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Board of Governors of the Federal Reserve System (via Public) / Dealer Inventory Constraints in the Corporate Bond Market during the COVID Crisis

Board of Governors of the Federal Reserve System (via Public) / Dealer Inventory Constraints in the Corporate Bond Market during the COVID Crisis
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Understanding how central banks use their balance sheets | VOX, CEPR Policy Portal


Stephen Cecchetti, Paul Tucker 01 June 2021
Since the Global Crisis, the size of central bank balance sheets has grown significantly. Traditional goals of price and financial stability are insufficient for assessing the success of modern central banking operations. This column introduces a new framework for categorising and understanding central bank balance sheet operations. Monetary policy decisions are separated from facilities for lender of last resort, market maker of last resort, providing selective credit, and ensuring emergency government financing. To maintain legitimacy and accountability, central banks should formally distinguish these operations by clearly setting out their purposes, objectives, and constraints. 
Willem Buiter, Anne Sibert ....

United Kingdom , Mario Draghi , Princeton University Press , Princeton University , Central Bank , Federal Reserve , Secondary Market Corporate Credit Facilities , Market Maker , Fed Goes , Fed Takes , Corporate Credit Risk , Unelected Power , Central Banking , Regulatory State , Development Economics , ஒன்றுபட்டது கிஂக்டம் , ப்ரிந்ஸ்டந் பல்கலைக்கழகம் ப்ரெஸ் , ப்ரிந்ஸ்டந் பல்கலைக்கழகம் , மைய வங்கி , கூட்டாட்சியின் இருப்பு , இரண்டாம் நிலை சந்தை பெருநிறுவன கடன் வசதிகள் , சந்தை தயாரிப்பாளர் , ஊட்டி செல்கிறது , பெருநிறுவன கடன் ஆபத்து , ஒழுங்குமுறை நிலை ,