tailieunhanh - WORKING PAPER SERIES NO 756 / MAY 2007: MAINTAINING LOW INFLATION MONEY, INTEREST RATES, AND POLICY STANCE

A third role of banks in the money market is to provide, in exchange for fees, commitments that help insure that investors in money market securities will be paid on a timely basis. One type of commitment is a backup line of credit to issuers of money market securities, which is typically dependent on the financial condition of the issuer and can be withdrawn if that condition deteriorates. Another type of commitment is a credit enhancement—generally in the form of a letter of credit—that guarantees that the bank will redeem a security upon. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 756 I MAY 2007 EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 756 I MAY 2007 MAINTAINING LOW INFLATION MONEY INTEREST RATES AND POLICY STANCE 1 by Samuel Reynard 2 In 2007 all ECB publications feature a motif taken from the 20 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 985126. I The views expressed in this paper do not necessarily reflect those of the Swiss National Bank. This paper was prepared for the Carnegie-Rochester Conference Series on Public Policy Mainstream Monetary Policy Analysis Circa 2006 Are There Reasons for Concern Pittsburgh PA November I0-II am grateful to Marvin Goodfriend Robert Lucas Ben McCallum Ed Nelson and an anonymous referee as well as CRCSPP ECB Monetary Analysis Workshop and Econometric Society 2007 Winter Meeting participants for helpful discussions and Cochrane kindly provided me with data on bonds excess returns and euro area data were kindly provided to me by the ECB Monetary Policy Stance Division. 2 Swiss National Bank Research Unit Boersenstrasse 15 8022 Zurich Switzerland Phone 4I 44 63I 32I6 e-mail European Central Bank 2007 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the author s . The views expressed in this paper do not necessarily reflect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is available from the ECB website http . ISSN 1561-0810

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