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Collateral framework: liquidity premia and multiple equilibria

Lengwiler, Yvan; Orphanides, Athanasios - 2021

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

Persistent link: https://www.econbiz.de/10012502094

Is monetary policy overburdened?

Orphanides, Athanasios - 2013

Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of...

Persistent link: https://www.econbiz.de/10010400888

The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

too-low inflation. The experience of the Bank of Japan's encounter with the zero lower bound suggests important benefits … Geldpolitik auch beim Einsatz unkonventioneller Maßnahmen erfolgreich ist? Athanasios Orphanides analysiert die Maßnahmen der Bank … of Japan (BoJ) seit den späten 1990er Jahren und zeigt auf, worauf bei der Formulierung geachtet werden sollte. …

Persistent link: https://www.econbiz.de/10011901698

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010392194

Fear of liftoff : uncertainty, rules and discreation in monetary policy normalization

Orphanides, Athanasios - 2015

The Federal Reserve's muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time....

Persistent link: https://www.econbiz.de/10011327424

Are rules and boundaries sufficient to limit harmful central bank discretion? : lessons from Europe

Orphanides, Athanasios - 2014

Marvin Goodfriend's (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for...

Persistent link: https://www.econbiz.de/10010417257

The forward guidance trap

Orphanides, Athanasios - 2023

This paper examines the policy experience of the Fed, ECB and BOJ during and after the Covid-19 pandemic and draws lessons for monetary policy strategy and its communication. All three central banks provided appropriate accommodation during the pandemic but two failed to unwind this...

Persistent link: https://www.econbiz.de/10014380456

Enhancing resilience with natural growth targeting

Orphanides, Athanasios - 2024

Despite a number of helpful changes, including the adoption of an inflation target, the Fed's monetary policy strategy proved insufficiently resilient in recent years. While the Fed eased policy appropriately during the pandemic, it fell behind the curve during the post-pandemic recovery. During...

Persistent link: https://www.econbiz.de/10014479735