Similar Search Results

Frictions in the interbank market and uncertain liquidity needs : implications for monetary policy implementation

Bucher, Monika; Hauck, Achim; Neyer, Ulrike - 2014

This paper shows that depending on the distribution of banks' uncertain liquidity needs and on how monetary policy is …

Persistent link: https://www.econbiz.de/10010252806

Frictions in the interbank market and uncertain liquidity needs : implications for monetary policy implementation

Bucher, Monika; Hauck, Achim; Neyer, Ulrike - 2014 - [rev.]

This paper shows that depending on the distribution of banks' uncertain liquidity needs and on how monetary policy is …

Persistent link: https://www.econbiz.de/10010384796

Stabilising virtues of central banks : (re)matching bank liquidity

Legroux, Vincent; Rahmouni-Rousseau, Imene; … - 2017

liquidity recovery. Using novel, micro data of the French banking system on the pool of collateral eligible to ECB open market … operations, we construct a "liquidity mismatch indicator (LMI)" for the aggregate banking sector that highlights the central bank … influence on the bank liquidity condition. Our results show that central bank liquidity and haircut policies have indeed helped …

Persistent link: https://www.econbiz.de/10011602778

Asymmetric macroeconomic effects of QE-induced increases in excess reserves in a monetary union

Horst, Maximilian Julius; Neyer, Ulrike; Stempel, Daniel - 2020

countries. This paper develops a two-country New Keynesian model { calibrated to represent a high- and a low-liquidity euro area …. These dampening effects are higher in the high-liquidity country. We find similar results in response to a monetary policy …

Persistent link: https://www.econbiz.de/10012243601

Macroeconomic effects of a government overdraft on its central bank account

Khemraj, Tarron - 2024

, allowing for the auctioning of Treasury bills to create the liquidity reflux necessary to refill the account. This paper …

Persistent link: https://www.econbiz.de/10014531238

Bank reserves and broad money in the global financial crisis : a quantitative evaluation

Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2020

The Federal Reserve responded to the global financial crisis by initiating an unprecedented expansion of central bank money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we develop a model where the central bank can provide...

Persistent link: https://www.econbiz.de/10012271563

The Norwegian overnight interbank market during the Covid pandemic

Akram, Qaisar Farooq; Findreng, Jon; Smith, Lyndsie - 2023

and the central bank's liquidity support measures following the Covid-19 pandemic. The liquidity measures enabled banks to … fulfil their liquidity needs primarily through participation in extraordinary liquidity auctions. The distribution of central … bank reserves across banks did not change due to these measures, but interbank trading fell sharply. Ample liquidity …

Persistent link: https://www.econbiz.de/10014314135

Monetary policy transmission to mortgages in a negative interest rate environment

Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris - 2019

Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...

Persistent link: https://www.econbiz.de/10011975610

Conventional and Unconventional Monetary Policy

Cúrdia, Vasco - 2009

We extend a standard New Keynesian model both to incorporate heterogeneity in spending opportunities along with two sources of (potentially time-varying) credit spreads and to allow a role for the central bank's balance sheet in determining equilibrium. We use the model to investigate the...

Persistent link: https://www.econbiz.de/10013154673

Implementing Monetary Policy

Walsh, Carl E. - 2011

During the past three years, central banks have faced challenges that few foresaw during the period known as the Great Moderation. During the crisis, central banks have responded with traditional interest rate tools, been forced to deal with the zero lower bound on nominal interest rates, and...

Persistent link: https://www.econbiz.de/10014175144