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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Autor</th> <th class="thCornerR">Wiadomość</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>adrian_burda</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Sob 12:51, 01 Sty 2011<span class="gen"> </span> Temat postu: </span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><a href="http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1282.pdf" target="_blank">http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1282.pdf</a> <br /> <br /> <br /><span style="font-weight: bold">THE MINIMUM LIQUIDITY DEFICIT AND THE MATURITY STRUCTURE <br />OF CENTRAL BANKS’ OPEN MARKET OPERATIONS - LESSONS FROM <br />THE FINANCIAL CRISIS</span> <br /> <br />Jens Eisenschmidt <br />and Cornelia Holthausen <br /> <br /><span style="font-weight: bold">Abstract:</span> <br />This paper studies the relationship between the size of the banking sector’s <br />refinancing needs vis-à-vis the central bank and auction rates in its open market <br />operations in times of financial market stress. In a theoretical model, it is found that <br />marginal rates at central bank auctions may increase if the share of troubled banks <br />becomes too high relative to the total size of the banking sector’s refinancing needs. <br />An empirical analysis then aims at determining the size of open market operations <br />needed to absorb large stress levels in interbank money markets and hence contain <br />central bank auction rates. Finally, the paper analyses effects of the composition of <br />open market operations of different maturities on auction rates. It is found that a too <br />high share of longer-term refinancing induces a rise in auction rates which is <br />undesirable. Therefore, the analysis suggests that there is a lower bound for the <br />amount of liquidity provided through short-term operations.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>adrian_burda</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Pon 12:22, 18 Paź 2010<span class="gen"> </span> Temat postu: </span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><a href="http://www.newyorkfed.org/research/staff_reports/sr441.pdf" target="_blank">http://www.newyorkfed.org/research/staff_reports/sr441.pdf</a> <br /> <br />Large-Scale Asset Purchases by the Federal Reserve: <br />Did They Work? <br /> <br />Joseph Gagnon <br />Matthew Raskin <br />Julie Remache <br />Brian Sack <br /> <br /> <br /><a href="http://www.kansascityfed.org/publicat/sympos/2010/taylor-remarks.pdf" target="_blank">http://www.kansascityfed.org/publicat/sympos/2010/taylor-remarks.pdf</a> <br /> <br />Commentary: Monetary Policy after the Fall <br />By <br />John B. Taylor <br /> <br /> <br /><a href="http://www.stanford.edu/~johntayl/ST%20Paper%20-%20December%2020.pdf" target="_blank">http://www.stanford.edu/~johntayl/ST%20Paper%20-%20December%2020.pdf</a> <br /> <br />Estimated Impact of the Fed’s <br />Mortgage-Backed Securities Purchase Program <br /> <br />Johannes C. Stroebel and John B. Taylor* <br />Stanford University</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>adrian_burda</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Pon 9:37, 18 Paź 2010<span class="gen"> </span> Temat postu: </span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><a href="http://www.pimco.com/Pages/WhenUnconventionalBecomesConventional.aspx" target="_blank">http://www.pimco.com/Pages/WhenUnconventionalBecomesConventional.aspx</a> <br /> <br /> Paul A. McCulley | August 2010 <br />When Unconventional Becomes Conventional <br /> <br /> <br /> <br /><a href="http://www.pimco.com/Pages/WhatHas%E2%80%93andHasNot%E2%80%93BeenLearnedAboutMonetaryPolicyinaLowInflationEnvironmentAReviewofthe2000s.aspx" target="_blank">http://www.pimco.com/Pages/WhatHas%E2%80%93andHasNot%E2%80%93BeenLearnedAboutMonetaryPolicyinaLowInflationEnvironmentAReviewofthe2000s.aspx</a> <br /> <br /> <br />What Has – and Has Not – Been Learned About Monetary Policy in a Low Inflation Environment? A Review of the 2000s. <br /> <br />Richard Clarida <br /> <br /> <br /><a