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New instruments of monetary policy
Chadha, Jagjit; Holly, Sean - 2011
We assess recent developments in monetary policy practice following the financial crisis drawing on papers from a specially convened conference in March 2010. In particular, we consider why central banks throughout the world have injected substantial quantities of liquidity into the financial...
Persistent link: https://www.econbiz.de/10008989899
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Fearing the Fed : How Wall Street Reads Main Street
Yaron, Amir - 2020
We document a countercyclical sensitivity of the stock market to major macroeconomic news announcements. Stock prices react more to (either good or bad) announcement surprises when the economy is below its potential trend with the expectation of easing policy. Based on comprehensive regression...
Persistent link: https://www.econbiz.de/10012823520
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Do Central Banks‘ repo Transactions and Liquidity Infusions Increase Financial Stability Risks? A Case for Circular Monetary Economics
Kouam, Henri - 2020
Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics”, an approach to monetary policy that seeks to...
Persistent link: https://www.econbiz.de/10012825201
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Fearing the Fed : How Wall Street Reads Main Street
Law, Tzuo Hann - 2018
We provide strong evidence of persistent cyclical variation in the sensitivity of stock returns to macroeconomic news announcement (MNA) surprises. When the economy is significantly below trend (output gap is large and negative) and interest rates are not expected to go up, the stock return...
Persistent link: https://www.econbiz.de/10012931450
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The greenness of central banking : Rethinking the macroprudential framework
Koumbarakis, Antonios - 2021
Climate change has the potential to affect all areas of the economy. It’s a threat to the stability of the financial system that could cause more damage than COVID-19 and the 2009 financial crisis combined.There is broad consensus that financial streams need to be redirected into sustainable...
Persistent link: https://www.econbiz.de/10013234533
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Unconventional Monetary Policy of the ECB during the Financial Crisis : An Assessment and New Evidence
Pattipeilohy, Christiaan - 2013
We first sketch how central banks have used unconventional monetary policy measures by using three indicators based on the composition of the balance sheet of eleven central banks. Our analysis suggests that although the ECB's balance sheet has increased dramatically during the crisis, the...
Persistent link: https://www.econbiz.de/10013080630
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Governing the Federal Reserve System after the Dodd-Frank Act
Conti-Brown, Peter - 2014
The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act increased the powers of the Board of Governors of the Federal Reserve System along almost all dimensions pertaining to the supervision and operation of systemically important financial institutions. With Ben S. Bernanke's term as...
Persistent link: https://www.econbiz.de/10013061146
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Seigniorage and central banks' financial results in times of unconventional monetary policy
Polański, Zbigniew; Szadkowski, Mikołaj - 2020
Persistent link: https://www.econbiz.de/10012241878
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Stressed, not frozen : the federal funds market in the financial crisis
Afonso, Gara; Kovner, Anna; Schoar, Antoinette - 2010 - Rev.
This paper examines the impact of the financial crisis of 2008, specifically the bankruptcy of Lehman Brothers, on the federal funds market. Rather than a complete collapse of lending in the presence of a market-wide shock, we see that banks became more restrictive in their choice of...
Persistent link: https://www.econbiz.de/10003948809
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Unconventional Monetary Policies and Central Bank Profits : Seigniorage as Fiscal Revenue in the Aftermath of the Global Financial Crisis
Bibow, Jörg - 2018
This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage)before and in the … monetary policies are seeing their gradual“normalization.”Seigniorage exposes the connections between currency issuance and … normal times seigniorage largely derives from the note issue supplementedby “own” resources. Essentially, the central bank …
Persistent link: https://www.econbiz.de/10012910166