The Federal Reserve’s operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect
نویسندگان
چکیده
منابع مشابه
Identifying the Liquidity Effect: the Case of Nonborrowed Reserves
Despite the fact that efforts to identify it empirically have largely been futile, the liquidity effect plays a central role in conventional monetary theory and policy. Recently, however, an increasing volume of empirical work [Christiano and Eichenbaum (1992a,b), Christiano,, Eichenbaum and Evans (1994a,b) and Strongin (1995)] has supported the existence of a statistically significant and econ...
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N [AlE 1982, the Ceder-al Reserve switched from a nonborrowed-r-eserves to a bom-n’owed-r-esemves operating procedune.’ Analysts genem-ally believe that the adoption of this pr-ocedure, which involves the use of a “borrowings assumption” specified by the Federal Open Market Committee (CONIC), n’epresents a policy reversal towar-d the setting of the fedem-al funds n-ate and away from direct mone...
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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 ...
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I establish a theoretical framework to address three distinct, but interrelated puzzles in international economics: (1) the occurrence of twin crises, (2) the existence of large amounts of sovereign debt, and (3) the presence of substantial amounts of international reserves. By considering the interaction between growth and banking in a small open economy that is unable to commit to repaying it...
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ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 2001
ISSN: 0378-4266
DOI: 10.1016/s0378-4266(00)00146-1