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Sovereign Bond Purchases and Risk-Sharing Arrangements – Implications for Monetary Policy

Blaszkiewicz, Monika - 2015

and bond market volatility has been managed. Questions also arise in respect of the fact that risk is not fully shared on … up to €738.4 billion to be purchased over the life of the programme. Partial risk sharing raises the spectre of … project entitled Sovereign bond purchases and risk sharing arrangements: Implications for euro-area monetary policy, which …

Persistent link: https://www.econbiz.de/10013018541

The Safe Asset Frontier

Anand, Kartik - 2014

We identify the frontier between safe and unsafe assets and show how the growth rate of the economy and its fiscal capacity interact with differences of opinion amongst investors to determine the safe asset equilibrium. Multiple equilibria emerge in our set-up due to strategic complementarities...

Persistent link: https://www.econbiz.de/10013044912

Sovereign Uncertainty

Silgado-Gómez, Edgar - 2020

This paper investigates the transmission of uncertainty about the state of government finances on economic activity. I first employ a data-rich approach to extract a novel proxy that captures uncertainty surrounding the public finances of the Spanish economy, to which I refer as sovereign...

Persistent link: https://www.econbiz.de/10012846834

Safe Asset Migration

Ross, Chase P. - 2020

Post-crisis reforms changed the location of safe asset production. I propose a pair of tests to identify who issues safe assets and which safe asset issuers opportunistically time issuance when the price of safe assets is high. The Federal Home Loan Bank (FHLB) system is a newly crucial safe...

Persistent link: https://www.econbiz.de/10012840062

The Risks of Safe Assets

Liu, Yang - 2020

high convenience yields in Treasuries lower its cost of borrowing? We evaluate a novel fiscal risk channel limiting the … through fiscal amplification, raising risk premia and credit spreads as well as firms' cost of capital thereby crowding out …

Persistent link: https://www.econbiz.de/10012830191