Narrow search
Showing 1 - 10 of 304
Cover Image
A large central bank balance sheet? : Floor vs corridor systems in a New Keynesian environment
Arce Hortigüela, Óscar Javier; Nuño Barrau, Galo; … - 2018
have had a profound impact on the working of money markets, giving rise to large excess reserves and pushing down key … interbank rates against their floor – the interest rate on reserves. With macroeconomic fundamentals improving, central banks … reserves and its effective lower bound (ELB). Nonetheless, a lean-balance-sheet regime that resorts to temporary but prompt QE …
Persistent link: https://www.econbiz.de/10012532199
Cover Image
The subprime mortgage crisis : asset securitization and interbank lending / M.P. Mulaudzi
Mulaudzi, Mmboniseni Phanuel - 2009
Treasuries. This issue is discussed in a discrete-time framework with IB being considered to be regret- and risk-averse before … the difference between the expected returns on securitized subprime RMLs and Treasuries is small. However, there is low … investment in subprime residential mortgage-backed securities (RMBSs) and Treasuries in discontinuous-time. In order to …
Persistent link: https://www.econbiz.de/10009480657
Cover Image
The impact of monetary policy normalisation on secured money markets
Vela, Claudio; Aguilar, Alicia
Rationale This article offers an empirical analysis of the main factors which explain the variations in the repo-deposit facility rate (DFR) spread in the euro area, focusing on the impact of monetary policy normalisation. The findings suggest that a notable rise in interest rate expectations...
Persistent link: https://www.econbiz.de/10014502615
Cover Image
Optimal Central Bank Conservatism and Monopoly Trade Unions
Berger, Helge; Hefeker, Carsten; Schoeb, Ronnie - 2000
The “conservative central banker” has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union has an...
Persistent link: https://www.econbiz.de/10009447268
Cover Image
Monetary Policy without Money: Hamlet without the Ghost
Laidler, David - 2003
Today' standard model of monetary policy has aggregate demand responding directly to an interest rate under the central bank's control, and ignores the role played by the quantity of money in the transmission mechanism. Even though monetary policy is usually aimed at controlling price level...
Persistent link: https://www.econbiz.de/10009447279
Cover Image
Lietuvos pinigų politika
Baranovaitė, Marina - 2005
The object of the study – Lithuanian monetary policy. The purpose of the work – to estimate the level of achieved objectives of Lithuanian monetary policy and to forecast perspectives after joining to European Union. The main tasks: 1. to investigate the objectives, means and results of...
Persistent link: https://www.econbiz.de/10009478782
Cover Image
Loud and clear? Can we hear when the SARB speaks?
Reid M.; Du Plessis S. - 2010
Inflation targeting is a forward-looking framework for monetary policy that has brought unprecedented transparency to the process of monetary policy. This paper aims to assess the degree to which the South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) has, since the introduction...
Persistent link: https://www.econbiz.de/10009480479
Cover Image
The sensitivity of south African inflation expectations to surprises
Reid M. - 2009
Price stability is widely recognised as the primary goal of modern monetary policy, and the management of private sector inflation expectations has become an essential channel through which this goal is achieved. This evaluation aims to improve the understanding of how the sensitivity of private...
Persistent link: https://www.econbiz.de/10009480481
Cover Image
AN ANALYSIS ON MONETARY CONDITION INDEX IN TURKEY BY USING STRUCTURAL VAR ANALYSIS
AÇCI, Yunus; TASAR, Izzet - 2016
The Central Bank of Turkey (TCMB) has a significant power on aggregate demand and inflation expectation via monetary policy tools. While deciding monetary policies it’s a crucial question and a discussion topic for TCMB (Turkish Republic Central Bank) if the policy makers should take into...
Persistent link: https://www.econbiz.de/10011529234
Cover Image
Hedger of last resort: evidence from Brazilian FX interventions, local credit, and global financial cycles
Gonzalez, Rodrigo Barbone; Khametshin, Dmitry; Peydró, … - 2020
Este documento demuestra que las políticas de un banco central local pueden atenuar los efectos del ciclo financiero global [Global Financial Cycle (GFC)]. Para su identificación, analizamos la variación del GFC y las intervenciones del Banco Central de Brasil en los mercados derivados de...
Persistent link: https://www.econbiz.de/10012523796