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Banking supervision: the perspective from economics

Hirtle, Beverly J. - 2020

less attention to bank supervision as a distinct activity. Indeed, much of the banking literature has used the terms … "supervision" and "regulation" interchangeably. This paper provides a heuristic review of the economics literature on … microprudential bank supervision, highlighting broad findings and existing gaps, especially those related to work on supervision …

Persistent link: https://www.econbiz.de/10012391496

Macroprudential policy and the revolving door of risk : lessons from leveraged lending guidance

Kim, Sooji; Plosser, Matthew C.; Santos, João A. C. - 2017

We investigate the U.S. experience with macroprudential policies by studying the interagency guidance on leveraged lending. We find that the guidance primarily impacted large, closely supervised banks, but only after supervisors issued important clarifications. It also triggered a migration of...

Persistent link: https://www.econbiz.de/10011657569

Monetary policy implementation frameworks : a comparative analysis

Martin, Antoine (contributor); Monnet, Cyril (contributor) - 2008

We compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, and the second one relies only on open market operations. We show that the Friedman rule cannot be implemented in the first framework, but can be implemented...

Persistent link: https://www.econbiz.de/10003781450

The welfare effects of a liquidity-saving mechanism

Atalay, Enghin (contributor); Martin, Antoine (contributor); … - 2008

This paper considers the welfare effects of introducing a liquidity-saving mechanism (LSM) in a real-time gross settlement (RTGS) payment system. We study the planner’s problem to get a better understanding of the economic role of an LSM and find that an LSM can achieve the planner’s...

Persistent link: https://www.econbiz.de/10003781558

A study of competing designs for a liquidity-saving mechanism

Martin, Antoine (contributor); … - 2008

We study two designs for a liquidity-saving mechanism (LSM), a queuing arrangement used with an interbank settlement system. We consider an environment where banks are subjected to liquidity shocks. Banks must make the decision to send, queue, or delay their payments after observing a noisy...

Persistent link: https://www.econbiz.de/10003781648

Should there be intraday money markets?

Martin, Antoine (contributor); … - 2008

In this paper, we consider the case for an intraday market for reserves. We discuss the separate roles of intraday and overnight reserves and argue that an intraday market could be organized in the same way as the overnight market. We present arguments for and against a market for intraday...

Persistent link: https://www.econbiz.de/10003781652

Central bank transparency and nonlinear learning dynamics

Eusepi, Stefano (contributor) - 2008

Central bank communication plays an important role in shaping market participants’ expectations. This paper studies a simple nonlinear model of monetary policy in which agents have incomplete information about the economic environment. It shows that agents’ learning and the dynamics of the...

Persistent link: https://www.econbiz.de/10003781685

Systemic risk and liquidity in payment systems

Afonso, Gara (contributor); Shin, Hyun Song (contributor) - 2008

We study liquidity and systemic risk in high-value payment systems. Flows in high-value systems are characterized by high velocity, meaning that the total amount paid and received is high relative to the stock of reserves. In such systems, banks rely heavily on incoming funds to finance outgoing...

Persistent link: https://www.econbiz.de/10003781793

The topology of the federal funds market

Bech, Morten L. (contributor); Atalay, Enghin (contributor) - 2008

The recent turmoil in global financial markets underscores the importance of the federal funds market as a means of distributing liquidity throughout the financial system and a tool for implementing monetary policy. In this paper, we explore the network topology of the federal funds market. We...

Persistent link: https://www.econbiz.de/10003781796

CONDI : a cost-of-nominal-distortions index

Eusepi, Stefano (contributor); Hobijn, Bart (contributor); … - 2009

We construct a price index with weights for the prices of different PCE (personal consumption expenditures) goods chosen to minimize the welfare costs of nominal distortions. In this cost-of-nominal-distortions index (CONDI), the weights are computed in a multi-sector New Keynesian model with...

Persistent link: https://www.econbiz.de/10003812575

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