Flow And Stock Effects Of Large Scale Treasury Purchases

Author : Stefania D'Amico
Publisher : DIANE Publishing
Page : 40 pages
File Size : 52,8 Mb
Release : 2011-02
Category : Business & Economics
ISBN : 9781437941647

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Flow and Stock Effects of Large-Scale Treasury Purchases by Stefania D'Amico Pdf

This is a print on demand edition of a hard to find publication. Using a panel of daily CUSIP-level data, the authors study the effects of the Federal Reserve¿s program to purchase $300 billion of U.S. Treasury coupon securities announced and implemented during 2009. The authors find that each purchase operation, on average, caused a decline in yields in the sector purchased of 3.5 basis points on the days when these purchases occurred (the ¿flow effect¿ of the program). In addition, the program as a whole resulted in a persistent downward shift in the yield curve of as much as 50 basis points (the ¿stock effect¿), with the largest impact in the 10- to 15-year sector. The coefficient patterns generally support a view of segmentation or imperfect substitution within the Treasury market. Charts and tables.

Author : Stefania D'Amico,William Berkeley English,J. David López-Salido,Edward Nelson,Centre for Economic Policy Research (Great Britain)
Publisher : Unknown
Page : 58 pages
File Size : 42,9 Mb
Release : 2013-02-18
Category : Bank assets
ISBN : OCLC:812535006

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Federal Reserve's Large-Scale Asset Purchase Programs by Stefania D'Amico,William Berkeley English,J. David López-Salido,Edward Nelson,Centre for Economic Policy Research (Great Britain) Pdf

Author : Bent Jesper Christensen,Carsten Kowalczyk
Publisher : Springer
Page : 617 pages
File Size : 40,7 Mb
Release : 2017-03-07
Category : Business & Economics
ISBN : 9783662495025

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Globalization by Bent Jesper Christensen,Carsten Kowalczyk Pdf

This volume uses cutting-edge theory and empirical analysis of channels of international interaction to build new knowledge about strategies of entrepreneurs, domestic and multinational firms, governments, and international organizations facing increasing globalization. The ongoing process of globalization implies the continuing expansion and intensification of economic, political, social, cultural and judicial relations across borders. It is furthered by reductions in transportation and communication costs, the rise of new information technologies, such as the internet, and liberalizations in the markets for goods, services, labor, capital, and technology. Globalization presents new opportunities to some, but risks and threats to others. The volume presents new research and findings by leading scholars on international trade, labor markets, financial markets, economic integration, political science, law, management, the humanities, developing countries, and international relations.

Author : Thomas Beukers,Diane Fromage,Giorgio Monti
Publisher : Oxford University Press
Page : 481 pages
File Size : 46,6 Mb
Release : 2022-11-28
Category : Law
ISBN : 9780192644695

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The New European Central Bank: Taking Stock and Looking Ahead by Thomas Beukers,Diane Fromage,Giorgio Monti Pdf

The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union. This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future. The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 40 pages
File Size : 51,6 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781498341394

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Global Impact and Challenges of Unconventional Monetary Policies by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper takes stock of unconventional monetary policies (UMP) and their impact so far, and looks ahead towards exit and prospects for policy coordination. It synthesizes earlier staff work on UMP,1 the findings of a substantial and growing academic and central banking literature, as well as further staff analysis contained in the Background Paper. While some widely accepted conclusions have emerged from the large and growing number of studies on UMP, many important questions remain unsettled, as enough time has not elapsed to draw definitive conclusions. In those cases, the paper will pose the relevant questions and provide possible nswers, while recognizing the uncertainty that remains.

