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U.S. intervention during the Bretton Wood Era:1962-1973

Bordo, Michael D.; Humpage, Owen F.; Schwartz, Anna J. - Federal Reserve Bank of Cleveland - 2011

swap lines to provide central banks with cover for unwanted, but temporary accumulations of dollars and to provide foreign … central banks with dollar funds to finance their own interventions. The Treasury also began intervening in the market. The …

Persistent link: https://www.econbiz.de/10009001775

U.S. intervention and the early dollar float: 1973-1981

Bordo, Michael D; Humpage, Owen F; Schwartz, Anna J - Federal Reserve Bank of Cleveland - 2010

The dollar’s depreciation during the early floating rate period, 1973–1981, was a symptom of the Great Inflation. In that environment, sterilized foreign exchange interventions were ineffective in halting the dollar’s decline, but they showed a limited ability to smooth dollar movements....

Persistent link: https://www.econbiz.de/10008764423

Learning and the central bank

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2001

It is well known that sunspot equilibria may arise under an interest-rate operating procedure in which the central bank …

Persistent link: https://www.econbiz.de/10005526594

U.S. foreign-exchange-market intervention during the Volcker-Greenspan era

Bordo, Michael D.; Humpage, Owen F.; Schwartz, Anna J. - Federal Reserve Bank of Cleveland - 2010

, sterilized foreign-exchange-market intervention did not provide central banks with a mechanism for systematically influencing …

Persistent link: https://www.econbiz.de/10008465777

Lessons of the past and prospects for the future in lender of last resort theory

Todd, Walker F. - Federal Reserve Bank of Cleveland - 1988

lender of last resort theory) in mounting rescue operations through the central bank. …

Persistent link: https://www.econbiz.de/10005428226

Does it matter (for equilibrium determinacy) what price index the central bank targets?

Carlstrom, Charles T.; Fuerst, Timothy S.; Ghironi, Fabio - Federal Reserve Bank of Cleveland - 2002

What inflation rate should the central bank target? The authors address determinacy issues related to this question in … principle holds in this environment. If the central bank elects to target sector A and responds to price movements in this …

Persistent link: https://www.econbiz.de/10005428237

Investment and interest rate policy: a discrete time analysis

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2003

This paper analyzes the restrictions necessary to ensure that the interest rate policy rule used by the central bank …

Persistent link: https://www.econbiz.de/10005428330

Central bank independence and inflation: a note

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2006

We document increased central bank independence within the set of industrialized nations. This increased independence …

Persistent link: https://www.econbiz.de/10005428347

The Eurosystem money market auctions: a banking perspective

Craig, Ben; Fecht, Falko - Federal Reserve Bank of Cleveland - 2006

This paper analyzes the individual bidding behavior of German banks in the money market auctions conducted by the ECB from the beginning of the third quarter of 2000 to the end of the first quarter of 2001. Our approach takes a variety of characteristics of the individual banks into account. In...

Persistent link: https://www.econbiz.de/10005428421

Asset prices, nominal rigidities, and monetary policy

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2004

Should monetary policy respond to asset prices? This paper analyzes this question from the vantage point of equilibrium determinacy.

Persistent link: https://www.econbiz.de/10005729091