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Why bank money creation?
Gersbach, Hans; Zelzner, Sebastian - 2022
We provide a rationale for bank money creation in our current monetary system by investigating its merits over a system with banks as intermediaries of loanable funds. The latter system could result when CBDCs are introduced. In the loanable funds system, households limit banks' leverage ratios...
Persistent link: https://www.econbiz.de/10013191634
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Lessons from the European financial crisis
Pagano, Marco - Center for Financial Studies - 2014
This paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis … fiscal distress, and inquires how the regulation of banks' sovereign exposures in the euro area should be changed to mitigate … new regulatory framework of the euro-area "banking union" can be expected to mitigate excessive forbearance and facilitate …
Persistent link: https://www.econbiz.de/10010961638
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Lessons from the European financial crisis
Pagano, Marco - 2014
This paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis … fiscal distress, and inquires how the regulation of banks' sovereign exposures in the euro area should be changed to mitigate … new regulatory framework of the euro-area "banking union" can be expected to mitigate excessive forbearance and facilitate …
Persistent link: https://www.econbiz.de/10010421125
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Inflation targeting as a monetary policy rule
Svensson, Lars E. O. - Center for Financial Studies - 1998
The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to...
Persistent link: https://www.econbiz.de/10010958497
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Robustly optimal monetary policy with near-rational expectations
Woodford, Michael - Center for Financial Studies - 2005
The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely modelconsistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close...
Persistent link: https://www.econbiz.de/10010958613
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Bayesian and adaptive optimal policy under model uncertainty
Svensson, Lars E. O.; Williams, Noah - Center for Financial Studies - 2006
We study the problem of a policymaker who seeks to set policy optimally in an economy where the true economic structure is unobserved, and policymakers optimally learn from their observations of the economy. This is a classic problem of learning and control, variants of which have been studied...
Persistent link: https://www.econbiz.de/10010958767
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LIBRA - a differentiated view on Facebook's virtual currency project
Brühl, Volker - 2019
Libra - a global virtual currency project initiated by Facebook - has been the subject of many controversial discussions since its announcement in June 2019. This paper provides a differentiated view on Libra, recognising that different development scenarios of Libra are conceivable. Libra could...
Persistent link: https://www.econbiz.de/10012118738
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Bayesian and Adaptive Optimal Policy under Model Uncertainty
Svensson, Lars E.O.; Williams, Noah - Center for Financial Studies - 2007
We study the problem of a policymaker who seeks to set policy optimally in an economy where the true economic structure is unobserved, and policymakers optimally learn from their observations of the economy. This is a classic problem of learning and control, variants of which have been studied...
Persistent link: https://www.econbiz.de/10005600452
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Robustly Optimal Monetary Policy with Near-Rational Expectations
Woodford, Michael - Center for Financial Studies - 2007
The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close...
Persistent link: https://www.econbiz.de/10005022441
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The European Central Bank
Binder, Michael; Wieland, Volker - Center for Financial Studies - 2006
The establishment of the ECB and with it the launch of the euro has arguably been a unique endeavor in economic history …
Persistent link: https://www.econbiz.de/10010958537