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Central banks have been considering the introduction of central bank digital currencies (CBDCs). The theoretical literature indicates that this may influence private banks' lending activity and their profitability with implications for financial stability. To provide empirical evidence on this...
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The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation. This paper describes some lessons relevant to...
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world of endogenous money. These concerns emanate naturally from a structuralist perspective on endogenous money. … diese Arbeit mit einer Neubewertung der endogenen Geldtheorie. Im Text wird zwischen Horizontalisten, Vertikalisten und … endogenen Geldtheorie behält die grundlegende Erkenntnis bei, dass die Geldmenge Kredit getrieben ist, aber behebt die …
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One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...
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