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"Many of the assumptions that underpin mainstream macroeconomic models have been challenged as a result of the traumatic events of the recent financial crisis. Thus, until recently, it was widely agreed that although the stock of money had a role to play, in practice it could be ignored as long as we used short-term nominal interest rates as the instrument of policy because money and other credit markets would clear at the given policy rate. However, very early on in the financial crisis interest rates effectively hit zero percent and so central banks had to resort to a wholly new set of largely untested instruments to restore order, including quantitative easing and the purchase of toxic financial assets. This book brings together contributions from economists working in academia, financial markets and central banks to assess the effectiveness of these policy instruments and explore what lessons have so far been learned"--

Interest rates --- Monetary policy --- Global Financial Crisis, 2008-2009 --- AA / International- internationaal --- 333.820 --- 333.823 --- 333.831.1 --- 333.17 --- 339.5 --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- liquiditeitsbeleid.Kascoëfficiënten en liquiditeitscoëfficiënten. --- krediet op korte termijn. --- Crises, saneringen en hervormingen van het bankwezen. --- Money market. Capital market --- Interest rates. --- Monetary policy. --- Global Financial Crisis, 2008-2009. --- Macroeconomics. --- Finance --- Government policy. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Funding --- Funds --- Economics --- Currency question --- Business, Economy and Management --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- liquiditeitsbeleid.Kascoëfficiënten en liquiditeitscoëfficiënten --- krediet op korte termijn --- Crises, saneringen en hervormingen van het bankwezen

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Zonder onderwerpscode: economie

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Zonder onderwerpscode: economie

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Federal Reserve purchases of bonds in recent years have meant that a smaller proportion of long-dated government debt has had to be held by other investors (private sector and foreign official institutions). But the US Treasury has been lengthening the maturity of its issuance at the same time. This paper reports estimates of the impact of these policies on long-term rates using an empirical model that builds on Laubach (2009). Lowering the average maturity of US Treasury debt held outside the Federal Reserve by one year is estimated to reduce the five-year forward 10-year yield by between 130 and 150 basis points. Such estimates assume that the decisions of debt managers are largely exogenous to cyclical interest rate developments; but they could be biased upwards if the issuance policies of debt managers are not exogenous but instead respond to interest rates. Central banks will face uncertainty not only about the true magnitude of maturity effects, but also about the size and concentration of interest rate risk exposures in the financial system. Nor do they know what the fiscal authorities and their debt managers will do as long-term rates change.