www.makroekonomia.fora.pl

Bartosz Trojnar

tematem spotkania będzie : Kontrowersje wokół niekonwencjonalnych instrumentów polityki monetarnej

Jakub Janus · Dołączył: 14 Mar 2009 Posty: 53 Przeczytał: 0 tematów Ostrzeżeń: 0/5

Kilka ciekawych opracowań na temat instrumentów niekonwencjonalnych:

1) C. Borio , P. Disyatat, Unconventional monetary policies: an appraisal, [link widoczny dla zalogowanych]

2) P. Morgan, The Role and Effectiveness of Unconventional Monetary Policy, [link widoczny dla zalogowanych]

3) A. Meier, Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom, [link widoczny dla zalogowanych]

4) V. Klyuev et al., Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies , [link widoczny dla zalogowanych]

5) S. Shiratsuka, Size and Composition of the Central Bank Balance Sheet: Revisiting Japan’s Experience of the Quantitative Easing Policy, [link widoczny dla zalogowanych]

Kasia_Nowak

Dzięki! Nie mogłam znaleźć żadnych artykułów o tym, choć szukałam w necie. Przyda się na pewno Smile

Jakub Janus · Dołączył: 14 Mar 2009 Posty: 53 Przeczytał: 0 tematów Ostrzeżeń: 0/5

Prof. Wojtyna o stabilności finansowej, jako wyzwaniu dla banków centralnych
[link widoczny dla zalogowanych]

Bartosz Trojnar

[link widoczny dla zalogowanych]

The Fed's Exit Strategy for Monetary Policy

By Glenn D. Rudebusch, June 14, 2010

adrian_burda

[link widoczny dla zalogowanych]

Paul A. McCulley | August 2010
When Unconventional Becomes Conventional

[link widoczny dla zalogowanych]

What Has – and Has Not – Been Learned About Monetary Policy in a Low Inflation Environment? A Review of the 2000s.

Richard Clarida

[link widoczny dla zalogowanych]

Crisis and Implications for Central Bank Balance Sheets: Policies, Effectiveness and Exit

Krishna Srinivasan
Research Department, IMF

adrian_burda

[link widoczny dla zalogowanych]

Large-Scale Asset Purchases by the Federal Reserve:
Did They Work?

Joseph Gagnon
Matthew Raskin
Julie Remache
Brian Sack

[link widoczny dla zalogowanych]

Commentary: Monetary Policy after the Fall
By
John B. Taylor

[link widoczny dla zalogowanych]

Estimated Impact of the Fed’s
Mortgage-Backed Securities Purchase Program

Johannes C. Stroebel and John B. Taylor*
Stanford University

adrian_burda

[link widoczny dla zalogowanych]

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.