Report
How "unconventional" are large-scale asset purchases? The impact of monetary policy on asset prices
Rosa, Carlo (2012)
This paper examines the impact of large-scale asset purchases (LSAP) on U.S. asset prices (nominal and inflation-indexed bonds, stocks, and U.S. dollar spot exchange rates) using an event study with intraday data. The surprise component of LSAP announcements is identified from Financial Times articles. Estimation results show that the LSAP news has economically large and highly significant effects on asset prices, even after controlling for the surprise component of the Fed's conventional target rate decision and communication about its future path of policy. This study documents that the ...
Staff Reports , Paper 560

Conference Paper
The Northern Rock crisis: a multi-dimensional problem waiting to happen
Llewellyn, David T. (2008)
Proceedings , Paper 1089

Journal Article
A private central bank: some olde English lessons
Santoni, G. J. (1984-04)
Review , Volume 66 , Issue Apr , Pages 12-22

Journal Article
Further Evidence on Greenspan’s Conundrum
Thornton, Daniel L.; Coughlin, Cletus C. (2022)
During his February 2005 congressional testimony, Alan Greenspan identified what he termed a conundrum. Despite the fact that the Federal Open Market Committee (FOMC) had increased the federal funds rate 150 basis points since June 2004, the 10-year Treasury yield remained essentially unchanged. Greenspan considered several explanations for his observation but rejected each. Thornton (2018) showed that the relationship between the 10-year Treasury yield and the federal funds rate changed in the late 1980s, many years prior to Greenspan's observation. Moreover, he showed that the relationship ...
Review , Volume 104 , Issue 1 , Pages 70-77

Journal Article
Unconventional Monetary Policy and International Interest Rate Spillovers
Dilts Stedman, Karlye (2020-10-15)
After the 2008 global financial crisis, advanced economies turned to unconventional monetary policies to provide additional monetary stimulus while short-term interest rates were constrained by their effective lower bound. However, the speed of economic recovery differed markedly among these economies, leading to differences in the timing and intensity of unconventional monetary policies across central banks. These differences may have generated “spillover effects” that undermined policy tightening in the United States after 2015.Karlye Dilts Stedman assesses whether monetary policies ...
Economic Review , Volume 105 , Issue no.2 , Pages 47-60

Journal Article
The Bank of England's monetary policy
Tootell, Geoffrey M. B. (2002-04-02)
As the second oldest and perhaps the most renowned central bank, the Bank of England could provide some important insights into issues that may confront the Federal Reserve System in the future.
New England Economic Review , Issue Q 2 , Pages 61-64

Journal Article
Monetary policy implementation: common goals but different practices
Martin, Antoine; Amstad, Marlene (2011-11)
While the goals that guide monetary policy in different countries are very similar, central banks diverge in their methods of implementing policy. This study of the policy frameworks of four central banks?the Federal Reserve, the European Central Bank, the Bank of England, and the Swiss National Bank?focuses on two notable areas of difference. The first is the choice of an interest rate target, a standard feature of conventional monetary policy. The second is the choice of instruments for managing the central banks? expanded balance sheets?a decision made necessary by the banks? ...
Current Issues in Economics and Finance , Volume 17 , Issue Nov

Journal Article
The Old Lady of Threadneedle Street gets her independence
Walsh, Carl E. (1997)
FRBSF Economic Letter