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The Collateral Policy of Central Banks - An Analysis Focusing on the Eurosystem

Weber, Christopher - 2016

Munich in July 2016. The goal of the thesis is to establish the configuration of collateral policy as a tool of central bank … policies in pursuit of different objectives, and to present collateral policies in practice, as well as impact and effects of … collateral policy. The thesis consists of three parts and nine chapters. The first part discusses the role of collateral in …

Persistent link: https://www.econbiz.de/10011698362

The narrow channel of quantitative easing: Evidence from YCC down under

Lucca, David O.; Wright, Jonathan H. - 2022

We study the recent Australian experience with yield curve control (YCC) of government bonds as perhaps the best evidence of how this policy might work in other developed economies. We interpret the evidence with a simple model in which YCC affects prices of both government and other bonds via...

Persistent link: https://www.econbiz.de/10013432943

The relevance or otherwise of the central bank's balance sheet

Miles, David; Schanz, Jochen - 2014

This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...

Persistent link: https://www.econbiz.de/10011537060

Money markets, collateral and monetary policy

De Fiore, Fiorella; Hoerova, Marie; Uhlig, Harald - 2019

unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …

Persistent link: https://www.econbiz.de/10012142083

Channel systems: Why is there a positive spread?

Berentsen, Aleksander; Marchesiani, Alessandro; Waller, … - 2010

the central bank requires government bonds as collateral. We also calibrate the model and discuss the behavior of the …

Persistent link: https://www.econbiz.de/10010277130

Nontraditional Monetary Policy Options : Is Commodity-Based Stabilization Policy Worth Another Look?

Burdekin, Richard C. K. - 2004

The very low interest rates and inflation rates of recent years has generated renewed interest in alternative policies that would not leave central banks trapped by the zero lower bound on nominal interest rates. Amongst this debate, surprisingly little attention has been paid to the possibility...

Persistent link: https://www.econbiz.de/10010271944

Monetary policy implementation frameworks: A comparative analysis

Martin, Antoine; Monnet, Cyril - 2008

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...

Persistent link: https://www.econbiz.de/10010287151

When is Quantitative Easing effective?

Hoermann, Markus; Schabert, Andreas - 2011

as the amount and the type of assets that are accepted as collateral for money. When the policy rate is sufficiently low …

Persistent link: https://www.econbiz.de/10010326037

Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations

Nyborg, Kjell G.; Bindseil, Ulrich; Strebulaev, Ilya A. - 2005

Repo auctions are used to inject central bank funds against collateral into the banking sector. The ECB uses standard … suggests that bidders are concerned with the loser's nightmare and have limited amounts of the cheapest eligible collateral. …

Persistent link: https://www.econbiz.de/10010312552

New evidence on the effectiveness of "Quantitative Easing" in Japan

Voutsinas, Konstantinos; Werner, Richard A. - 2011

Central banks have recently introduced new policy initiatives, including a policy called Quantitative Easing (QE). Since it has been argued by the Bank of England that 'Standard economic models are of limited use in these unusual circumstances, and the empirical evidence is extremely limited'...

Persistent link: https://www.econbiz.de/10010308562