منابع مشابه
Seasonal Borrowing and Open Market Operations
A small depository institution with a history of a pronounced seasonal increase in loans relative to deposits may borrow a substantial portion of its projected excess from a Federal Reserve Bank at the basic discount rate. In the aggregate, this seasonal borrowing program provides only a scant source of funds to the financial system, within a framework that is essentially the same as when the p...
متن کاملSuperneutrality of Money under Open Market Operations
Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market operations is taken into account. This result suggests that a more realistic representation of monetar...
متن کاملEndogenous Labor Market Insitutions in an Open Economy
The paper sets up a two-country asymmetric trade model with heterogeneous firms, search frictions and endogenous labor market institutions. Countries are linked by trade in goods and non-cooperatively set unemployment benefits to maximize national welfare. We show that more open and smaller economies have more generous unemployment benefit replacement rates as a larger fraction of the costs is ...
متن کاملLabor-market adjustment in open economies : Evidence from US states
In this paper we analyze whether regional economic integration across US states conditions local labor-market adjustment. We examine the mechanisms through which states absorb changes in labor supplies and whether industry production techniques are similar across states. There are two main findings. Firstly, states absorb changes in employment primarily through changes in production techniques ...
متن کاملIdentifying monetary policy shocks with changes in open market operations
In this paper we reexamine the e¤ects of monetary policy shocks by exploiting the information contained in open market operations. A sticky price model is developed where money is the counterpart of securities deposited at the central bank. The model’s solution reveals that a rise in central bank holdings of open market securities can be interpreted as a monetary expansion. Estimates of vector ...
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ژورنال
عنوان ژورنال: Challenge
سال: 2019
ISSN: 0577-5132,1558-1489
DOI: 10.1080/05775132.2019.1583418