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The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation : An Analysis with Household Data
Attanasio, Orazio - 1998
How far can shoe-leather go in explaining the welfare cost of inflation? Using a unique set of microeconomic data on … welfare cost of inflation analogous to Bailey's triangle, but based on a rigorous microeconomic framework. The welfare cost of … inflation varies considerably within the population, but never turns out to be very large (about 0.1 percent of consumption or …
Persistent link: https://www.econbiz.de/10012472217
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Sticky Prices Versus Monetary Frictions : An Estimation of Policy Trade-offs
Aruoba, S. Boragan - 2009
its money demand properties and determine the optimal long-run inflation rate that trades off the New Keynesian distortion …
Persistent link: https://www.econbiz.de/10012463778
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On the Welfare Cost of Inflation and the Recent Behavior of Money Demand
Ireland, Peter N. - 2008
low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …
Persistent link: https://www.econbiz.de/10012464547
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Adoption of Financial Technologies : Implications for Money Demand and Monetary Policy
Mulligan, Casey B. - 1996
finding that the elasticity is very small for interest rates below 5 percent suggests that the welfare costs of inflation are …
Persistent link: https://www.econbiz.de/10012473355
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Central Bank Digital Currency : Central Banking For All?
Fernández-Villaverde, Jesús - 2020
The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but...
Persistent link: https://www.econbiz.de/10012479277
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Monetary Policy in a World Without Money
Woodford, Michael - 2000
This paper considers whether the development of electronic money' poses any threat to the ability of central banks to control the value of their national currencies through conventional monetary policy. It argues that even if the demand for base money for use in facilitating transactions is...
Persistent link: https://www.econbiz.de/10012470890
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Central Bank Digital Currency and the Future of Monetary Policy
Bordo, Michael D. - 2017
We consider how a central bank digital currency (CBDC) could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. In particular, we find that CBDC can serve as a practically costless medium of exchange, secure store of value, and...
Persistent link: https://www.econbiz.de/10012454000
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Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Raskin, Max - 2016
Central banking in an age of digital currencies is a fast-developing topic in monetary economics. Algorithmic digital currencies such as bitcoin appear to be viable competitors to central bank fiat currency, and their presence in the marketplace may pressure central banks to pursue tighter...
Persistent link: https://www.econbiz.de/10012456437
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A Simple Model of a Central Bank Digital Currency
Mishra, Bineet; Prasad, Eswar S. - National Bureau of Economic Research - 2023
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/10014250215
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The costs and benefits of price stability
Feldstein, Martin S. (contributor); Feldstein, Martin S. (ed.) - 1999
Persistent link: https://www.econbiz.de/10000676626