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  1. The impact of Covid-19 related policy responses on municipal debt markets
    Autor*in: Bernhardt, Robert; D'Amico, Stefania; Sordo Palacios, Santiago I.
    Erschienen: [2021]
    Verlag:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 244
    Fernleihe:
    keine Fernleihe

     

    Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility (MLF). Meanwhile, Congress enacted extensive fiscal measures that included direct aid to cities and states. To understand whether and how these policies worked, we employ a state-level regression model to estimate the relative efficacy of monetary and fiscal policy interventions for the term structure of muni-Treasury yield spreads. We find that fiscal and monetary policy together reduced those spreads by as much as 245 basis points. Fiscal policy contributed twice as much as monetary policy to the notable decline in shorter-term muniTreasury spreads. At longer maturities, the contribution of fiscal policy was at least three times as large as that of monetary policy, suggesting that it addressed fundamental credit concerns.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/251008
    Schriftenreihe: [Working paper] / Federal Reserve Bank of Chicago ; WP 2021, 14 (September 3, 2021)
    Schlagworte: Monetary Policy; Policy Effects; Stabilization; Bond Market; Security Markets; Government Bonds; Local Government Bonds
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Municipal markets and the municipal liquidity facility
    Autor*in: Fritsch, Nicholas; Bagley, John; Nee, Shawn
    Erschienen: 2021
    Verlag:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 36
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    Sprache: Englisch
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    Schriftenreihe: Working paper / Federal Reserve Bank of Cleveland ; 21, 07 (March 2021)
    Schlagworte: Monetary Policy; Policy Effects; Stabilization; Bond Market; Security Markets; Government Bonds; Local Government Bonds
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  3. Normalizing the central bank's balance sheet
    implications for inflation and debt dynamics
    Autor*in: Domínguez, Begoña; Gomis-Porqueras, Pedro
    Erschienen: [2022]
    Verlag:  Australian National University, Crawford School of Public Policy, Canberra

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1716
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CAMA working paper series ; 2022, 39 (May 2022)
    Schlagworte: Inflation; Government Bonds; Liquidity; Spreads; Maturity; Balance Sheet
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  4. Government default, bonds, and bank lending around the world
    what do the data say?
    Autor*in: Gennaioli, Nicola; Martin, Alberto; Rossi, Stefano
    Erschienen: July 2016
    Verlag:  GSE, Graduate School of Economics, Barcelona

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Barcelona GSE working paper series ; no 910
    Schlagworte: Sovereign Risk; Sovereign Default; Government Bonds
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  5. Why are banks not recapitalized during crises?
    Autor*in: Crosignani, Matteo
    Erschienen: July 2017
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

    I develop a model where the sovereign debt capacity depends on the capitalization of domestic banks. Low-capital banks optimally tilt their government bond portfolio toward domestic securities, linking their destiny to that of the sovereign. If the... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    I develop a model where the sovereign debt capacity depends on the capitalization of domestic banks. Low-capital banks optimally tilt their government bond portfolio toward domestic securities, linking their destiny to that of the sovereign. If the sovereign risk is sufficiently high, low-capital banks reduce private lending to further increase their holdings of domestic government bonds, lowering sovereign yields and supporting the home sovereign debt capacity. The model rationalizes, in the context of the eurozone periphery, the increase in domestic government bond holdings, the reduction of bank credit supply, and the prolonged fragility of the financial sector

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Finance and economics discussion series ; 2017, 084
    FEDS Working Paper ; No. 2017-084
    Schlagworte: Bank Capital; Bank Credit; Government Bonds; Risk-Shifting; Sovereign Crises
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen