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Central bank asset purchases : insights from quantitative easing auctions of government bonds
Laséen, Stefan - 2023
possible to uncover with access to the whole distribution and significant size of the offered amounts at each auction. Moreover … with changes in market yields for an extended period after the auction suggesting that purchase operations have a more …
Persistent link: https://www.econbiz.de/10013489780
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A new auction for substitutes : central-bank liquidity auctions, toxic assetʺ auctions, and variable product-mix auctions
Klemperer, Paul - 2009 - Rev.
Persistent link: https://www.econbiz.de/10003875079
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A new auction for substitutes : central-bank liquidity auctions, "toxic asset" auctions, and variable product-mix auctions
Klemperer, Paul - 2009
Persistent link: https://www.econbiz.de/10003879937
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Dealer financial conditions and lender-of-last-resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014
We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities -- the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) -- that provided liquidity against a range of assets during...
Persistent link: https://www.econbiz.de/10010404154
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Why the effective price for money exceeds the policy rate in the ECB tenders?
Välimäki, Tuomas - 2008
The tender spread, i.e. the difference between the effective price for money in the ECB's main refinancing operations and the prevailing policy rate, is one of the main determinants behind the evolution of the EONIA with respect to the ECB's operational target. This study assesses the reasons...
Persistent link: https://www.econbiz.de/10003826027
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Auctions implemented by the Federal Reserve Bank of New York during the great recession
Armantier, Olivier; Sporn, John - 2013
financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term …
Persistent link: https://www.econbiz.de/10010201315
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The relationship between central bank auctions and bill market liquidity
Bats, Joost V.; Hoondert, Jurian J. A. - 2022
This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The analysis includes data on the purchases of bills in the auctions by the Dutch Central Bank under the European Central Bank's Pandemic Emergency Purchase Programme (PEPP). The results...
Persistent link: https://www.econbiz.de/10013337422
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Central bank asset purchases and auction cycles revisited : new evidence from the euro area
Ferrara, Federico M. - 2024
This study provides new evidence on the relationship between unconventional monetary policy and auction cycles in the … public debt auctions. The findings indicate that Eurosystem's asset purchase flows mitigate yield cycles during auction … auction cycles is more sizeable and precisely estimated for purchases of securities with medium-term maturities and in …
Persistent link: https://www.econbiz.de/10014527031
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The Euro's savior? : assessing the ECB's crisis management performance and potential for crisis resolution
Bibow, Jörg - 2015
This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually...
Persistent link: https://www.econbiz.de/10011349470
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The Bank of England as lender of last resort : new historical evidence from daily transactional data
Anson, Mike; Bhola, David; Kang, Miao; Thomas, Ryland - 2017
We use daily transactional ledger data from the Bank of England's Archive to test whether and to what extent the Bank of England during the mid-nineteenth century adhered to Walter Bagehot's rule that a central bank in a financial crisis should lend cash freely at a high interest rate in...
Persistent link: https://www.econbiz.de/10011748529