How does the transmission of monetary policy change when a central bank digital currency (CBDC) is introduced in the … bank deposits are backed by loans and central bank reserves. We find that the effects of a canonical monetary policy shock ….g., interest rate or quantity of reserves shock). We also find that the response of the economy depends on the monetary policy …

Despite a number of helpful changes, including the adoption of an inflation target, the Fed's monetary policy strategy …% inflation goal and the growth rate of potential output. The resilience of the Fed's monetary policy strategy could be enhanced …

This paper evaluates the macroeconomic effects of monetary policy for a central bank digital currency rule with … traditional monetary policy in an open environment. We build a dynamic stochastic general equilibrium small open model economy … price are the two pathways through which a retail central bank digital currency rule under the traditional monetary policy …

We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset …

Galí (2014) showed that a monetary policy rule that raises interest rates in response to bubbles can paradoxically lead …

I have assessed changes in the monetary policy stance in the euro area since its inception by applying a Bayesian time …

in incentivizing central bank monetary policies from the monetary policy rate to the money market rates, lending rates … weakens the impact of monetary policy on the interest rate pass-through process, while the analysis of the asymmetric mean … analysis. Therefore, it is imperative that policymakers should account for financial development when designing monetary policy …