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Reconciling Bagehot with the Fed's response to September 11
Martin, Antoine - 2005
The nineteenth-century economist Walter Bagehot maintained that in order to prevent bank panics, a central bank should … Federal Reserve's behavior in the days following September 11, 2001. This paper shows that Bagehot's recommendation can be … reconciled with the Fed's policy if one recognizes that Bagehot had in mind a commodity money regime in which the amount of …
Persistent link: https://www.econbiz.de/10010283386
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Two crises, two ideas and one question
Laidler, David - 2012
Specific ideas about the Fisher relation between real and nominal interest rates and more general ideas about the nature of the central bank's duty to support the financial system in times of crisis were important to the Monetarist re-assessment of the causes of the Great Depression and what...
Persistent link: https://www.econbiz.de/10010291905
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Stabilising financial markets: Lending and market making as a last resort
Buiter, Willem H.; Cecchetti, Stephen G.; Dominguez, … - 2023
This report looks backwards to the worldwide use of (enhanced) lender of last resort (LOLR) and market maker of last resort (MMLR) facilities during the global financial and the pandemic crises. It discusses how LOLR and MMLR facilities have worked; looking ahead, it considers what benefits and...
Persistent link: https://www.econbiz.de/10014327938
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Connected Lending of Last Resort
Mitchener, Kris James; Monnet, Eric - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10014290136
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Endogenous systemic liquidity risk
Cao, Jin; Illing, Gerhard - 2009
between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …
Persistent link: https://www.econbiz.de/10010264620
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Endogenous Systemic Liquidity Risk
Cao, Jin; Illing, Gerhard - 2008
between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …
Persistent link: https://www.econbiz.de/10010427534
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Funktionswandel der EZB?
Berg, Tim Oliver; Carstensen, Kai; Horn, Gustav A.; … - In: Wirtschaftsdienst 92 (2012) 2, pp. 79-94
Persistent link: https://www.econbiz.de/10010368486
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Monetary policy challenges in emerging markets: Sudden stop, liability dollarization, and lender of last resort
Calvo, Guillermo A. - 2006
The paper argues that Emerging Market economies (EMs) face financial vulnerabilities that weaken the effectiveness of a domestic Lender of Last Resort (LOLR). As a result, monetary policy is inextricably linked to the state of the credit market. In particular, the central bank should be ready to...
Persistent link: https://www.econbiz.de/10010278274
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Central Banks: Functions, Decision-making and Accountability
Wech, Daniela - In: CESifo DICE Report 13 (2015) 3, pp. 68-71
Persistent link: https://www.econbiz.de/10011696933
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Do we need central bank digital currency? Economics, technology and institutions
Gnan, Ernest (contributor); Masciandaro, Donato (contributor) - 2018
Persistent link: https://www.econbiz.de/10011985213