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Understanding Chinese Bond Yields and their Role in Monetary Policy
Porter, Nathan; Cassola, Nuno - International Monetary Fund (IMF) - 2011
China's financial prices are informative enough for the PBC to introduce a monetary policy framework centered around interest rates. While bond yields are not fully efficient?reflecting regulation, liquidity, and segmentation?we find they contain considerable information about the state of the...
Persistent link: https://www.econbiz.de/10009327875
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The Euro overnight interbank market and ECB's liquidity management policy during tranquil and turbulent times
Cassola, Nuno; Huetl, Michael - European Central Bank - 2010
the Bank of England’s framework. We find that liquidity frontloading is a small scale central bank intervention which is …
Persistent link: https://www.econbiz.de/10008678674
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Declining valuations and equilibrium bidding in central bank refinancing operations
Ewerhart, Christian; Cassola, Nuno; Valla, Natacha - 2006
It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal … valuations. Based on this hypothesis, we construct an equilibrium in central bank refinancing operations organised as variable …
Persistent link: https://www.econbiz.de/10011604714
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The Euro overnight interbank market and ECB's liquidity management policy during tranquil and turbulent times
Cassola, Nuno; Huetl, Michael - 2010
the Bank of England’s framework. We find that liquidity frontloading is a small scale central bank intervention which is …
Persistent link: https://www.econbiz.de/10011605293
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Optimal allotment policy in central bank open market operations
Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; … - In: The European Journal of Finance 15 (2009) 4, pp. 405-420
This article derives a central bank's optimal liquidity supply towards a money market with an unrestricted lending … to initial conditions. In particular, the model predicts a threshold level of liquidity below which the central bank will …
Persistent link: https://www.econbiz.de/10004966530
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Declining valuations and equilibrium bidding in central bank refinancing operations
Ewerhart, Christian; Cassola, Nuno; Valla, Natacha - European Central Bank - 2006
It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal … valuations. Based on this hypothesis, we construct an equilibrium in central bank refinancing operations organised as variable …
Persistent link: https://www.econbiz.de/10005033423
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Optimal Allotment Policy in Central Bank Open Market Operations
Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; … - Institut für Volkswirtschaftslehre, …
This paper derives a central bank’s optimal liquidity supply towards a money market with an unrestricted lending … conditions. In particular, the model predicts a threshold level of liquidity below which the central bank will not bail out the …
Persistent link: https://www.econbiz.de/10005627868
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The collateral channel of open market operations
Cassola, Nuno; Koulischer, François - 2016
Persistent link: https://www.econbiz.de/10011618298
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The collateral channel of open market operations
Cassola, Nuno; Koulischer, François - 2016
Persistent link: https://www.econbiz.de/10011578322
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Declining valuations and equilibrium bidding in central bank refinancing operations
Ewerhart, Christian; Cassola, Nuno; Valla, Natacha - In: International journal of industrial organization 28 (2010) 1, pp. 30-43
Persistent link: https://www.econbiz.de/10003940050