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Marine Reserves: The Best Option for Our Oceans?
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متن کاملExcess Cash and Mutual Fund Performance
I document a positive relationship between excess cash holdings of actively managed equity mutual funds and future fund performance. The difference in returns of portfolios of high and of low excess cash funds amounts to over 2% annually, or approximately 3% after standard risk adjustment. I study whether this difference in performance can be explained by the differences in managerial stock sel...
متن کاملA Simple General Equilibrium Model of Large Excess Reserves 1
I study a non-stochastic, perfect foresight, general equilibrium model with a banking system that may hold large excess reserves when the central bank pays interest on reserves. The banking system also faces a capital constraint that may or may not be binding. When the rate of interest on reserves equals the market rate, if the quantity of reserves is large and bank capital is not scarce, the p...
متن کاملThe federal funds market , excess reserves , and unconventional monetary policy ✯
Following the bankruptcy of Lehman Brothers, interbank borrowing and lending dropped, whereas reserve holdings of depository institutions skyrocketed, as the Fed injected liquidity into the U.S. banking sector. This paper introduces bank liquidity risk and limited market participation into a real business cycle model with ex ante identical financial intermediaries and shows, in an analytically ...
متن کاملExcess reserves and the New challenges for Monetary Policy
Interest on reserves allows the Federal Reserve to pursue an appropriate monetary policy even with a high level of excess reserves. However, a banking system flush with excess reserves can raise the risk of monetary policy getting behind the curve. In recent months, the level of total reserves held by depository institutions (DIs) in the United States has been consistently above $1 trillion. Of...
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ژورنال
عنوان ژورنال: Economic Commentary (Federal Reserve Bank of Cleveland)
سال: 2015
ISSN: 2163-3738,0428-1276
DOI: 10.26509/frbc-ec-201502