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Keywords:Bank reserves 

Journal Article
Do industrialized countries hold the right foreign exchange reserves?

That central banks should hold foreign currency reserves is a key tenet of the post-Bretton Woods international financial order. But recent growth in the reserve balances of industrialized countries raises questions about what level and composition of reserves are ?right? for these countries. A look at the rationale for reserves and the reserve practices of select countries suggests that large balances may not be needed to maintain an effective exchange rate policy over the medium and long term. Moreover, countries may incur an opportunity cost by holding funds in currency and asset ...
Current Issues in Economics and Finance , Volume 19 , Issue April

Journal Article
Provision of liquidity through the primary credit facility during the financial crisis: a structural analysis

Professors Erhan Artu and Selva Demiralp of Ko University, Turkey, investigate whether changes to the Federal Reserve?s discount window borrowing facility represent a shift in how the nation?s central bank traditionally provided liquidity through the primary credit facility as well as whether the Fed would benefit from retaining these changes indefinitely. Presented at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve Bank of New York, February 19-20, 2009.
Economic Policy Review , Volume 16 , Issue Aug , Pages 43-53

Journal Article
The monetary transmission mechanism: some answers and further questions

Overview of the proceedings of a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 15-26

Journal Article
Interest on reserves and monetary policy

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 77-84

Journal Article
Are U.S. reserve requirements still binding?

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 53-68

Journal Article
Central bank tools and liquidity shortages

Bank for International Settlements researchers Stephen Cecchetti and Piti Disyatat consider the implications of recent financial developments for the ?lender-of-last-resort? function of central banks and whether traditional policymaking tools remain effective in the face of modern liquidity crises. Presented at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve Bank of New York, February 19-20, 2009.
Economic Policy Review , Volume 16 , Issue Aug , Pages 29-42

Journal Article
Divorcing money from monetary policy

Many central banks implement monetary policy in a way that maintains a tight link between the stock of money and the short-term interest rate. In particular, their implementation procedures require that the supply of reserve balances be set precisely in order to implement the target interest rate. Because bank reserves play other key roles in the economy, this link can create tensions with other important objectives, especially in times of acute market stress. This article considers an alternative approach to monetary policy implementation -- known as a "floor system" -- that can reduce ...
Economic Policy Review , Volume 14 , Issue Sep , Pages 41-56

Journal Article
Settlement liquidity and monetary policy implementation—lessons from the financial crisis

The U.S. dollar clearing and settlement system received little attention during the recent financial crisis, mainly because it performed reliably, processing record volumes and values of trades made in stressed financial markets. This article shows how Federal Reserve policy measures aimed at providing liquidity and stability to the financial system during and after the crisis had a major impact on settlement liquidity and thus on the efficiency of clearing and settlement system activity. The measures led to a substantial decrease in daylight overdrafts extended by the Federal Reserve and a ...
Economic Policy Review , Volume 18 , Issue Mar , Pages 3-20

Journal Article
Are U.S. reserve requirements still binding? commentary

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 69-71

Speech
Preparing for a smooth (eventual) exit

Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia
Speech , Paper 17

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