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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...
Persistent link: https://www.econbiz.de/10014544756
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Quantifying the Costs and Benefits of Quantitative Easing
Levin, Andrew T.; Lu, Brian L.; Nelson, William R. - National Bureau of Economic Research - 2022
We conduct a systematic analysis of the costs and benefits of large-scale securities purchases, using the Federal Reserve's QE4 program as a concrete example. This program was initiated at the onset of the pandemic in March 2020 and continued for two years, leading to a doubling of the Fed's...
Persistent link: https://www.econbiz.de/10013477241
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … determines the path of expected inflation, while news about the present value of surpluses drives unexpected inflation. I use … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long …
Persistent link: https://www.econbiz.de/10013361983
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Chapter 17. The Interaction Between Monetary and Fiscal Policy
Canzoneri, Matthew; Cumby, Robert; Diba, Behzad - In: Handbook of monetary economics : volume 3, (pp. 935-999). 2010
Our chapter reviews positive and normative issues in the interaction between monetary and fiscal policy, with an emphasis on how views on policy coordination have changed over the last 25 five years. On the positive side, noncooperative games between a government and its central bank have given...
Persistent link: https://www.econbiz.de/10014025625
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Central bank financial strength and inflation: Is there a robust link?
Perera, Anil; Ralston, Deborah; Wickramanayake, Jayasinghe - In: Journal of Financial Stability 9 (2013) 3, pp. 399-414
between central bank financial strength and inflation using an unbalanced panel data set for a sample of selected advanced and … strength and inflation. This relationship is robust in the presence of other determinants of inflation and for alternative …
Persistent link: https://www.econbiz.de/10010735823
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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Central banks : confronting the hard truths discovered and tough choices ahead
Hildebrand, Philipp - In: Business economics : the journal of the National … 50 (2015) 2, pp. 67-74
Persistent link: https://www.econbiz.de/10011413682
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Connected Lending of Last Resort
Mitchener, Kris; Monnet, Eric - National Bureau of Economic Research - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10013537763
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EZB-Krisenpolitik : OMT-Programm, Vollzuteilungspolitik und lender of last resort
Winkler, Adalbert - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 10, pp. 678-685
/Europäische Zentralbank statt. Dabei ging es im Kern um die Frage, ob das Outright-Monetary-Transactions-Programm der EZB mandatswidrig ist …
Persistent link: https://www.econbiz.de/10010190895
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Überschreitet die EZB mit ihren Staatsanleihekäufen ihr Mandat?
Matthes, Jürgen; Demary, Markus - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 9, pp. 607-615
Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...
Persistent link: https://www.econbiz.de/10010190547