Author : Sabri Boubaker,Duc Khuong Nguyen
Publisher : World Scientific
Page : 828 pages
File Size : 41,8 Mb
Release : 2019-06-27
Category : Business & Economics
ISBN : 9789813236660

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Handbook Of Global Financial Markets: Transformations, Dependence, And Risk Spillovers by Sabri Boubaker,Duc Khuong Nguyen Pdf

The objective of this handbook is to provide the readers with insights about current dynamics and future potential transformations of global financial markets. We intend to focus on four main areas: Dynamics of Financial Markets; Financial Uncertainty and Volatility; Market Linkages and Spillover Effects; and Extreme Events and Financial Transformations and address the following critical issues, but not limited to: market integration and its implications; crisis risk assessment and contagion effects; financial uncertainty and volatility; role of emerging financial markets in the global economy; role of complex dynamics of economic and financial systems; market linkages, asset valuation and risk management; exchange rate volatility and firm-level exposure; financial effects of economic, political and social risks; link between financial development and economic growth; country risks; and sovereign debt markets.

Author : Fabian Amtenbrink,Christoph Herrmann
Publisher : Oxford University Press
Page : 1808 pages
File Size : 44,8 Mb
Release : 2020-05-21
Category : Law
ISBN : 9780192512482

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EU Law of Economic & Monetary Union by Fabian Amtenbrink,Christoph Herrmann Pdf

Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

Author : Rita Biswas,Michael Michaelides
Publisher : Emerald Group Publishing
Page : 370 pages
File Size : 40,9 Mb
Release : 2020-11-10
Category : Business & Economics
ISBN : 9781838679590

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Financial Issues in Emerging Economies by Rita Biswas,Michael Michaelides Pdf

This special issue focuses on a gamut of topics ranging from monetary policy to corporate governance in emerging economies. Of the eleven papers it includes, five were selected from the II International Conference on Economics and Finance (ICEF-II) in Bengaluru, India.

Author : Klaus Tuori
Publisher : Cambridge University Press
Page : 355 pages
File Size : 47,9 Mb
Release : 2022-09-22
Category : Law
ISBN : 9781108804004

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The European Central Bank and the European Macroeconomic Constitution by Klaus Tuori Pdf

The book is about money, central banking and constitutions. It explains how the European Central Bank was established to ensure stability and prosperity for the euro area. The ECB was guided and controlled by a coherent European Macroeconomic Constitution. However, this model has failed during recurring crises, and the ECB has started to act as the euro area fire brigade. Consequently, it is pushing the boundaries of monetary policy, and with that challenging the accountability mechanisms and fundamentally also the democratic legitimacy of the EMU. The book sheds light on this complex economic-constitutional setting with a view on the future. The imbalance between various new operations and a single price stability objective is difficult to remedy. New objectives of financial stability, economic adjustment and environmental sustainability can cause fundamental ruptures between the ECB's formal role and its actions, and they also dangerously overburden monetary policy moving forward with substantial risks.

Author : Nombulelo Gumata,Eliphas Ndou
Publisher : Springer Nature
Page : 556 pages
File Size : 52,7 Mb
Release : 2021-05-27
Category : Business & Economics
ISBN : 9783030663407

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Achieving Price, Financial and Macro-Economic Stability in South Africa by Nombulelo Gumata,Eliphas Ndou Pdf

This book explores the macro-financial effects of central bank balance sheets, macro-prudential tools, and financial regulation in South Africa. How employment can be maximised while keeping inflation low and stable is examined in relation to the structural changes required to alter the composition of South African bank balance sheets. Quantitative methods and approaches are utilised to highlight the impact of suggested policies. This book aims to outline strategies and policy interventions that can help achieve the National Development Plan in South Africa. It will be of interest to researchers and policymakers working within development economics, African economics, development finance, and financial policy.

