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Deposit convexity, monetary policy, and financial stability
Greenwald, Emily; Schulhofer-Wohl, Sam; Younger, Joshua - 2023
Persistent link: https://www.econbiz.de/10014382843
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Investigating the zero lower bound on the nominal interest rate under financial instability
Carrillo, Julio A.; Poilly, Céline - 2014
This paper studies the effects of three financial shocks in the economy: a net-worth shock, an uncertainty or risk … shock, and a credit-spread shock. We argue that only the latter can push the nominal interest rate against its zero lower … bound. Further, a recessionary shock to the net worth or the credit spread generates a positive response for loans, which is …
Persistent link: https://www.econbiz.de/10010243420
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Whither liquidity shocks? : mplications for R* and monetary policy
Massari, Giorgio; Portoghese, Luca; Tirelli, Patrizio - 2024
Persistent link: https://www.econbiz.de/10014514088
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The financial market effects of the ECB's asset purchase programs
Lewis, Vivien; Roth, Markus - 2017
The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...
Persistent link: https://www.econbiz.de/10011712553
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Should the Fed increase the interest rate to promote financial stability?
Eden, Benjamin - 2016
Persistent link: https://www.econbiz.de/10011448710
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Central banks and the financial system
Giavazzi, Francesco; Giovannini, Alberto - 2010
"Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with...
Persistent link: https://www.econbiz.de/10003995041
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Central banks and the financial system
Giavazzi, Francesco; Giovannini, Alberto - 2010
Persistent link: https://www.econbiz.de/10008656276
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Pride goes before a fall : federal reserve policy and assett markets
Reinhart, Carmen M.; Reinhart, Vincent - 2011
that modest alterations to monetary policy have vast consequences is inconsistent with theory and not supported by evidence …
Persistent link: https://www.econbiz.de/10008932971
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Pride Goes Before a Fall : Federal Reserve Policy and Asset Markets
Reinhart, Carmen M. - 2011
that modest alterations to monetary policy have vast consequences is inconsistent with theory and not supported by evidence …
Persistent link: https://www.econbiz.de/10013129137
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Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed
Bernstein, Asaf - 2008
We use the founding of the Federal Reserve as a historical experiment to provide some insight into whether a lender of last resort can stabilize financial markets. Following the Panic of 1907, Congress passed two measures that established a lender of last resort in the United States: (1) the...
Persistent link: https://www.econbiz.de/10012769641