href="http://www.google.pl/url?sa=t&source=web&cd=11&ved=0CBYQFjAAOAo&url=http%3A%2F%2Frbidocs.rbi.org.in%2Frdocs%2FContent%2Fppts%2F12021005.ppt&rct=j&q=unconventional%20monetary%20policy%20effective&ei=Dfe7TOiZN8qWOo77lfcM&usg=AFQjCNGM27cyYBazHmO_k8eStfX9Y7NLdw&cad=rja" target="_blank">http://www.google.pl/url?sa=t&source=web&cd=11&ved=0CBYQFjAAOAo&url=http%3A%2F%2Frbidocs.rbi.org.in%2Frdocs%2FContent%2Fppts%2F12021005.ppt&rct=j&q=unconventional%20monetary%20policy%20effective&ei=Dfe7TOiZN8qWOo77lfcM&usg=AFQjCNGM27cyYBazHmO_k8eStfX9Y7NLdw&cad=rja</a> <br /> <br /> <br /> <br />Crisis and Implications for Central Bank Balance Sheets: Policies, Effectiveness and Exit <br /> <br />Krishna Srinivasan <br />Research Department, IMF</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Bartosz Trojnar</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Nie 22:57, 17 Paź 2010<span class="gen"> </span> Temat postu: </span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><a href="http://www.frbsf.org/publications/economics/letter/2010/el2010-18.html" target="_blank">http://www.frbsf.org/publications/economics/letter/2010/el2010-18.html</a> <br /> <br /> <br /> <br />The Fed's Exit Strategy for Monetary Policy <br /> <br />By Glenn D. Rudebusch, June 14, 2010</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Jakub Janus</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Nie 19:19, 17 Paź 2010<span class="gen"> </span> Temat postu: </span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Prof. Wojtyna o stabilności finansowej, jako wyzwaniu dla banków centralnych <br /><a href="http://www.rp.pl/artykul/549484-Wyzwania--dla-bankow-centralnych.html" target="_blank">http://www.rp.pl/artykul/549484-Wyzwania--dla-bankow-centralnych.html</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Kasia_Nowak</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Sob 12:33, 16 Paź 2010<span class="gen"> </span> Temat postu: </span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Dzięki! Nie mogłam znaleźć żadnych artykułów o tym, choć szukałam w necie. Przyda się na pewno <img src="http://picsrv.fora.pl/images/smiles/icon_smile.gif" alt="Smile" border="0" /></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Jakub Janus</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Czw 21:09, 14 Paź 2010<span class="gen"> </span> Temat postu: </span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Kilka ciekawych opracowań na temat instrumentów niekonwencjonalnych: <br /> <br />1) C. Borio , P. Disyatat, <span style="font-style: italic">Unconventional monetary policies: an appraisal</span>, <a href="http://www.bis.org/publ/work292.pdf" target="_blank">http://www.bis.org/publ/work292.pdf</a> <br /> <br />2) P. Morgan, <span style="font-style: italic">The Role and Effectiveness of Unconventional Monetary Policy</span>, <a href="http://www.adbi.org/files/2009.11.11.wp163.role.unconventional.monetary.policy.pdf" target="_blank">http://www.adbi.org/files/2009.11.11.wp163.role.unconventional.monetary.policy.pdf</a> <br /> <br />3) A. Meier, <span style="font-style: italic">Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom</span>, <a href="http://204.180.229.21/external/pubs/ft/wp/2009/wp09163.pdf" target="_blank">http://204.180.229.21/external/pubs/ft/wp/2009/wp09163.pdf</a> <br /> <br />4) V. Klyuev et al., <span style="font-style: italic">Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies</span> , <a href="http://www.imf.org/external/pubs/ft/spn/2009/spn0927.pdf" target="_blank">http://www.imf.org/external/pubs/ft/spn/2009/spn0927.pdf</a> <br /> <br />5) S. Shiratsuka, <span style="font-style: italic">Size and Composition of the Central Bank Balance Sheet: Revisiting Japan’s Experience of the Quantitative Easing Policy</span>, <a href="http://www.imes.boj.or.jp/research/papers/english/09-E-25.pdf" target="_blank">http://www.imes.boj.or.jp/research/papers/english/09-E-25.pdf</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Bartosz Trojnar</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Wysłany: Pon 21:55, 11 Paź 2010<span class="gen"> </span> Temat postu: spotkanie 18.10.10 -Kontrowersje wokół niekonwencjonalnych..</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">tematem spotkania będzie : <span style="font-weight: bold">Kontrowersje wokół niekonwencjonalnych instrumentów polityki monetarnej</span></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="http://picsrv.fora.pl/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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