Showing 1 - 6 of 6
financial frictions. The political economy surrounding distributional consequences can sometimes lead to policy measures that …
Persistent link: https://www.econbiz.de/10010222156
the flexible price equilibrium. In this paper, we develop a twosector two-good closed economy new Keynesian model to study …
Persistent link: https://www.econbiz.de/10008810538
In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize … is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting …
Persistent link: https://www.econbiz.de/10011307888
aggregate welfare when the economy is hit by positive shocks to nontradable goods productivity or foreign interest rates. Fiscal …
Persistent link: https://www.econbiz.de/10011309046
Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...
Persistent link: https://www.econbiz.de/10012256941
We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially,...
Persistent link: https://www.econbiz.de/10014280913