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Distributed ledger technology in payments, clearing, and settlement

Mills, David; Wang, Kathy; Malone, Brendan; Ravi, Anjana; … - 2016

, clearing, and settlement (PCS) processes, including how funds are transferred and how securities, commodities, and derivatives …

Persistent link: https://www.econbiz.de/10011578987

The Transmission of Financial Shocks and Leverage of Financial Institutions : An Endogenous Regime Switching Framework

Hubrich, Kirstin; Waggoner, Daniel F. - 2022

We conduct a novel empirical analysis of the role of leverage of financial institutions for the transmission of financial shocks to the macroeconomy. For that purpose we develop an endogenous regime-switching structural vector autoregressive model with time-varying transition probabilities that...

Persistent link: https://www.econbiz.de/10013406093

Words Speak as Loudly as Actions : Central Bank Communication and the Response of Equity Prices to Macroeconomic Announcements

Gardner, Benjamin; Scotti, Chiara; Vega, Clara - 2022

While the literature has already widely documented the effects of macroeconomic news announcements on asset prices, as well as their asymmetric impact during good and bad times, we focus on the reaction to news based on the description of the state of the economy as painted by the Federal Open...

Persistent link: https://www.econbiz.de/10013309615

Fed Communication, News, Twitter, and Echo Chambers

Schmanski, Bennett; Scotti, Chiara; Vega, Clara; … - 2023

We estimate monetary policy surprises (sentiment) from the perspective of three different textual sources: direct central bank communication (FOMC statements and press conferences), news articles, and Twitter posts during FOMC announcement days. Textual sentiment across sources is highly...

Persistent link: https://www.econbiz.de/10014350214

Faster payments : market structure and policy considerations

Rosenbaum, Aaron; Baughman, Garth; Manuszak, Mark D.; … - 2017

The U.S. payments industry is in the process of developing ubiquitous, safe, faster electronic solutions for making a broad variety of business and personal payments. How this market for faster payments will evolve will be shaped by a range of economic forces, such as economies of scale and...

Persistent link: https://www.econbiz.de/10011803228

Transparency and collateral : central versus bilateral clearing

Antinolfi, Gaetano; Carapella, Francesca; Carli, Francesco - 2018

Bilateral financial contracts typically require an assessment of counterparty risk. Central clearing of these financial … and to reveal information about such risk. When considering this trade-off, participants would choose central clearing if … information acquisition is incentive compatible. If it is not, they may prefer bilateral clearing, when this choice prevents …

Persistent link: https://www.econbiz.de/10011927083

Transparency and collateral : the design of CCPs' loss allocation rules

Antinolfi, Gaetano; Carapella, Francesca; Carli, Francesco - 2019

This paper adopts a mechanism design approach to study optimal clearing arrangements for bilateral financial contracts … lender to acquire such information. Central clearing of these financial contracts through a central counterparty (CCP) allows … about such risks. If information acquisition is incentive compatible, then lenders choose central clearing. If it is not …

Persistent link: https://www.econbiz.de/10012182024

Can the US interbank market be revived?

Kim, Kyungmin; Martin, Antoine; Nosal, Ed - 2018

Large-scale asset purchases by the Federal Reserve as well as new Basel III banking regulations have led to important changes in U.S. money markets. Most notably the interbank market has essentially disappeared with the dramatic increase in excess reserves held by banks. We build a model in the...

Persistent link: https://www.econbiz.de/10012016704

Monetary policy implementation and private repo displacement : evidence from the overnight reverse repurchase facility

Anderson, Alyssa G.; Kandrac, John - 2016

In recent years, the scale and scope of major central banks' intervention in financial markets has expanded in unprecedented ways. In this paper, we demonstrate how monetary policy implementation that relies on such intervention in financial markets can displace private transactions....

Persistent link: https://www.econbiz.de/10011578994

A Structural Measure of the Shadow Federal Funds Rate

Jones, Callum; Kulish, Mariano; Morley, James C. - 2021

We propose a shadow policy interest rate based on an estimated structural model that accounts for the zero lower bound. The lower bound constraint, if expected to bind, is contractionary and increases the shadow rate compared to an unconstrained systematic policy response. By contrast, forward...

Persistent link: https://www.econbiz.de/10013323436