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Exit strategies and trade dynamics in repo markets
Berentsen, Aleksander; Kraenzlin, Sébastien; Müller, … - 2015
dynamic general equilibrium model of a secured money market and calibrate it to the Swiss franc repo market to study this … question. The theoretical model allows us to identify the factors that determine demand and supply of central bank reserves …
Persistent link: https://www.econbiz.de/10011338371
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Exit strategies for monetary policy
Berentsen, Aleksander; Kraenzlin, Sébastien; Müller, … - 2018 - This version: February 2018
In response to the financial crisis of 2007/08, all major central banks decreased interest rates to historically low levels and created large excess reserves. Central bankers and academics currently discuss how to implement monetary policy, going forward. We find that paying interest on reserves...
Persistent link: https://www.econbiz.de/10011790398
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Overnight RRP operations as a monetary policy tool : some design considerations
Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - 2015
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10010482941
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Impact of repos and reverse repos on interest rates : evidence from Nepal
Risal, Hari Gopal; Karki, Dipesh - In: Journal of Contemporary Issues in Business and Government 24 (2018) 1, pp. 29-42
Persistent link: https://www.econbiz.de/10011981268
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Exit strategies for monetary policy
Berentsen, Aleksander; Kraenzlin, Sébastien; Müller, … - In: Journal of monetary economics 99 (2018), pp. 20-40
Persistent link: https://www.econbiz.de/10012109023
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The Fed's central bank swap lines and FIMA repo facility
Choi, Mark; Goldberg, Linda S.; Lerman, Robert Irving; … - 2021
temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) repo facility … FIMA repo facility can reduce strains in global dollar funding markets and U.S. Treasury markets during extreme stress …
Persistent link: https://www.econbiz.de/10012625891
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Dissecting the segmentation of China's repo markets
Xu, Xiaoqing Eleanor - In: Pacific-Basin finance journal 70 (2021), pp. 1-23
Persistent link: https://www.econbiz.de/10013392301
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Bargaining power and outside options in the interbank lending market
Abbassi, Puriya; Bräuning, Falk; Schulze, Niels - 2017
We study the role of bargaining power and outside options for the pricing of over-the-counter interbank loans using a bilateral Nash bargaining model and test the model predictions with detailed transaction-level data from the euro-area interbank market. We find that lender banks with greater...
Persistent link: https://www.econbiz.de/10011740274
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Monetary policy transmission in segmented markets
Eisenschmidt, Jens; Ma, Yiming; Zhang, Anthony Lee - 2022
We show that dealer market power impedes the pass-through of monetary policy in repo markets, which is an important … first stage of monetary policy transmission. In the European repo market, most participants do not have access to trade on … and unequal in repo markets. Our estimates imply that a secured funding facility like the Fed's RRP may alleviate dealer …
Persistent link: https://www.econbiz.de/10013337376
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On the negatives of negative interest rates
Berentsen, Aleksander; Buggenum, Hugo van; Ruprecht, Romina - 2023
Persistent link: https://www.econbiz.de/10014388461