German Abstract: Der Begriff Quantitative Easing (QE), auch als mengenmäßige Lockerung bezeichnet, beinhaltet beim Eurosystem verschiedene Einzelprogramme. Im Gegensatz zu den vorangegangenen Programmen, wozu das Programm für die Wertpapiermärkte (Securities Markets Programme: SMP) und die...

We explore the network topology of the federal funds market. This market is important for distributing liquidity throughout the financial system and for the implementation of monetary policy. The recent turmoil in global financial markets underscores its importance. We find that the network is...

We compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, and the second one relies only on open market operations. We show that the Friedman rule cannot be implemented in the first framework, but can be implemented...

As liquidity conditions in the term funding markets grew increasingly strained in late 2007, the Federal Reserve began making funds available directly to banks through a new tool, the Term Auction Facility (TAF). The TAF provides term funding on a collateralized basis, at interest rates and...

German Abstract:Die aktuelle Geldpolitik des Eurosystems hat im Gefolge der internationalen Finanzund Wirtschaftskrise seit 2008 sowie als Reaktion auf die europäische Schuldenkrise seit 2010 einen extrem expansiven Kurs eingeschlagen. Dazu hat das oberste Entscheidungsgremium des Eurosystems,...

The main purpose of this article is to evaluate the effects of the three pillars of Basel II, i.e. bank regulation, supervision and market discipline, on the timeliness of loan loss provisioning by banks. In particular, we analyze explicitly how regulatory and supervisory regimes interact with...

Monetary policies are very important in any economy. However, they are dominantly hectic and characterized with frequent changes in developing countries. In Sudan, there were many changes during the past three decades, mostly were not compatible with coherent economic logic. The country's...