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Banks and banking --- Credit --- Federal funds market (United States) --- Banks and banking. --- Credit. --- Federal funds market (United States) --- United States.
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Banks and banking --- Credit --- Federal funds market (United States) --- United States.
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We use transaction-level data and detailed modeling of the high-frequency behavior of federal funds and Eurodollar yield spreads to provide evidence of strong integration between the federal funds and Eurodollar markets, the two core components of the dollar money market. Our results contrast with previous evidence of segmentation of these two markets, showing them to be well integrated even at high intra-day frequency. We document several patterns in the behavior of federal funds and Eurodollar spreads, including liquidity effects from trading volume to yield spreads volatility. Our analysis supports the view that targeting federal funds rates alone is sufficient to stabilize rates in the, much larger, dollar money market as a whole.
Electronic books. -- local. --- Euro-dollar market -- Econometric models. --- Federal funds market (United States) -- Econometric models. --- Foreign exchange rates -- Econometric models. --- Money market -- Econometric models. --- Finance --- Business & Economics --- International Finance --- Euro-dollar market --- Federal funds market (United States) --- Foreign exchange rates --- Money market --- Econometric models. --- Money markets --- Eurocurrency market --- Market, Euro-dollar --- Financial institutions --- Money --- Federal Reserve banks --- Banks and banking, International --- Foreign exchange --- International finance --- Banks and Banking --- Finance: General --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Banking --- International capital markets --- Financial markets --- Capital market --- Banks and banking --- United States
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Over-the-counter (OTC) markets for derivatives, collateralized debt obligations, and repurchase agreements played a significant role in the global financial crisis. Rather than being traded through a centralized institution such as a stock exchange, OTC trades are negotiated privately between market participants who may be unaware of prices that are currently available elsewhere in the market. In these relatively opaque markets, investors can be in the dark about the most attractive available terms and who might be offering them. This opaqueness exacerbated the financial crisis, as regulators and market participants were unable to quickly assess the risks and pricing of these instruments. Dark Markets offers a concise introduction to OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for more advanced subjects in this field. Darrell Duffie covers the basic methods for modeling search and random matching in economies with many agents. He gives an overview of asset pricing in OTC markets with symmetric and asymmetric information, showing how information percolates through these markets as investors encounter each other over time. This book also features appendixes containing methodologies supporting the more theory-oriented of the chapters, making this the most self-contained introduction to OTC markets available.
Over-the-counter markets. --- Capital assets pricing model. --- Capital asset pricing model --- CAPM (Capital assets pricing model) --- Pricing model, Capital assets --- OTC markets --- Over-the-counter securities --- Unlisted securities markets --- Capital --- Finance --- Investments --- Securities --- Mathematical models --- Over-the-counter markets --- Capital assets pricing model --- E-books --- Bellman's principle. --- OTC market. --- OTC trades. --- asset pricing. --- credit risk. --- debt. --- derivatives. --- equilibrium bargaining. --- equilibrium search. --- federal funds market. --- federal loans. --- global financial crisis. --- information exchange. --- interbank market. --- intraday allocation. --- large numbers. --- market opaqueness. --- over-the-counter market. --- percolation. --- posterior beliefs. --- private information. --- random matching. --- repurchase. --- search models. --- supply shocks. --- trading. --- transparency.
