financial system and the macroeconomy, and how monetary policy affects that connection. Financial vulnerabilities build up over time, with both risk appetite and risk taking rising during economic...
Persistent link: https://www.econbiz.de/10013161882
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Dealer financial conditions and lender-of-last-resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014
provided liquidity against a range of assets during 2008-09. Dealers with lower equity returns and greater leverage prior to … liquidity in explaining dealer behavior. The results suggest that both financial performance and balance sheet liquidity play a …
Persistent link: https://www.econbiz.de/10010404154
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The Fed's international dollar liquidity facilities: new evidence on effects
Goldberg, Linda S.; Ravazzolo, Fabiola - 2021
sensitivity of these strains to risk sentiment deterioration. Cross-border flows through banks for excess liquidity support … facilities leaves longer-term patterns of cross-border liquidity and capital flows broadly unchanged. While official sector … liquidity hoarding and “dash for cash” activity are expected to be lower with access to these facilities, initial evidence does …
Persistent link: https://www.econbiz.de/10012797880
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The Fed's central bank swap lines and FIMA repo facility
Choi, Mark; Goldberg, Linda S.; Lerman, Robert Irving; … - 2021
Building on the facility design and application experience from the period of the global financial crisis, in March 2020 the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new...
Persistent link: https://www.econbiz.de/10012625891
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Safety, liquidity, and the natural rate of interest
Del Negro, Marco; Giannone, Domenico; Giannoni, Marc Paolo - 2017
and liquidity has increased since the late 1990s, and to a lesser extent because economic growth has slowed. We reach this …
Persistent link: https://www.econbiz.de/10011647660
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Money, liquidity, and monetary policy
Adrian, Tobias (contributor); Shin, Hyun Song (contributor) - 2009
closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the …
Persistent link: https://www.econbiz.de/10003812553
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Global liquidity and exchange rates
Adrian, Tobias (contributor); Etula, Erkko M. (contributor);  … - 2009
We present evidence that the funding liquidity aggregates of U.S. financial intermediaries forecast exchange rate … estimate prices of risk using a cross-sectional asset pricing approach and show that U.S. dollar funding liquidity forecasts … liquidity channel in an intertemporal equilibrium pricing model where the “risk appetite” of dollar-funded intermediaries …
Persistent link: https://www.econbiz.de/10003812554
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Liquidity risk, credit risk, and the Federal Reserve’s responses to the crisis
Sarkar, Asani - 2009
aggressive use of both traditional monetary policy instruments and innovative tools in an effort to provide liquidity. In this … to be necessary. -- Crisis response ; Federal Reserve ; counterparty credit risk ; liquidity risk ; limits to arbitrage …
Persistent link: https://www.econbiz.de/10003947548