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The identification of liquidity effects in the EMS: Italy 1991â€“1992

Angeloni, Ignazio; Prati, Alessandro - In: Open Economies Review 7 (1996) 3, pp. 275-293

We study the impact of liquidity shocks in Italy in the 1991â€“1992 period, when the lira belonged to the narrow ERM band with no exchange controls. We conduct our analysis by constructing (not simply assuming) predetermined measures of liquidity supply shocks, taking into account the...

Persistent link: https://www.econbiz.de/10005714992

Revisiting the Tale of Two Interest Rates with Endogenous Market Segmentation

Khan, Aubhik; Thomas, Julia - In: Review of Economic Dynamics 18 (2015) 2, pp. 243-268

We develop a monetary model that is unique in its ability to deliver a negative correlation between aggregate consumption growth and short-term real interest rates consistent with U.S. data. The essential ingredient to this success is endogenous asset market segmentation permitting the extent of...

Persistent link: https://www.econbiz.de/10011268088

Does the Exchange Rate Depend upon Relative Monetary Policies?

Siokis, Fotios M. - In: Economia Internazionale / International Economics 55 (2002) 1, pp. 55-68

In this paper we consider the evidence of liquidity effects on the exchange rate. We consider VAR systems for the U.S. and Euro-area and found that while innovations in US. monetary poiicy lead to the expected depreciation (appreciation) of the U.S. dollar, positive innovations to the Euro-area...

Persistent link: https://www.econbiz.de/10008482015

A fistful of dollars : transmission of global funding shocks to EMs

Kumar, Shekhar Hari; Mathur, Aakriti - 2020

In this paper, we study transmission of global funding shocks to emerging economies (EMs) from the perspective of … liquidity shocks to EMs as compared to benchmark short-term bond yields. Next, we disentangle the transmission into its various … wholesale funding and share of foreign banks. Our results indicate that money market rates in EMs react to global shocks, and …

Persistent link: https://www.econbiz.de/10012171269

EMU Strategies: Lessons from Past Experience in View of EU Enlargement

Papaspyrou, Theodoros S. - Bank of Greece - 2004

This paper, after reviewing briefly the early steps of European monetary integration and key elements of the EMU project as reflected in the Treaty of Maastricht, analyses the monetary integration strategy and convergence experience of member states, in particular that of Greece, in the 1990s...

Persistent link: https://www.econbiz.de/10005523489

Monetary Policy Implementation and the Federal Funds Rate

Nautz, Dieter; Schmidt, Sandra - 2008

This paper investigates how the implementation of monetary policy affects the dynamics and the volatility of the federal funds rate. Since the early 1980s, the most important changes in the Fed?s conduct of monetary policy refer to the role of the federal funds rate target and the reserve...

Persistent link: https://www.econbiz.de/10010298035

The microstructure of the euro money market

Hartmann, Philipp; Manna, Michele; Manzanares, Andrés - 2001

This paper provides the first empirical examination of the microstructure of the euro money market, using tick data from brokers located in 6 countries. Special emphasis is put on the institutional environment (monetary policy decisions and their implementation, payment systems and private...

Persistent link: https://www.econbiz.de/10011604126

The overnight interbank market: Evidence from the G-7 and the euro zone

Prati, Alessandro; Bartolini, Leonardo; Bertola, Giuseppe - 2001

This study of the major industrial countries' interbank markets for overnight loans links the behavior of very short-term interest rates to the operating procedures of the countries' central banks. Previous studies have focused on key features of the U.S. federal funds rate's behavior. We find...

Persistent link: https://www.econbiz.de/10010283355

A fistful of dollars: Transmission of global funding shocks to EMs

Hari Kumar, Shekhar; Mathur, Aakriti - 2020

Persistent link: https://www.econbiz.de/10012429357

Monetary policy in the liquidity trap and after : a reassessment of quantitative easing and critique of the Federal Reserve's proposed exit strategy

Palley, Thomas I. - 2013

This paper provides a novel analysis of quantitative easing (QE) that focuses on its implicit fiscal dimension. The first segment examines the theory of the liquidity trap and introduces a distinction between a "weak" and "strong" liquidity trap. The second segment analyzes the impact of QE...

Persistent link: https://www.econbiz.de/10009756555

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