Search Results

Showing results 1 to 10 of approximately 11.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:asset purchases 

Discussion Paper
How Do the Fed's MBS Purchases Affect Credit Allocation?

It is sometimes said that the Federal Reserve should not engage in “credit allocation.” But what does credit allocation actually mean? And how do current Fed policies affect the allocation of credit? In this post, we describe two separate ideas often associated with credit allocation. The first idea is that the Fed should not take credit risk, which taxpayers would ultimately have to bear. The second idea is that the Fed’s actions should not influence the flow of credit to particular sectors. We consider whether the Fed’s holdings of agency mortgage-backed securities (MBS) could ...
Liberty Street Economics , Paper 20180806

Speech
Implementing monetary policy with the balance sheet: keynote remarks for ECB Workshop: Money Markets, Monetary Policy Implementation, and Central Bank Balance Sheets, Frankfurt am Main, Germany

Keynote Remarks for ECB Workshop: Money Markets, Monetary Policy Implementation, and Central Bank Balance Sheets, Frankfurt am Main, Germany.
Speech , Paper 259

Report
The Federal Reserve’s Market Functioning Purchases

In March 2020, massive customer selling of U.S. Treasury securities and agency mortgage-backed securities (MBS) triggered by the COVID-19 pandemic overwhelmed dealers’ capacity to intermediate trades, contributing to a marked deterioration of market functioning. The Federal Reserve promptly took numerous steps to address the market disruptions, including the initiation of market functioning purchases of Treasury securities and agency MBS. Purchases quickly expanded to over $100 billion per day as the Fed announced plans to buy securities “in the amounts needed” to support market ...
Staff Reports , Paper 998

Have Fed Asset Purchases Reshaped Bank Balance Sheets? Part 1

In response to the COVID-19 crisis, the Fed bought trillions of dollars in bonds. Did this cause U.S. commercial banks to “de-risk” their assets?
On the Economy

Working Paper
How Optimal Was U.S. Monetary Policy at the Zero Lower Bound?

The zero lower bound on nominal interest rates can generate substantial downward pressure on longer-term inflation expectations. We use data on interest rate options and inflation compensation to estimate how the probability that the zero lower bound will bind in the future has weighed on inflation expectations in the United States. Over the 2008–19 period, we estimate that the zero lower bound imparted only a small drag on longer-term inflation expectations of around 10 basis points. We argue that the Federal Reserve's forward guidance and large-scale asset purchases largely offset the ...
Research Working Paper , Paper RWP 23-14

Discussion Paper
Japan’s Experience with Yield Curve Control

In September 2016, the Bank of Japan (BoJ) changed its policy framework to target the yield on ten-year government bonds at “around zero percent,” close to the prevailing rate at the time. The new framework was announced as a modification of the Bank's earlier policy of rapid monetary base expansion via large-scale asset purchases—a policy that market participants increasingly regarded as unsustainable. While the BoJ announced that the rapid pace of government bond purchases would not change, it turned out that the yield target approach allowed for a dramatic scaling back in purchases. ...
Liberty Street Economics , Paper 20200622

Speech
Panel remarks at Bank Indonesia–Federal Reserve Bank of New York Joint International Seminar, Bali Indonesia

Remarks at Bank Indonesia?Federal Reserve Bank of New York Joint International Seminar, Bali Indonesia.
Speech , Paper 213

Journal Article
The Federal Reserve’s Market Functioning Purchases

This article assesses the rationale, operations, and implications of the Federal Reserve’s market functioning purchases. The security purchases were introduced in March 2020, when massive customer selling of U.S. Treasury securities and agency mortgage-backed securities triggered by the COVID-19 pandemic overwhelmed dealers’ capacity to intermediate trades, contributing to a marked deterioration of market functioning. Purchases quickly expanded to over $100 billion per day as the Fed announced plans to buy securities “in the amounts needed” to support market functioning and the ...
Economic Policy Review , Volume 28 , Issue 1 , Pages 210-241

Have Fed Asset Purchases Reshaped Bank Balance Sheets? Part 2

The de-risking of commercial banks’ balance sheets since 2008 likely reflects regulatory changes and economic conditions rather than the Fed’s bond buying.
On the Economy

Speech
The U.S. economic outlook and the implications for monetary policy: remarks at Money Marketeers of New York University, New York City

Remarks at Money Marketeers of New York University, New York City.
Speech , Paper 254

FILTER BY year

FILTER BY Content Type

FILTER BY Jel Classification

E52 4 items

E44 2 items

G01 2 items

G12 2 items

E20 1 items

E32 1 items

show more (5)

FILTER BY Keywords

PREVIOUS / NEXT