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Federal funds market (United States) --- Monetary policy --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 336.74 --- 333.130.2 --- 333.821 --- 333.405 --- -333.822 --- 333.631 --- 333.832.6 --- 333.634 --- 333.831.1 --- 333.741.0 --- 333.823 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Federal Reserve banks --- Geld. Geldwezen. Monetaire sector. --- Bankliquiditeit. Verplichte reserves. Solvabiliteit. --- Discontopolitiek. --- Monetaire stromen. --- Openmarktpolitiek. --- Overheidsfondsen. Markt van de overheidsfondsen. --- Rentevoet van de overheidsfondsen, van het overheidskrediet. --- Schatkistcertificaten. --- krediet op korte termijn. --- krediet op korte termijn. geldmarkt: Algemeenheden. --- liquiditeitsbeleid.Kascoëfficiënten en liquiditeitscoëfficiënten. --- 336.74 Geld. Geldwezen. Monetaire sector. --- 333.822 --- Bankliquiditeit. Verplichte reserves. Solvabiliteit --- Monetaire stromen --- Overheidsfondsen. Markt van de overheidsfondsen --- Schatkistcertificaten --- krediet op korte termijn. geldmarkt: Algemeenheden --- Discontopolitiek --- Openmarktpolitiek --- liquiditeitsbeleid.Kascoëfficiënten en liquiditeitscoëfficiënten --- krediet op korte termijn --- Rentevoet van de overheidsfondsen, van het overheidskrediet --- Geld. Geldwezen. Monetaire sector --- Monetary policy - United States
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With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account?Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a w
Finances internationales --- Inflation --- Intérêt (économie politique) --- Politique monétaire --- Monetary policy --- International finance --- Modèles économétriques --- Econometric models --- Capital assets pricing model --- Spéculation --- Modèle de fixation du prix des actifs --- Politique monetaire. --- Politique economique. --- Interet (Economie) --- Prix. --- 333.842 --- -Prices --- 332.46 --- Commodity prices --- Justum pretium --- Willingness to pay --- Prijsvorming. Prijskostenverhouding. Prijsbeweging. Prijsfluctuatie--macroeconomisch; prijsindex zie {336.748.12} --- Geld. Monetaire politiek --- Deflatie. --- Intérêt (Économie) --- Politique économique. --- Politique monétaire. --- Intérêt (Économie). --- 338.5 Prijsvorming. Prijskostenverhouding. Prijsbeweging. Prijsfluctuatie--macroeconomisch; prijsindex zie {336.748.12} --- Spéculation --- Modèle de fixation du prix des actifs --- Analyse financière --- 330.101 --- 336.74 --- 306.110 --- 330.00 --- 333.403 --- 333.44 --- 333.820 --- 333.841 --- AA / International- internationaal --- 338.5 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- 336.74 Geld. Geldwezen. Monetaire sector. --- Geld. Geldwezen. Monetaire sector. --- Macro-economie --- Algemeenheden over indexcijfers --- Economische en sociale theorieën: algemeenheden --- Monetaire theorieën. Kwantitatieve theorie. Theorie van de incasso's. Optiek van de uitgaven en inkomens --- Monetaire congressen, conferenties en onderzoeken --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Inflatie --- Deflatie --- Geld. Geldwezen. Monetaire sector --- Macroeconomics --- Money. Monetary policy --- Monetary policy. --- Securities --- Speculation --- Investment analysis --- Capital investments. --- Politique monétaire --- Valeurs mobilières --- Investissements de capitaux --- Prices --- Mathematical models --- Prix --- Modèles mathématiques --- Finances internationales. --- Modèles économétriques. --- Politique monétaire. --- Politique économique. --- Intérêt (Économie) --- Account (accountancy). --- Addition. --- Aggregate demand. --- Aggregate expenditure. --- Aggregate supply. --- Approximation. --- Autocorrelation. --- Budget constraint. --- Calculation. --- Central bank. --- Characteristic polynomial. --- Coefficient. --- Conditional expectation. --- Consumption (economics). --- Cost curve. --- Currency. --- Deflation. --- Demand curve. --- Determinacy. --- Determinant. --- Economic equilibrium. --- Economics. --- Economy. --- Eigenvalues and eigenvectors. --- Elasticity of substitution. --- Estimation. --- Expected value. --- Expenditure. --- Factor market. --- Federal funds rate. --- Fiscal policy. --- Forecasting. --- GDP deflator. --- IS–LM model. --- Impulse response. --- Income. --- Indexation. --- Inflation targeting. --- Inflation. --- Initial condition. --- Interest rate. --- Interest. --- Intertemporal budget constraint. --- Investment. --- Lagrange multiplier. --- Long run and short run. --- Loss function. --- Marginal cost. --- Marginal rate of substitution. --- Marginal utility. --- Market liquidity. --- Market power. --- Market rate. --- Markup (business). --- Mathematical optimization. --- Monetary base. --- Monetary transmission mechanism. --- Money supply. --- New Keynesian economics. --- Nominal interest rate. --- Nominal rigidity. --- Optimization problem. --- Output gap. --- Partial derivative. --- Percentage point. --- Percentage. --- Phillips curve. --- Potential output. --- Prediction. --- Present value. --- Price Change. --- Price index. --- Price level. --- Pricing. --- Private sector. --- Probability. --- Production function. --- Quantity. --- Real Rate Of Return. --- Real gross domestic product. --- Real income. --- Real interest rate. --- Real versus nominal value (economics). --- Real wages. --- Relative price. --- Requirement. --- Stabilization policy. --- State of the World (book series). --- Stochastic discount factor. --- Stochastic process. --- Stock. --- Structural equation modeling. --- Supply (economics). --- Tax rate. --- Tax. --- Taylor rule. --- Time preference. --- Trade-off. --- Utility. --- Intérêt (économie politique) --- Modèles économétriques.
