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Rise of the Central Bank Digital Currencies : Drivers, Approaches and Technologies
Auer, Raphael; Cornelli, Giulio; Frost, Jon - 2021
Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design...
Persistent link: https://www.econbiz.de/10013315046
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Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence
Niepelt, Dirk - 2018
I offer a macroeconomic perspective on the “Reserves for All” (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...
Persistent link: https://www.econbiz.de/10011931926
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Stable Money and Central Bank Independence : Implementing Monetary Institutions in Postwar Germany
Hefeker, Carsten - 2019
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This is a...
Persistent link: https://www.econbiz.de/10012860575
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so...
Persistent link: https://www.econbiz.de/10010274857
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Sustainability and Solvency of Government Finances Under the Euro : Illustrations and Policy Options
Oksanen, Heikki - 2020
In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several policy options for sustainability are...
Persistent link: https://www.econbiz.de/10012829317
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Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union
Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - 2009
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
Persistent link: https://www.econbiz.de/10010264547
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Macroeconomic stabilization policies in the EMU : spillovers, asymmetries, and institutions
Di Bartolomeo, Giovanni; Engwerda, Jacob; Plasmans, Joseph - 2005
This paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation...
Persistent link: https://www.econbiz.de/10010261121
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Trends in monetary policy transparency
Geraats, Petra Maria - 2009
Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary … inflation and economic development have undergone larger increases in transparency. Moreover, it shows that greater transparency …
Persistent link: https://www.econbiz.de/10010274045
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The effect of monetary unification on public debt and its real return
Beetsma, Roel; Vermeylen, Koen - 2005
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10010261138
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The Effects of Monetary Policy Surprises and Fiscal Sustainability Regimes in the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn’s (1998) approach through Schlicht’s (2003)...
Persistent link: https://www.econbiz.de/10014346445