... repos; Misc.—Maiden Lanes I, II, and III, credit to AIG, and other Fed assets. Liabilities: Other—Reverse repos, Treasury cash holdings, and deposits with Federal Reserve Banks other than reserve ... in Treasury deposits with Federal Reserve banks (part of “Other”). Assets: Lending to nonbanks—TALF, CPFF, AMLF, and MMIFF; Short-term lending to financials—discount window, TAF, currency ... cards have been declining across many of the major card issuers in the United States. In July, the U.S. 30-day index was down 75 basis points from the year prior, to 4.6%. Financial...
Ngày tải lên: 15/03/2014, 20:20
... term expectedcosts.Undoubtedlythiswouldbeverypainful,but(bydefinition)lesspainfulthan the alternative of notdoingso.JohnKennethGalbraithtoucheduponasimilarpracticalconundrum someyearsagowhenhesaid 20 “Politics is not the art of the possible. It is choosingbetween the unpalatableand the disastrous”. Thismightwellbe where the centralbanks of the AME’sarenowheaded,absent the vigorous pursuitbygovernments of the alternativepoliciessuggestedabove. B. ... paper that the answertobothquestions is no. a) UltraEasyMonetaryPolicyand the TransmissionMechanism When the crisis first started in the summer of 2007 the response of AME ... be 58 AsEME’sbegintoindustrialize,theyinitiallyhave the benefit of rapidurbanization(asagriculturalproductivity rises)and the internationaltransfer of technology.Overtimeboth of these“catchup“factorssupportinggrowth becomelessimportant. 59 It is importanttonotethat the debatewaswith the Keynes of the “Treatise”andnotyet the Keynes of the “GeneralTheory”.In the TreatiseonMoney,Keynescalledformonetaryauthoritiestotake“extraordinary”, “unorthodox”monetarypoliciestodealwith the slump.Kregel(2011)p1,contends that The unorthodoxpolicies thatKeynesrecommendsareanearlyperfectdescription” of the ultraeasymonetarypoliciesfollowedinJapan, andmorerecentlyinothercountries.Recall,asnotedabove,thatKeynes’enthusiasmforsuchmonetarymeasures hadfadedby the time of the GeneralTheory. ...
Ngày tải lên: 22/03/2014, 23:20
Federal Reserve Bank of New York Staff Reports: What Fiscal Policy Is Effective at Zero Interest Rates? pot
Ngày tải lên: 29/03/2014, 13:20
Tài liệu Federal Reserve Bank of New York Staff Reports - Why Are Banks Holding So Many Excess Reserves? doc
... illustrates the link between the size of the Federal Reserve s liquidity facilities and the quantity of reserves in the banking system. The top half of this figure presents the total assets of the Federal ... expressed in this paper are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. 11 Sources of Bank Reserves ... and left the proceeds from the sale of these securities on deposit at the Federal Reserve; the net effect of this operation was to remove reserves from the banking system. The size of this program...
Ngày tải lên: 16/02/2014, 12:20
ASIA FOCUS: FEDERAL RESERVE BANK OF SAN FRANCISCO pptx
... loans for the Asia Focus is a periodic newsletter issued by the Country Analysis Unit of the Federal Reserve Bank of San Francisco. The information contained in this newsletter is meant to ... The Federal Reserve Bank of San Francisco is pleased to announce that registration is open for our sympo- sium on Asian banking and finance, entitled Asian Financial Institutions: Risk Management ... in the Asia Pacific region. The views expressed in this publication are solely that of the author and do not necessarily represent the position of the Federal Reserve System. V ietnam’s banking...
Ngày tải lên: 06/03/2014, 10:20
Preferences of the Central Reserve Bank of Peru and optimal monetary policy rules in the inflation targeting regime ppt
... in the previous period and on the two-period lag of the output gap. The verticality of the aggregate supply is imposed by the restriction that the sum of the lagged inflation parameters and of ... likelihood. The first advantage is that this method does not rely on the distribution of the behavior of error terms present in the economic model that restricts the central bank s loss function. The ... credit lines in the 24 As registered by the Annual Report of CRBP (1999), this larger dynamism showed the end of the recession that Peru had been in due to the negative effects of the El Niño...
Ngày tải lên: 15/03/2014, 14:20
Federal Reserve Bank of New York Staff Reports: Shadow Banking ppt
... tobias.adrian@ny.frb.org). The views expressed in this paper are those of the authors and do not necessarily reect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Abstract The ... contraction in the size of the shadow banking system, thereby protecting the broader economy from the dangers of a collapse in the supply of credit as the financial crisis unfolded. While these programs ... refers to the enhancement of the credit quality of debt issued by the intermediary through the use of priority of claims. For example, the credit quality of senior deposits is better than the credit...
Ngày tải lên: 22/03/2014, 21:20
Federal Reserve Bank of New York Staff Reports: Shadow Banking Regulation pdf
... during the crisis is the role of re-hypothecation of collateral by dealers. Singh and Aitken (2009) investigate the role of re-hypothecation in the shadow banking system. Re-hypothecation is the ... support of FHLB liabilities by the US Government. The secured nature of an advance, as well as the lien the Federal Home Loan Bank has on the other assets of the borrower, means that the claims of ... stimulate discussion and elicit comments. The views expressed in this paper are those of the authors and are not necessar- ily reective of views at the Federal Reserve Bank of New York or the Federal...
