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Establishing credibility : evolving perceptions of the European Central Bank
Goldberg, Linda S. (contributor);  … - 2005
Persistent link: https://www.econbiz.de/10003226086
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Central bank macroeconomic forecasting during the global financial crisis : the European Central Bank and Federal Reserve Bank of New York experiences
Alessi, Lucia; Ghysels, Eric; Onorante, Luca; Peach, … - 2014
This paper documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped...
Persistent link: https://www.econbiz.de/10010404063
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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/10012000041
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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/10010222894
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An investigation of the gains from commitment in monetary policy
Schaumburg, Ernst (contributor);  … - 2003 - [Elektronische Ressource]
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …
Persistent link: https://www.econbiz.de/10001783067
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What was the market's view of UK monetary policy? : Estimating inflation risk and expected inflation with indexed bonds
Remolona, Eli M.; Wickens, Michael R.; Gong, Frank Fangxiong - 1998
Persistent link: https://www.econbiz.de/10000998660
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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/10010528292
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Federal reserve tools for managing rates and reserves
Martin, Antoine; McAndrews, James Joseph; Palida, Ali; … - 2013
Monetary policy measures taken by the Federal Reserve as a response to the 2007-09 financial crisis and subsequent economic conditions led to a large increase in the level of outstanding reserves. The Federal Open Market Committee (FOMC) has a range of tools to control short-term market rates in...
Persistent link: https://www.econbiz.de/10010201212
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The effects of policy guidance on perceptions of the fed's reaction function
Femia, Katherine; Friedman, Steven; Sack, Brian - 2013
In the past few years, the Federal Open Market Committee (FOMC) has been using forward guidance about the federal funds rate in a more explicit way than ever before. This paper explores the market reaction to the forward guidance, with particular focus on the use of calendar dates and economic...
Persistent link: https://www.econbiz.de/10010202644
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Overnight RRP operations as a monetary policy tool : some design considerations
Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - 2015
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10010482941