Narrow search
Showing 1 - 10 of 110
Cover Image
The Macroeconomics of Central Bank Issued Digital Currencies
Barrdear, John - 2016
We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and … exchange. In a DSGE model calibrated to match the pre-crisis United States, we find that CBDC issuance of 30% of GDP, against …, and monetary transaction costs. Countercyclical CBDC price or quantity rules, as a second monetary policy instrument …
Persistent link: https://www.econbiz.de/10012986626
Cover Image
Banks are Not Intermediaries of Loanable Funds — Facts, Theory and Evidence
Jakab, Zoltan - 2020
In the loanable funds model, banks are modelled as resource-trading intermediaries that receive deposits of physical resources from savers before lending them to borrowers. In the financing model, banks are modelled as financial intermediaries whose loans are funded by ex-nihilo creation of...
Persistent link: https://www.econbiz.de/10012851034
Cover Image
Banks, Money and the Zero Lower Bound on Deposit Rates
Kumhof, Michael - 2020
We develop a New Keynesian model where all payments between agents require bank deposits, bank deposits are created through disbursement of bank loans, and banks face convex lending costs. At the zero lower bound on deposit rates (ZLBD), changes in policy rates affect activity through both real...
Persistent link: https://www.econbiz.de/10012851501
Cover Image
Liquidity Transformation, Collateral Assets and Counterparties
de Roure, Calebe - 2019
We investigate how counterparties' characteristics, and the collateral they use, interact with their demand for liquidity in the Bank of England's (BoE) operations. Between 2010 and 2016 there was regular usage of two BoE facilities: Indexed Long-Term Repos (ILTR) and the Funding for Lending...
Persistent link: https://www.econbiz.de/10012862159
Cover Image
On a Tight Leash : Does Bank Organisational Structure Matter for Macroprudential Spillovers?
Danisewicz, Piotr - 2015
This paper examines whether cross-border spillovers of macroprudential regulation depend on the organisational structure of banks' foreign affiliates. Our analysis compares the response of foreign banks' branches versus subsidiaries in the United Kingdom to changes in macroprudential regulations...
Persistent link: https://www.econbiz.de/10013027472
Cover Image
A Sectoral Framework for Analyzing Money, Credit and Unconventional Monetary Policy
Cloyne, James; Thomas, Ryland; Tuckett, Alex; Wills, Samuel - 2015
This paper sets out an empirical framework for examining the dynamics of money and credit at a sectoral level. Our … stocks of broad money and credit held by different sectors. Each sector is modelled as a separate block with money, credit …
Persistent link: https://www.econbiz.de/10014132639
Cover Image
Collateral Requirements in Central Bank Lending
Du, Chuan - 2022
In periods of stress, acute liquidity squeeze can manifest in the riskier segments of the credit market, even amid a surplus of aggregate liquidity. In such scenarios, central bank interventions that directly lower the risky interest rate can be more effective than reductions in the risk-free...
Persistent link: https://www.econbiz.de/10013404344
Cover Image
Other Financial Corporations : Cinderella or Ugly Sister of Empirical Monetary Economics?
Chrystal, K. Alec; Mizen, Paul - 2005
This paper reports estimates of an econometric model of the determinants of OFCs' broad money holding and M4 lending to … OFCs. This is of interest as it gives information about a component of UK money and credit aggregates, and also because it … provides some evidence of the link between financial activity and growth of the real economy. The long-run equilibria for money …
Persistent link: https://www.econbiz.de/10014121368
Cover Image
Has Weak Lending and Activity in the United Kingdom Been Driven by Credit Supply Shocks?
Barnett, Alina - 2013
This paper investigates the role of credit demand and supply shocks in driving the weakness in UK banks' lending and economic activity during both the recent financial crisis and the various UK financial crises since 1966. It uses a structural vector autoregression analysis to identify separate...
Persistent link: https://www.econbiz.de/10013071472
Cover Image
Low Interest Rates and Housing Booms : The Role of Capital Inflows, Monetary Policy and Financial Innovation
Sá, Filipa - 2015
A number of OECD countries experienced an environment of low interest rates and a rapid increase in housing market activity during the last decade. Previous work suggests three potential explanations for these events: expansionary monetary policy, capital inflows due to a global savings glut and...
Persistent link: https://www.econbiz.de/10013038258