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The macroeconomic policy response to the global financial and economic crisis has brought interest rates (close to) zero and the public debt to record levels despite institutionalized monetary and fiscal polity rules. The paper discusses the long-term implications of asymmetric fiscal and...
Persistent link: https://www.econbiz.de/10014202495
deposit flight from the crisis economies is substituted by central bank credit. Given that this process has brought Deutsche …
Persistent link: https://www.econbiz.de/10013108357
-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange …
Persistent link: https://www.econbiz.de/10013091528
factors directly or indirectly influenced by the Bank of Japan: increased money holding of households and corporations …, central bank-backed debt-financed price controls and net capital outflows. …
Persistent link: https://www.econbiz.de/10013284915
The paper identifies based on the monetary over investment theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a neglect towards monetary policy reform in a world dominated by...
Persistent link: https://www.econbiz.de/10013111361
die Rückkehr zu symmetrischen Regeln in der Geld- und Finanzpolitik gefordert. -- Regeln ; Geldpolitik ; Finanzpolitik …
Persistent link: https://www.econbiz.de/10009233361
-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange …
Persistent link: https://www.econbiz.de/10009500749
Asian central banks into debtor positions versus the domestic banking systems. We show based on a central bank loss function … financial repression, or rising inflation or both. Assuming that a debtor central bank moved towards a freely floating exchange …
Persistent link: https://www.econbiz.de/10009775810
Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...
Persistent link: https://www.econbiz.de/10010431297
Asian central banks into debtor positions versus the domestic banking systems. We show based on a central bank loss function … financial repression, or rising inflation or both. Assuming that a debtor central bank moved towards a freely floating exchange …
Persistent link: https://www.econbiz.de/10010221431