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Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics
Niepelt, Dirk - 2020
We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with “pseudo wedges” and...
Persistent link: https://www.econbiz.de/10012425618
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Monetary Policy with Reserves and CBDC : Optimality, Equivalence, and Politics
Niepelt, Dirk - 2021
We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with “pseudo wedges” and...
Persistent link: https://www.econbiz.de/10013314899
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Real effects of quantitative easing at the zero-lower bound: Structural VAR-based evidence from Japan
Schenkelberg, Heike; Watzka, Sebastian - 2011
. These results are interesting not only for Japan, but also for other advanced economies where monetary policy is currently …
Persistent link: https://www.econbiz.de/10010274778
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Monetary Policy Interactions : The Policy Rate, Asset Purchases, and Optimal Policy with an Interest Rate Peg
Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023
We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The “divine...
Persistent link: https://www.econbiz.de/10014357043
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Liquidity, term spreads and monetary policy
Aksoy, Yunus; Basso, Henrique S. - 2012
We propose a model that delivers endogenous variations in term spreads driven primarily by banks' portfolio decision and their appetite to bear the risk of maturity transformation. We first show that fluctuations of the future profitability of banks' portfolios affect their ability to cover for...
Persistent link: https://www.econbiz.de/10010290138
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Interest Rate Spillovers from the United States : Expectations, Term Premia and Macro-Financial Vulnerabilities
Mehrotra, Aaron N. - 2019
We analyse how movements in the components of sovereign bond yields in the United States affect long-term rates in 10 advanced and 21 emerging economies. The paper documents significant global spillovers from both the expectations and term premia components of long-term rates in the United...
Persistent link: https://www.econbiz.de/10012860570
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A role model for China?: exchange rate flexibility and monetary policy in Japan
Schnabl, Gunther; Danne, Christian - 2007
Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan … policy after the shift of Japan from a fixed to a floating exchange rate regime. The econometric estimations allow for regime … soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap. …
Persistent link: https://www.econbiz.de/10010264171
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Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment
Latsos, Sophia; Schnabl, Gunther - 2021
monetary policy had a significant impact on Japan’s household behavior via the interest rate channel and the redistribution …
Persistent link: https://www.econbiz.de/10012581990
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Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment
Latsos, Sophia; Schnabl, Gunther - 2021
monetary policy had a significant impact on Japan’s household behavior via the interest rate channel and the redistribution …
Persistent link: https://www.econbiz.de/10013239569
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - 2021
Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan … policy after the shift of Japan from a fixed to a floating exchange rate regime. The econometric estimations allow for regime … soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap …
Persistent link: https://www.econbiz.de/10013316946