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Bank reserves and broad money in the global financial crisis : a quantitative evaluation
Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2020
The Federal Reserve responded to the global financial crisis by initiating an unprecedented expansion of central bank money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we develop a model where the central bank can provide...
Persistent link: https://www.econbiz.de/10012271563
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Monetary Policy Implementation : Misconceptions and Their Consequences
Disyatat, Piti - 2013
inappropriate characterizations of monetary policy, as well as to ill-defined discussions of liquidity effects, the bank lending …
Persistent link: https://www.econbiz.de/10012710838
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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 green and prudentially insulate the design and implementation of liquidity …
Persistent link: https://www.econbiz.de/10012825201
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On the monetary measures of global liquidity
Hashmi, Israr Ahmad Shah; Bhatti, Arshad Ali - In: Financial innovation : FIN 5 (2019) 19, pp. 1-23
This study constructs and examines the dynamics of theoretical and atheoretical measures of global liquidity, using … economic activity and the lag of cyclical components of the measures of global liquidity to gauge the strength of their … financial and liquidity conditions, and policy stance. Their cyclical components are also strongly associated with those of …
Persistent link: https://www.econbiz.de/10012266648
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The Revived Bretton Woods System, Liquidity Creation, and Asset Price Bubbles
Dellas, Harris - 2013
led to the creation of excessive global liquidity, which has contributed to asset price bubbles. Although the exchange …
Persistent link: https://www.econbiz.de/10013083537
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Central bank purchases of government bonds
Huber, Samuel; Kim, Jaehong - 2015
We develop a dynamic general equilibrium model to analyze the effects of central bank purchases of government bonds by investigating the following three questions: Under what conditions are these purchases socially desirable, what incentive problems do they mitigate, and how large are these...
Persistent link: https://www.econbiz.de/10011389605
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Central bank purchases of government bonds
Huber, Samuel; Kim, Jaehong - 2015
We develop a microfounded model, where agents have the possibility to trade money for government bonds in an over-the-counter market. It allows us to address important open questions about the effects of central bank purchases of government bonds, these being: under what conditions these...
Persistent link: https://www.econbiz.de/10010518714
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A note on Krugman's liquidity trap
Di Bucchianico, Stefano - 2018
stagnation as the consequence of a "liquidity trap" situation featuring a negative natural interest rate. Our critique to such a …
Persistent link: https://www.econbiz.de/10011946995
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On the Optimal Quantity of Liquid Bonds
Huber, Samuel - 2017
We develop a dynamic general equilibrium model to analyze the optimal quantity of liquid bonds by investigating the following three questions: Under what conditions is it socially desirable to contract the bond supply, what incentive problems are mitigated by doing this, and how large are the...
Persistent link: https://www.econbiz.de/10012971770
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On the Optimal Quantity of Liquid Bonds
Huber, Samuel - 2017
We develop a dynamic general equilibrium model to analyze the optimal quantity of liquid bonds by investigating the following three questions: Under what conditions is it socially desirable to contract the bond supply, what incentive problems are mitigated by doing this, and how large are the...
Persistent link: https://www.econbiz.de/10012957817