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Portfolio balance effects of the SNB's bond purchase program
Kettemann, Andreas; Krogstrup, Signe - 2013
This paper carries out an empirical investigation of the impact on bond spreads of the announcement, purchases and exit … from the SNB's bond purchase program in 2009-2010. We find evidence in favor of a narrowing yield spread of covered bonds … bond spreads used allows us to identify this effect as a discounted portfolio balance effect of the expected purchases, as …
Persistent link: https://www.econbiz.de/10010316939
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Delegation, time inconsistency and sustainable equilibrium
Basso, Henrique S. - 2008
This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy. The method of Chari and Kehoe (1990) is...
Persistent link: https://www.econbiz.de/10010321435
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The problem of excess reserves, then and now
Todd, Walker F. - 2013
This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the Fed) or a potentially inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative sizes...
Persistent link: https://www.econbiz.de/10010318619
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The Rise and Fall of U.S. Inflation Persistence
Beechey, Meredith; Österholm, Pär - 2007
This paper estimates the path of inflation persistence in the United States over the last 50 years and draws implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization predict that the central bank's preference for output...
Persistent link: https://www.econbiz.de/10010321537
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Why Ratings Matter: Evidence from Lehman’s IndexRating Rule Change
Chen, Zhihua; Lookman, Aziz A.; Schürhoff, Norman; … - Swiss National Centre of Competence in Research North … - 2010
This paper examines the role of bond ratings and the effects of rating-based regulations in thecorporate bond market …. Exploiting an unanticipated mechanical change in how the benchmarkLehman bond indices are constructed in 2005, we show that … rating-induced market segmentationof the bond market into investment-grade and high-yield sectors has a first-order impact on …
Persistent link: https://www.econbiz.de/10009248846
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On-the-run premia, settlement fails, and central bank access
Schneider, Fabienne - 2024
The premium on "on-the-run" Treasuries (i.e. the most recently issued ones) is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. Primary dealers are more likely to hold large inventories of on-the-run Treasuries. There is also less variation across...
Persistent link: https://www.econbiz.de/10015053569
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The Euro's savior? Assessing the ECB's crisis management performance and potential for crisis resolution
Bibow, Jörg - 2015
This study assesses the European Central Bank's (ECB) crisis management performance and potential for crisis resolution …. The study investigates the institutional and functional constraints that delineate the ECB's scope for policy action under … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in …
Persistent link: https://www.econbiz.de/10011545305
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The Covid-19 lesson from Sweden: Don't lockdown
Andersson, Fredrik N. G.; Jonung, Lars - 2023
The coronavirus pandemic triggered strong political action across Europe. Mandatory restrictions to increase social distancing were imposed, commonly known as lockdowns. In some cases, entire countries were virtually locked down for several weeks at a time, contributing to a very severe downturn...
Persistent link: https://www.econbiz.de/10014551793
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European stabilization policy after the Covid-19 pandemic: More flexible integration or more federalism?
Andersson, Fredrik N. G.; Jonung, Lars - 2022
grown rapidly in many EU member states. The ECB has carried out a highly expansionary monetary policy. In this paper, we …
Persistent link: https://www.econbiz.de/10014318974
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Monetary policy and the resilience of the German banking system: From Deutsche Bundesbank to ECB
Sepp, Tim Florian; Israel, Karl-Friedrich; Treitz, Benjamin - 2024
resilience in response to the monetary policy stances of the Bundesbank and the ECB, respectively. We estimate two-way fixed … types is much more heterogeneous after the inception of the ECB. In particular, decreasing resilience of Large Banks is …
Persistent link: https://www.econbiz.de/10014476280