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"For many, the most authoritative history of US economic policy is told by Milton Friedman and Anna Schwartz, in their 1963 PUP book, A Monetary History of the United States, 1867-1960, as well as Alan Meltzer's multi-volume history of the Federal Reserve, published in 2003 and 2010. Both works were written by economists marshalling historical data to make an argument about what type of economic policy works best. Friedman and Schwartz's book led to the rise of monetarism, the idea that virtually the only thing governments can or should do when it comes to the economy is determine how much money to put in it. If there aren't enough jobs, for example, just put more money in the economy through bank lending, and businesses will hire more. There's no need for the government, the theory holds, to stimulate spending from the bottom up or encourage hiring or improve wages through any other means. These days, the concept of monetarism, though still a predominant policy framework, is seen by many as a very particular and narrow viewpoint, but there's no authoritative book on the level of Friedman and Schwartz that sets the record straight. In A Monetary and Fiscal History of the United States, 1961-2021, economist Alan Blinder lays out the history of US economic policy since Friedman and Schwartz, through the wider lens of the interaction between monetary and fiscal policy. He shows, decade by decade, that a powerful influence that the government has on the economy is not just through how much money it puts in it (monetary policy) but through decisions on how money is spent (fiscal policy). In this book Alan Blinder shifts the narrative dominance from monetarism and interest rates to a shared influence of monetary and fiscal policy, and he shows how the government has long been using various policies to stimulate spending, ranging from tax breaks and credits to direct checks to citizens. He does this from an insider's perspective, offering an authoritative history of US economic policy from Kennedy to COVID"--
BUSINESS & ECONOMICS / Economic History. --- United States --- Economic policy --- Fiscal policy --- Monetary policy --- Monetary management --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- History --- Government policy --- 1900-2099 --- Money. Monetary policy --- Business cycles --- anno 1900-1999 --- anno 2000-2009 --- anno 2010-2019 --- anno 2020-2029 --- United States of America --- A Monetary History of the United States. --- American Recovery and Reinvestment Act of 2009. --- Balanced Budget Act of 1997. --- Bank War. --- Bank of America. --- Basis Point. --- Ben Bernanke. --- Bureau of Economic Analysis. --- Bush tax cuts. --- Capital Purchase Program. --- Central bank. --- Chair of the Federal Reserve. --- Clintonism. --- Commission on Money and Credit. --- Core inflation. --- Council of Economic Advisers. --- Credit (finance). --- Credit crunch. --- Crowding out (economics). --- Dodd–Frank Wall Street Reform and Consumer Protection Act. --- Economic Outlook (OECD publication). --- Economic Report of the President. --- Economic Stimulus Act of 2008. --- Economic history of the United States. --- Economics. --- Economist. --- Economy of the United States. --- Emergency Economic Stabilization Act of 2008. --- Federal Open Market Committee. --- Federal Reserve Board of Governors. --- Federal Savings and Loan Insurance Corporation. --- Federal funds rate. --- Financial Crisis Inquiry Commission. --- Financial crisis of 2007–08. --- Financial crisis. --- Fiscal policy. --- Fiscal theory of the price level. --- Generally Accepted Accounting Principles (United States). --- Government budget balance. --- Government debt. --- Income tax in the United States. --- Inflation. --- Interest rate. --- International Monetary Fund. --- Jimmy Carter. --- John Maynard Keynes. --- Keynesian Revolution. --- Keynesian economics. --- Lehman Brothers. --- Macroeconomics. --- Milton Friedman. --- Monetarism. --- Monetary policy. --- Money market fund. --- National Bureau of Economic Research. --- National Commission on Fiscal Responsibility and Reform. --- National debt of the United States. --- Net interest margin. --- New classical macroeconomics. --- North American Free Trade Agreement. --- Phillips curve. --- Presidency of Bill Clinton. --- Reagan tax cuts. --- Real versus nominal value (economics). --- Recession. --- Savings and loan crisis. --- Seasonally adjusted annual rate. --- Supply-side economics. --- Tax Policy Center. --- Tax Reform Act of 1986. --- Tax cut. --- Tax reform. --- Tax. --- Treasury Bill. --- Treasury Offering. --- Treasury Yield. --- Troubled Asset Relief Program. --- Unemployment. --- United States Secretary of the Treasury. --- United States Treasury security. --- United States debt ceiling. --- United States dollar. --- United States federal budget. --- We are all Keynesians now. --- Whip inflation now.
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