Front Matter Page
Research Department
Contents
I. Introduction
II. Money and the (Adjusted) Money Multiplier
III. Collateral
IV. Safe Assets and Treasury-bills—What Determines their Supply?
V. Collateral Chains
VI. Monetary Policy and Financial Lubrication
VII. Conclusion
References
Table
1. Definition of Terms Used
Figure
1. Monetary Base and Deposits at the Central Bank (1959-2011)
2. U.S. Total Credit Market Assets (ratio to GDP)
3. U.S. Ratio of Total US Financial Intermediaries Liabilities to Ultimate Liquidity
4. Ratio of Total US Commercial Bank Liabilities to Ultimate Liquidity
5. Ratio of Total US Nonbank Financial Intermediaries Liabilities to their holdings of C1
6. Ratio of T-Bills/Total Issuance by U.S. Treasury Since 1982
7. Bills/Total Issuance Relative to 10 year Yields minus 6-month Yields (1961-2011)
Annex
1. Debt Management Strategy of U.S. Treasury since the 1960s