We study the impact of Central Bank intervention on the process of price formation in currency markets. We use a unique dataset of tick-by-tick indicative quotes posted by dealers on Reuters terminals and of intraday sterilized spot interventions and customer transactions executed on behalf of...

This dissertation is focused on the challenge of formulating, impementing, and sustaining a fundamental change in Central Bank Organizations in South America.

Die vorliegende Studie beschäftigt sich mit der Frage nach dem geeigneten operativenZiel der Geldpolitik, wenn Zentralbanken zwar das Zinsniveau unmittelbar undkontinuierlich (z.B. täglich) beobachten können, Daten zu Preisniveau undProduktionsniveau jedoch nur periodisch (z.B. monats- oder...

What are liquidity crises? And what can be done to address them? This short paper brings together some personal reflections on this issue, largely based on previous work. In the process, it questions a number of commonly held beliefs that have become part of the conventional wisdom. The paper is...

Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. Using the BIS international banking...

This paper investigates dislocations in the foreign exchange (FX) swap market between the US dollar and three major European currencies. After the failure of Lehman Brothers in September 2008, deviations from covered interest parity (CIP) were negatively associated with the creditworthiness of...