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How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates
Hancock, Diana - 2014
mortgage rates. The Federal Reserve's accumulation of MBS and Treasury securities lowered MBS yields and mortgage rates by more …We conduct an empirical analysis of the Federal Reserve's large-scale asset purchases (LSAPs) on MBS yields and … Reserve must hold a substantial market share of agency MBS or of Treasury securities to significantly lower MBS yields and in …
Persistent link: https://www.econbiz.de/10013059311
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Macroprudential policy : a blessing or a curse?
Popoyan, Lilit - 2016
After the destructive impact of the global financial crisis of 2008, many believe that pre-crisis financial market regulation did not take the "big picture" of the system suffciently into account and, subsequently, financial supervision mainly "missed the forest for the trees". As a result, the...
Persistent link: https://www.econbiz.de/10011477338
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Macroprudential Policy : A Blessing or a Curse?
Popoyan, Lilit - 2016
After the destructive impact of the global financial crisis of 2008, many believe that pre-crisis financial market regulation did not take the “big picture” of the system sufficiently into account and, subsequently, financial supervision mainly “missed the forest for the trees”. As a...
Persistent link: https://www.econbiz.de/10012992051
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The Federal Reserve's Portfolio and its Effects on Mortgage Markets
Hancock, Diana - 2012
We provide an empirical analysis of the effects of the Federal Reserve's asset holdings on MBS yields and mortgage … seem to have placed a significant downward influence on MBS yields and mortgage rates … rates. We argue that understanding the particulars of the U.S. mortgage markets, particularly the linkages between the …
Persistent link: https://www.econbiz.de/10013106785
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Close But Not a Central Bank : The New York Clearing House and Issues of Clearing House Loan Certificates
Moen, Jon R. - 2013
The paper examines the New York Clearing House (NYCH) as a lender of last resort by looking at clearing-house-loan-certificate borrowing during five banking panics of the National Banking Era (1863-1913). In that system, adequate aggregate liquidity provision was passive and dependent upon...
Persistent link: https://www.econbiz.de/10013073013
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An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases
Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015
In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal … the Federal Reserve's first MBS purchase program, demonstrating that this channel conveyed savings on monthly mortgage … prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling …
Persistent link: https://www.econbiz.de/10011273692
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Monetary Policy in the Euro Area : The Impact of Inflation Expectations
Koch, Dr. Benjamin - 2023
Following a period of subdued consumer price changes, inflation has recently surged to levels that are significantly impacting the behavior of households and firms. Although the underlying sources of inflation differ across major advanced economies, central banks have progressively tightened...
Persistent link: https://www.econbiz.de/10014351176
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Unconventional monetary policy in an open economy
Gieck, Jana - 2014
The impact of unconventional monetary policies on exchange rates and its spillovers to other economies is not yet fully understood. In this paper I develop a two-country DSGE model with interbank markets and endogenous default probabilities to analyze the cross-border impacts of unconventional...
Persistent link: https://www.econbiz.de/10010471077
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Unconventional Monetary Policy in an Open Economy
Bricco, Jana Gieck - 2016
The impact of unconventional monetary policies on exchange rates and its spillovers to other economies is not yet fully understood. In this paper I develop a two-country DSGE model with interbank markets and endogenous default probabilities to analyze the cross-border impacts of unconventional...
Persistent link: https://www.econbiz.de/10012988709
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The Distribution of Debt Across Euro Area Countries : The Role of Individual Characteristics, Institutions and Credit Conditions
Bover, Olympia - 2013
the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We … youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low …
Persistent link: https://www.econbiz.de/10013071535