Author : David E. Lindsey
Publisher : Springer
Page : 337 pages
File Size : 41,7 Mb
Release : 2016-04-20
Category : Business & Economics
ISBN : 9781137578594

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A Century of Monetary Policy at the Fed by David E. Lindsey Pdf

In this narrative history, David E. Lindsey gives the reader a ringside seat to a century of policies at the US Federal Reserve. Alternating between broad historical strokes and deep dives into the significance of monetary issues and developments, Lindsey offers a fascinating look into monetary policymaking from the Fed's inception in 1913 to today. Lindsey's three decades of service on the Federal Reserve Board staff allow him to combine the heft of scholarship with an insider's perspective on how the recent chairmen's and current chairwoman's personalities and singular visions have shaped policy choices with far-reaching consequences. He critiques the performances of Chairman Ben Bernanke and Vice Chair Janet Yellen during the prelude, outbreak, and aftermath of the financial crisis of 2008, situating them in the context of the Fed's century-long history. He also quantitatively explores an alternative to the conventional New-Keynesian theory of inflation, replacing so-called "rational expectations" with the Fed's inflation objective. This unique volume is a piece of living history that has much to offer economists and monetary policy and finance professionals.

Author : Mr.Tao Wu
Publisher : International Monetary Fund
Page : 49 pages
File Size : 40,9 Mb
Release : 2014-10-22
Category : Business & Economics
ISBN : 9781498317245

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Unconventional Monetary Policy and Long-Term Interest Rates by Mr.Tao Wu Pdf

This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and analyze the determination of term premiums and expectations of future short-term interest rates in a sample spanning more than two decades. Empirical findings suggest that the LSAP has effectively lowered the long-term Treasury bond yields, through both "signaling" and "portfolio balance" channels. On the other hand, the Fed's "forward guidance" also leads to gradual extension of market projections for the duration of the LSAP program, thereby enhancing the LSAP's effect to keep term premiums low. Estimation results also reveal a diminished effectiveness of the LSAP during QE III. Finally, model simulations underscore the importance of policy transparency in minimizing unnecessary market turbulence and ensuring a timely and smooth exit of the unconventional monetary policy stimulus.

Author : David Wessel
Publisher : Brookings Institution Press
Page : 124 pages
File Size : 51,7 Mb
Release : 2014-04-28
Category : Business & Economics
ISBN : 9780815726081

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Central Banking after the Great Recession by David Wessel Pdf

The global financial crisis is largely behind us, but the challenges it poses to the future stability of the world’s economic system affects everyone from American families to Main Street businesses to Wall Street financial powerhouses. It has provoked controversy over the best way to reduce the risk of a repeat of what proved to be the worst financial crisis since the Great Depression. To describe those challenges—and the lessons learned—the Hutchins Center on Fiscal and Monetary Policy at Brookings turned to frontline policymakers and some of their most prominent critics. Central Banking after the Great Recession contains the resulting research, leading off with a telling interview between Ben Bernanke, then in his final weeks as Federal Reserve chairman, and Liaquat Ahamed, author of the Pulitzer Prize–winning Lords of Finance. Insightful chapters by John Williams of the San Francisco Federal Reserve Bank, Paul Tucker of Harvard University, and Donald Kohn of Brookings discuss unconventional monetary policy, financial regulation, the impact of the crisis on the independence of the Federal Reserve. Each chapter is followed by a lively debate.

Author : Alexander Chudik,Cheng Hsiao,Allan Timmermann
Publisher : Emerald Group Publishing
Page : 316 pages
File Size : 51,8 Mb
Release : 2022-01-18
Category : Business & Economics
ISBN : 9781802620634

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Essays in Honor of M. Hashem Pesaran by Alexander Chudik,Cheng Hsiao,Allan Timmermann Pdf

The collection of chapters in Volume 43 Part A of Advances in Econometrics serves as a tribute to one of the most innovative, influential, and productive econometricians of his generation, Professor M. Hashem Pesaran.

Author : Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble
Publisher : Oxford University Press
Page : 384 pages
File Size : 48,5 Mb
Release : 2019-06-20
Category : Business & Economics
ISBN : 9780192575180

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Macroeconomic Shocks and Unconventional Monetary Policy by Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble Pdf

Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.