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Central Banking Post Crises
Kiley, Michael T.; Mishkin, Frederic S. - National Bureau of Economic Research - 2024
The world economy has experienced the largest financial crisis in generations, a global pandemic, and a resurgence in inflation during the first quarter of the 21st century, yielding important insights for central banking. Price stability has important benefits and is the responsibility of a...
Persistent link: https://www.econbiz.de/10014512091
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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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Expectations and the Neutrality of Interest Rates
Cochrane, John H. - National Bureau of Economic Research - 2022
We finally have a complete theory of inflation under interest rate targets, that mirrors the long-run neutrality and … frictionless limit of monetary theory: Inflation can be stable and determinate under interest rate targets, including a k percent …
Persistent link: https://www.econbiz.de/10013388824
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US Monetary Policy and the Return to Price Stability
Clarida, Richard H. - National Bureau of Economic Research - 2023
This paper assesses the proximate causes of the post pandemic surge in US inflation, the Federal Reserve's real time reaction to and interpretation of incoming data in 2021, and the pivot to raising rates and shrinking the balance sheet that commenced in 2022 and continues in 2023. Particular...
Persistent link: https://www.econbiz.de/10014337754
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Quantitative Tightening Around the Globe : What Have We Learned?
Du, Wenxin; Forbes, Kristin; Luzzetti, Matthew N. - National Bureau of Economic Research - 2024
transactions did not significantly affect the pricing and market liquidity of government debt securities. Finally, we evaluate who …
Persistent link: https://www.econbiz.de/10014528361
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The Subjective Inflation Expectations of Households and Firms : Measurement, Determinants, and Implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013210074
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Price Level and Inflation Dynamics in Heterogeneous Agent Economies
Kaplan, Greg; Nikolakoudis, Georgios; Violante, Giovanni L. - National Bureau of Economic Research - 2023
We study equilibria in a heterogeneous-agent incomplete-market economy with nominal government debt and flexible prices. Unlike in representative agent economies, steady-state equilibria exist when the government runs persistent deficits, provided that the level of deficits is not too large. In...
Persistent link: https://www.econbiz.de/10014322820
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U.S. Liquid Government Liabilities and Emerging Market Capital Flows
Lee, Soyean; Engel, Charles - National Bureau of Economic Research - 2024
tightening. We offer new evidence to confirm these findings, and then propose a theory based on the liquidity of U.S. government … liabilities held by the public. We hypothesize that QE, by increasing liquidity, offers greater flexibility for investors that … investments in illiquid loans to emerging markets. The effect of increasing the liquidity of U.S. government liabilities on …
Persistent link: https://www.econbiz.de/10014576601
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Monetary Policy Transmission under Financial Repression
Chen, Kaiji; Xiao, Yiqing; Zha, Tao - National Bureau of Economic Research - 2023
According to the conventional bank lending channel of monetary policy, wholesale funding in economies with well-developed financial markets moves negatively with retail deposits in response to changes in the monetary policy rate, thereby weakening the transmission of monetary policy. We present...
Persistent link: https://www.econbiz.de/10014322783
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International Liquidity Management : Sterilization Policy in Illiquid Financial Markets
Caballero, Ricardo J. - 2000
the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems … liquidity management issues more generally …
Persistent link: https://www.econbiz.de/10012471010