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Substitution between net and gross settlement systems: A concern for financial stability?

Craig, Ben; Fecht, Falko - 2011

While net settlement systems make more efficient use of liquidity than gross settlement systems, they are known to generate systemic risk. What does that tendency imply for the stability of the payments [or financial] system when the two settlement systems coexist? Do liquidity shortages induce...

Persistent link: https://www.econbiz.de/10010305999

How abundant are reserves? Evidence from the wholesale payment system

Afonso, Gara; Duffie, Darrell; Rigon, Lorenzo; Shin, … - 2022

Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in order to conserve scarce liquidity. Even in the era of large central bank balance sheets, rather than funding payments with abundant reserve balances, we show that outgoing...

Persistent link: https://www.econbiz.de/10014302762

Central counterparties

Koeppl, Thorsten V.; Monnet, Cyril - 2008

Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It...

Persistent link: https://www.econbiz.de/10010303758

The timing of central bank communication

Ehrmann, Michael; Fratzscher, Marcel - 2005

This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...

Persistent link: https://www.econbiz.de/10011604611

The Educational and Professional Background of Central Bankers and its Effect on Inflation - An Empirical Analysis

Göhlmann, Silja; Vaubel, Roland - 2005

We assume that central banks can control inflation so that inflation rates reflect the preferences of the central bank council.The hypothesis to be tested is that these preferences depend on the central bankers? educational and/or professional background. In a panel data analysis for the euro...

Persistent link: https://www.econbiz.de/10010261030

A double-edged sword: High interest rates in capital-control regimes

2009

Persistent link: https://www.econbiz.de/10014306479

Another look at yield spreads: Monetary policy and the term structure of interest rates

Kim, Dong-heon - 1998

Liquidity plays an important role in explaining how banks determine their allocation of funds. This paper analyses whether this fact can explain the term structure of interest rates and yield spreads. The paper models banks' demand for liquidity in a manner similar to that used to study...

Persistent link: https://www.econbiz.de/10010301772

Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006

The paper shows that there is a substantial degree of heterogeneity in forecast accuracy among Fed watchers. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 basis points between the best and worst-performers...

Persistent link: https://www.econbiz.de/10011604741

Mutual assistance between Federal Reserve Banks, 1913-1960 as prolegomena to the TARGET2 debate

Eichengreen, Barry; Mehl, Arnaud; Chiţu, Livia; … - 2014

This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...

Persistent link: https://www.econbiz.de/10011605731

Central Bank accountability and transparency: theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht … Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10010295694

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