http://www.bis.org/cbhub/list/author/author_4374/index.rss Research hub papers by author Stefano Ugolini en http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1756.en.pdf European Central Bank Working papers by Clemens Jobst, Stefano Ugolini The coevolution of money markets and monetary policy, 1815-2008 2014-12-19T12:31:59Z Money market structures shape monetary policy design, but the way central banks perform their operations also has an impact on the evolution of money markets. This is important, because microeconomic differences in the way the same macroeconomic policy is implemented may be non-neutral. In this paper, we take a panel approach in order to investigate both directions of causality. Thanks to three newly-collected datasets covering ten countries over two centuries, we ask (1) where, (2) how, and (3) with what results interaction between money markets and central banks has taken place. Our findings allow establishing a periodization singling out phases of convergence and divergence. They also suggest that exogenous factors by changing both money market structures and monetary policy targets may impact coevolution from both directions. This makes sensible theoretical treatment of the interaction between central bank policy and market structures a particularly complex endeavor. The coevolution of money markets and monetary policy, 1815-2008 2014-12-19T12:31:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1756.en.pdf Stefano Ugolini Clemens Jobst Clemens Jobst, Stefano Ugolini 2014-12-19 European Central Bank Working papers E52 G15 N20 http://www.norges-bank.no/en/about/published/publications/working-papers/2011/wp-201115/ Central Bank of Norway (Norges Bank) Working Papers by Stefano Ugolini What do we really know about the long-term evolution of central banking? Evidence from the past, insights for the present 2011-11-21T17:36:59Z The ongoing financial crisis is shaking central bankers' certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the centuries. This paper does so by taking a functional, instead of an institutional approach. The survey covers the provision of both microeconomic (financial stability) and macroeconomic (monetary stability) central banking functions in the West since the Middle Ages. The existence of a number of important trends (some unidirectional, some cyclical) is underlined. The findings have implications for the current debate on the institutional design of central banking, both in the U.S. and in the eurozone. Historical evidence suggests that neither changes in the organizational model of central banks nor government deficit monetization should necessarily be seen as evil; what is crucial to the success of any solution, is that the institutional agreement backing the existence of money-issuing organizations must be credible. The appendix provides a case study on Norway. What do we really know about the long-term evolution of central banking? Evidence from the past, insights for the present 2011-11-21T17:36:59Z Abstract http://www.norges-bank.no/en/about/published/publications/working-papers/2011/wp-201115/ Stefano Ugolini Stefano Ugolini 2011-11-21 Central Bank of Norway (Norges Bank) Working Papers http://www.norges-bank.no/en/about/published/publications/working-papers/2011/7/ Central Bank of Norway (Norges Bank) Working Papers by Stefano Ugolini Foreign exchange reserve management in the 19th century: The National Bank of Belgium in the 1850s 2011-07-05T12:37:00Z Stefano Ugolini Foreign exchange reserve management in the 19th century: The National Bank of Belgium in the 1850s 2011-07-05T12:37:00Z Abstract http://www.norges-bank.no/en/about/published/publications/working-papers/2011/7/ Stefano Ugolini Stefano Ugolini 2011-07-05 Central Bank of Norway (Norges Bank) Working Papers http://www.norges-bank.no/templates/article____78145.aspx Central Bank of Norway (Norges Bank) Working Papers by "Where it all began: lending of last resort and the Bank of England during the Overend-Gurney panic of 1866" Where it all began: lending of last resort and the Bank of England during the Overend-Gurney panic of 1866 2011-03-29T17:38:00Z Marc Flandreau and Stefano Ugolini Where it all began: lending of last resort and the Bank of England during the Overend-Gurney panic of 1866 2011-03-29T17:38:00Z Abstract http://www.norges-bank.no/templates/article____78145.aspx Stefano Ugolini Marc Flandreau "Where it all began: lending of last resort and the Bank of England during the Overend-Gurney panic of 1866 2011-03-29 Central Bank of Norway (Norges Bank) Working Papers http://www.norges-bank.no/templates/article____77742.aspx Central Bank of Norway (Norges Bank) Working Papers by Stefano Ugolini The international monetary system, 1844-1870: Arbitrage, efficiency, liquidity 2010-11-23T12:39:00Z by Stefano Ugolini The international monetary system, 1844-1870: Arbitrage, efficiency, liquidity 2010-11-23T12:39:00Z Abstract http://www.norges-bank.no/templates/article____77742.aspx Stefano Ugolini Stefano Ugolini 2010-11-23 Central Bank of Norway (Norges Bank) Working Papers http://www.norges-bank.no/templates/article____75746.aspx Central Bank of Norway (Norges Bank) Working Papers by Vincent Bignon, Marc Flandreau and Stefano Ugolini Bagehot for beginners: The making of lending of last resort operations in the mid-19th century 2009-11-11T17:38:59Z In this paper we survey the development of lending of last resort operations in the mid-19th century. We identify and document critical dimensions of the extension of lending of last resort functions, and also develop original empirical tests enabling us to identify such things as the emergence of “free lending” during financial crisis. Our focus is predominantly on the Bank of England, but we also survey some counterpart evidence for the Bank of France. Our main finding, which extends earlier work (Collins 1992), is that free lending and extensive liquidity support against good collateral developed gradually after 1847 and was already a fact of life before Bagehot published Lombard Street.Another finding is that the extension of the Bank of England’s LLR function went along with a reduction of its exposure to default risks, in contrast to accounts that have associated Lending of Last Resort with risk taking or feared, as some contemporaries did, that systematic LLR operations wouldencourage moral hazard. Finally, we provide a new interpretations of the “high rates” advocated by Bagehot. We suggest that they were meant to prevent banks from free riding on the security offered by the central bank, forcing them to march forward to prevent a market retreat and maintain a critical degree of liquidity. Bagehot for beginners: The making of lending of last resort operations in the mid-19th century 2009-11-11T17:38:59Z Abstract http://www.norges-bank.no/templates/article____75746.aspx Vincent Bignon Marc Flandreau Stefano Ugolini Vincent Bignon, Marc Flandreau and Stefano Ugolini 2009-11-06 Central Bank of Norway (Norges Bank) Working Papers