Ngày tải lên: 22/03/2014, 21:20
Federal Reserve Bank of Minneapolis Quarterly Review: Money and Interest Rates docx
... change. How much the price of goods is expected to change between the time a loan is made and the time it is repaid is the expected rate of inflation. Since loan contracts take account of the expected ... current rate of growth of the money supply). This works because there is no reason for people to change their expectations of what money growth will be in the future. However, if the deviation of inflation ... decrease in the money supply. The other view, the Fisher equation view, is that increasing interest rates requires an increase in the rate of growth of the money supply. We have examined the em- pirical...
Ngày tải lên: 22/03/2014, 23:20
Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx
... those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. ... systemic crisis. Intuition for our results can be gained by understanding the role of the interbank mar- ket. The main pu rpose of this market is to redistribute the …xed amount of reserves that is he ... lesson of the recent financial crisis is that the interbank lending market is crucial for banks that face uncertainty regarding their liquidity needs. This paper examines the efficiency of the interbank...
Ngày tải lên: 29/03/2014, 13:20
Federal Reserve Bank of Minneapolis Research Department Staff Report 328: Business Cycle Accounting potx
Ngày tải lên: 29/03/2014, 20:20
WORKING PAPER NO. 192 IS THE EUROPEAN CENTRAL BANK (AND THE UNITED STATES FEDERAL RESERVE) PREDICTABLE? pptx
... for the ECB. We also analyse the transmission of the unexpected component of the monetary decisions of the ECB to the term structure of interest rates. The reaction of the yield curve to the unexpected ... of the series of shocks change on the days of the meetings. This is a good measure of how the monetary policy decisions have surprised the markets. Tables 3a-3b (5a-5b) list all the surprises ... (2002) extends the analysis of Gaspar, Perez Quiros and Sicilia (2001) for the ECB and compares the predictability of the ECB with the one of the Bank of England and the Federal Reserve. Bernhardsen...
Ngày tải lên: 15/03/2014, 14:20
Tài liệu IN PLAIN ENGLISH: MAKING SENSE OF THE FEDERAL RESERVE pptx
... t the core of the Federal Reserve System is the Board of Governors, or Federal Reserve Board. The Board of Governors, located in Washington, D.C., is a federal government agency that is the ... www.dallasfed.org Federal Reserve Bank of Kansas City www.kansascityfed.org Federal Reserve Bank of Minneapolis www.minneapolisfed.org Federal Reserve Bank of New York www.newyorkfed.org Federal Reserve Bank of Philadelphia ... combines the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and four other Reserve bank presi- dents, who serve one-year terms on a rotating basis. The...
Ngày tải lên: 16/02/2014, 12:20
Tài liệu Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System pptx
... What is the purpose of the Financial Remediation Framework? The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (FRB) have developed the ... days of the date of the servicer error, the appraised value or BPO value closest to the date of the servicer error will be used; (ii) Where the appraisal or BPO is more than 60 days from the ... modification agreement will determine whether or not the borrower is considered to be in 1 Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System JUNE 21, 2012...
Ngày tải lên: 17/02/2014, 21:20
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency potx
... viability. 2 The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “agencies”) are issuing this guidance to emphasize the ... regular basis to determine, among other things, the validity of the assumptions, the severity of tests, the robustness of the estimates, the performance of any underlying models, and the stability ... 1 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Guidance on Stress Testing for Banking Organizations...
Ngày tải lên: 06/03/2014, 03:20
Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector doc
... given to the Reserve Bank under the Reserve Bank Act and therefore the Reserve Bank is already the regulator for NBFC-MFIs. While it may be true that perhaps in the past the Reserve Bank did ... Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector RESERVE BANK OF INDIA ... irrespective of the amount of the loan. However, the larger the loan, the larger the amount of the repayment installment, and a large installment may strain the repayment capacity of the borrower...
Ngày tải lên: 15/03/2014, 14:20
WHERE IS THE Wealth of NATIONS? pptx
... generations. This is an argument in favor of using a social discount rate instead of a private discount rate. Estimates of the Social Rate of Return on Investment (SRRI—another name for the social discount ... Xie. The fi nancial support of the Government of Sweden is acknowledged with gratitude. This book is dedicated to the memory of David Pearce–professor, mentor, friend, and intellectual father of ... of effort, including Expanding the Measure of Wealth (World Bank 1997), this volume assesses the wealth of the planet in the year 2000. In speaking of wealth we are returning to the ideas of...
Ngày tải lên: 22/03/2014, 20:21
Báo cáo khoa học: "Treatment of atelectasis: where is the evidence" pdf
Ngày tải lên: 12/08/2014, 22:22
Báo cáo y học: "Where is the difference between the genomes of humans and annelids" pot
Ngày tải lên: 14/08/2014, 16:20