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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

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

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

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

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

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

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

Seigniorage and central banks' financial results in times of unconventional monetary policy

Polański, Zbigniew; Szadkowski, Mikołaj - 2020

Persistent link: https://www.econbiz.de/10012241878

Unconventional monetary policies and central bank profits : seigniorage as fiscal revenue in the aftermath of the global financial crisis

Bibow, Jörg - 2018

; sowie die Aussichten für diese Größen bei allmählicher "Normalisierung" der Geldpolitik. Seigniorage offenbart die …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 …

Persistent link: https://www.econbiz.de/10011877298

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 … as monetary policies are seeing their gradual "normalization". Seigniorage exposes the connections between currency … seigniorage, and in normal times seigniorage largely derives from the note issue supplemented by "own" resources. Essentially, the …

Persistent link: https://www.econbiz.de/10011910944

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