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Central Bank Digital Currency : When Price and Bank Stability Collide
Schilling, Linda; Fernández-Villaverde, Jesús; Uhlig, … - 2021
A central bank digital currency, or CBDC, may provide an attractive alternative to traditional demand deposits held in … private banks. When offering CBDC accounts, the central bank needs to confront classic issues of banking: conducting maturity … result that we call the CBDC trilemma: of the three goals of efficiency, financial stability (i.e., absence of runs), and …
Persistent link: https://www.econbiz.de/10013314768
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Rise of the Central Bank Digital Currencies : Drivers, Approaches and Technologies
Auer, Raphael; Cornelli, Giulio; Frost, Jon - 2021
drivers of CBDC development and take stock of design efforts. We set out a comprehensive database of technical approaches and … next take stock of the technical design options. More and more central banks are considering retail CBDC architectures in … which the CBDC is a direct cash-like claim on the central bank, but where the private sector handles all customer …
Persistent link: https://www.econbiz.de/10013315046
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Bitcoin Price Co-Movements and Culture
Caporale, Guglielmo Maria - 2020
This paper analyses the cultural drivers (tightness−looseness and individualism−collectivism) of Bitcoin prices co-movements and exchange shutdowns in 34 major countries around the world over the period 20 July 2010 – 5 February 2020. Under the assumption that investors prefer to use local...
Persistent link: https://www.econbiz.de/10012841932
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Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies
Auer, Raphael A.; Cornelli, Giulio; Frost, Jon - 2020
drivers of CBDC development and take stock of design efforts. We set out a comprehensive database of technical approaches and … next take stock of the technical design options. More and more central banks are considering retail CBDC architectures in … which the CBDC is a direct cash-like claim on the central bank, but where the private sector handles all customer …
Persistent link: https://www.econbiz.de/10012425561
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The Fed's Response to Economic News Explains the 'Fed Information Effect'
Bauer, Michael - 2020
High-frequency changes in interest rates around FOMC announcements are a standard method of measuring monetary policy shocks. However, some recent studies have documented puzzling effects of these shocks on private-sector forecasts of GDP, unemployment, or inflation that are opposite in sign to...
Persistent link: https://www.econbiz.de/10012839776
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What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board
Badinger, Harald - 2019
This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...
Persistent link: https://www.econbiz.de/10012892122
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Central Bank Policies and Financial Markets : Lessons from the Euro Crisis
Mody, Ashoka - 2019
The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we identify financial markets’ response to the...
Persistent link: https://www.econbiz.de/10012892183
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Monetary Policy Surprises and Exchange Rate Behavior
Gürkaynak, Refet S. - 2020
Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using eventstudies and ask whether an information effect, where the public...
Persistent link: https://www.econbiz.de/10012822502
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The Central Bank Governor and Interest Rate Setting by Committee
Ommeren, Emile van - 2019
This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out this analysis, we constructed a novel dataset of committee voting behaviour for six OECD countries for up to three decades. Using a range of Taylor-rule specifications, we show...
Persistent link: https://www.econbiz.de/10012861451
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Sectoral Labor Mobility and Optimal Monetary Policy
Cantelmo, Alessandro; Melina, Giovanni - 2021
How should central banks optimally aggregate sectoral inflation rates in the presence of imperfect labor mobility across sectors? We study this issue in a two-sector New-Keynesian model and show that a lower degree of sectoral labor mobility, ceteris paribus, increases the optimal weight on...
Persistent link: https://www.econbiz.de/10013315148