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