Bank lending / bank balance sheet / bank / bank reserves / bank insolvency / distressed banking / external finance premium / bank drives / bank capital / bank reserve / important tool / liquidity services / Transactions services / /
Movie
As it happened / /
Organization
Congress / International Monetary Fund / Board of Governors of the Federal Reserve System / Philadelphia Fed / US Federal Reserve / Bank of Japan / Carnegie Mellon University / Federal Reserve Bank / Federal Open Market Committee / Tepper School of Business / /
Person
Ichiro Fukunaga / Huberto Ennis / Charles Steindel / Allan Meltzer / Chester Spatt / Al Broaddus / Pierre Liang / Robert Hetzel / Charles Plosser / Todd Keister / Hiroshi Fujiki / /
Position
Archer / Professor of Economics / central banker / Chairman / Carpenter / /
MONETARY POLICY AS A CARRY TRADE Marvin Goodfriend1 Revised August 2014 ABSTRACT: Quantitative monetary policy at the zero interest bound should be understood as a “bond market carry trade.” Net interest earnings on