“Cost-Benefit Analysis of Leaning against the Wind,” presentation delivered at the AQR Institute of Asset Management event “Perspectives: Unprecedented Monetary Policy Intervention,” London Business School, London, June 25. U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, U.S. Securities and Exchange Commission, and U.S. Commodity Futures Trading Commission (2015).
I should stress that the decision on the percentage of gold to be transferred to the ECB will have no implications for the consolidated gold holdings of the ESCB. The precise modalities of the initial transfer will be finalised before the end of the year.