1. Regulatory reasons for the crisis <br>2. Refinancing credit and Target balances <br>2.1 Target balances <br>2.2 Target balances and fiscal rescue credit <br>2.3 The lowering of collateral standards for refinancing credit <br>2.4 Indirect state financing via refinancing credit to commercial banks <br>3. ECB...

1. Regulatory reasons for the crisis 2. Refinancing credit and Target balances 2.1 Target balances 2.2 Target balances and fiscal rescue credit 2.3 The lowering of collateral standards for refinancing credit 2.4 Indirect state financing via refinancing credit to commercial banks 3. ECB...

This paper describes segregated balance accounts (SBAs), a concept for a new type of account that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess...

What role does stock investment play in the transmission of monetary policy to the real economy? We study this question using a New Keynesian model with heterogeneous households. Following a monetary tightening, stock market participants rebalance their investments away from stocks, in line with...

While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...

We construct a price index with weights for the prices of different PCE (personal consumption expenditures) goods chosen to minimize the welfare costs of nominal distortions. In this cost-of-nominal-distortions index (CONDI), the weights are computed in a multi-sector New Keynesian model with...