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Working Paper
Channel systems: Why is there a positive spread?
Marchesiani, Alessandro; Berentsen, Aleksander; Waller, Christopher J. (2010)
An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model where market participants have heterogeneous liquidity needs and where the central bank requires government bonds as collateral. We also calibrate the model and discuss the behavior of the money market rate and the volumes traded at the ECB?s deposit and lending facilities in response to the recent ...
Working Papers , Paper 2010-049

Report
Establishing credibility: evolving perceptions of the European Central Bank
Goldberg, Linda S.; Klein, Michael W. (2005)
The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high-frequency data to test for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central Bank (ECB) provide a natural experiment for this model. Tests of the effect of news announcements on the slope of yield curves in the euro area and on the euro-dollar exchange rate suggest that the market's perception of the policy ...
Staff Reports , Paper 231

Journal Article
Relating commodity prices to underlying inflation: the role of expectations
Davis, J. Scott (2011)
Temporary supply factors may boost some commodity prices?a drought in the Midwest can jolt food costs, or a conflict in the Middle East might propel oil higher. These, in turn, can increase the overall consumer price index (CPI) and the headline inflation rate. ; Because central bank anti-inflation measures sometimes take a long time to affect prices, policymakers don?t necessarily react to short-term fluctuations in headline inflation (an overall rate that?s not seasonally adjusted). In fact, the mandate of many inflation-targeting central banks is to aim to keep headline inflation at a ...
Economic Letter , Volume 6

Journal Article
The practice of central bank intervention: looking under the hood
Neely, Christopher J. (2001-05)
This article first reviews methods of foreign exchange intervention and then presents evidence?focusing on survey results?on the mechanics of such intervention. Types of intervention, instruments, timing, amounts, motivation, secrecy, and perceptions of efficacy are discussed.
Review , Volume 83 , Issue May , Pages 1-10

Journal Article
Financial structure of the G-10 countries: how does the United States compare?
Cumming, Christine M.; Sweet, Lawrence M. (1987-01)
Quarterly Review , Volume 12 , Issue Win , Pages 14-25

Conference Paper
The role of central banks
Volcker, Paul A. (1990)
Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Communicating a policy path: the next frontier in central bank transparency?
Kahn, George A. (2007-01)
In the last two decades, central banks have taken a variety of steps to increase the transparency of monetary policy. Today, many economists are suggesting ways to further increase transparency. One area of considerable interest is the outlook for the future path of the policy rate. The policy rate is the short-term, typically overnight, interest rate that central bankers use to adjust the stance of monetary policy. While central banks typically announce changes in the policy rate when they occur, very few central banks provide an explicit description of where the policy rate is likely to be ...
Economic Review , Volume 92 , Issue Q I , Pages 25-51

Journal Article
Central bank forecasting: an international comparison
Robertson, John C. (2000-04)
Forecasts, whether explicit or implicit, are at the heart of policy making. In considering forecasting for monetary policy, this article contrasts the forecasting processes at three central banks-the Reserve Bank of New Zealand, the Bank of England, and the U.S. Federal Reserve. ; In the United States policymakers consider confidential staff forecasts in policy discussions, but these do not necessarily represent the consensus forecasts of the policy committee. At the Bank of England, official published forecasts are the product of bank staff and the policy committee working closely together, ...
Economic Review , Volume 85 , Issue Q2 , Pages 21-32

Journal Article
Fear and loathing of central banks in America
Champ, Bruce A.; Bryan, Michael F. (2002-06)
The Federal Reserve System is America?s uneasy compromise between our dislike of concentrated financial power and our desire to promote efficiency in our national payments system. In fact, the Federal Reserve is the nation?s third attempt to establish a large national bank?what we now call a central bank?that is in a unique position to influence a nation?s money and credit. This Commentary retells the story of the rise and fall of the two earlier national banks, the Banks of the United States.
Economic Commentary , Issue Jun

Journal Article
Can a central bank influence its currency's real value? The Swiss case
Hermann, Werner; Belongia, Michael T. (1989-01)
Review , Issue Jan , Pages 47-55

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