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Flow and stock effects of large-scale treasury purchases: Evidence on the importance of local supply
D’Amico, Stefania; King, Thomas B. - In: Journal of Financial Economics 108 (2013) 2, pp. 425-448
The Federal Reserve’s 2009 program to purchase $300 billion of US Treasury securities represented an unprecedented intervention in the Treasury market and provides a natural experiment with the potential to shed light on the price elasticities of Treasuries and theories of supply effects in...
Persistent link: https://www.econbiz.de/10011039218
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An assessment of financial sector rescue programmes
Panetta, Fabio; Faeh, Thomas; Grande, Giuseppe; Ho, Corrinne - Banca d'Italia - 2009
We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers� default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...
Persistent link: https://www.econbiz.de/10004964392
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Searching for the FED's Reaction Function
Woelfel, Katrin; Weber, Christoph - Wirtschafts- und Sozialwissenschaftliche Fakultät, … - 2014
There is still some doubt about those economic variables that really matter for the FED’s decisions. In comparison to …
Persistent link: https://www.econbiz.de/10010904386
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Identifying the Monetary Transmission Mechanism Using Structural Breaks
Beyer, Andreas; Farmer, Roger E A - C.E.P.R. Discussion Papers - 2003
We propose a method for estimating a subset of the parameters of a structural rational expectations model by exploiting changes in policy. We define a class of models, midway between a vector autoregression and a structural model, that we call the recoverable structure. We provide an application...
Persistent link: https://www.econbiz.de/10005124223
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A Comparative Analysis on US Financial Stress Indicators
Manamperi, Nimantha - In: International Journal of Economics and Financial Issues 5 (2015) 2, pp. 613-623
Federal Reserve Bank FSIs, the Kansas city fed FSI and the St. Louis fed FSI show considerable similarities during 2008 fi … nancial crisis. However, the behavior of Chicago Fed’s National Financial Conditions Index and the Cleveland Fed’s FSI were … healing processes such as TARP, TALF and fed funds rate cuts during the great recession. If a researcher wants to study the fi …
Persistent link: https://www.econbiz.de/10011268805
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Panika roku 1907 – kryzys finansowy 2008,Sto lat budowania kreatywnego kapitalizmu
Kwasnicki, Witold - Volkswirtschaftliche Fakultät, … - 2013
Usually, current Financial Crisis of 2008 is compared to the Great Depression of 1929. But there are some evidences that our current financial crisis has much more similarities and analogies to the crisis initiated by the panic in 1907. A brief analysis of both crises is presented. This analysis...
Persistent link: https://www.econbiz.de/10011260464
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The European Central Bank and the US Federal Reserve as Lender of Last Resort
Herr, Hansjörg - In: Panoeconomicus 61 (2014) 1, pp. 59-78
. During and after the Great Reces-sion the US Federal Reserve System (Fed) and the European Central Bank (ECB) took on the … role of lender of last resort in a comprehensive way. The Fed stabilised the financial system, including the shadow banking … also a deeper economic and political integration. The Fed and the ECB both were the most important institutions to avoid …
Persistent link: https://www.econbiz.de/10011134496
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Principles and Trade-Offs when Making Issuance Choices in the UK
Directorate for Financial, Fiscal and Enterprises …; … - 2011
This paper sets out: (i) the principles underpinning debt management policy in the UK; (ii) the key factors influencing annual issuance decisions; and (iii) how some of those factors require judgements to be made in determining appropriate trade-offs. Key factors influencing annual issuance...
Persistent link: https://www.econbiz.de/10009421746
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LIBOR: origins, economics, crisis, scandal and reform
Skeie, David Hou David - Palgrave Macmillan
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable rate mortgage and student loans....
Persistent link: https://www.econbiz.de/10010861107
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The Impact of ECB Communication on Financial Market Expectations
Lamla, Michael; Rupprecht, Sarah M. - KOF Swiss Economic Institute, Department of Management, … - 2006
This paper analyzes European financial markets’ comprehension and interpretation of ECB communication signals. By applying a novel indicator developed by Berger et al. (2006), that quantifies the contents of the ECB’s introductory statements, we find that communication affects the term...
Persistent link: https://www.econbiz.de/10005212621