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Do you even crypto, bro? : cryptocurrencies in household finance

Weber, Michael; Candia, Bernardo; Coibion, Olivier; … - 2023

other households. They also view it as a better hedge against inflation. For those holding cryptocurrencies, changes in … Bitcoin prices translate into their purchases of durable goods. Finally, exogenously-provided information about historical … returns of cryptocurrencies leads individuals to increase their desired crypto holdings and makes them more likely to actually …

Persistent link: https://www.econbiz.de/10014318228

A simple model of a central bank digital currency

Mishra, Bineet; Prasad, Eswar S. - 2023

We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially,...

Persistent link: https://www.econbiz.de/10014280913

Design choices for central bank digital currency: policy and technical considerations

Allen, Sarah; Capkun, Srdjan; Eyal, Ittay; Fanti, Giulia; … - 2020

Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...

Persistent link: https://www.econbiz.de/10012256941

Innocent bystanders? : monetary policy and inequality in the US

Coibion, Olivier; Gorodnichenko, Yuriy; Küng, Lorenz; … - 2012

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....

Persistent link: https://www.econbiz.de/10009548662

Using Internet data to analyse the labour market : a methodological enquiry

Kureková, Lucia Mýtna; Beblavý, Miroslav; Thum, … - 2014

With the growth of the Internet, online job portals have become an important medium for job matching. This paper focuses on methodological issues arising from the usage of online job vacancy data and voluntary web-based surveys to analyse the labour market. In addition to providing a...

Persistent link: https://www.econbiz.de/10010417991

Firms' inflation expectations: new evidence from France

Savignac, Frédérique; Gautier, Erwan; Gorodnichenko, Yuriy - 2022

Using a new survey of firms' inflation expectations in France, we provide novel evidence about the measurement and formation of inflation expectations on the part of firms. First, French firms report inflation expectations with a smaller, but still positive, bias than households and display less...

Persistent link: https://www.econbiz.de/10012873113

The inflation expectations of U.S. firms: evidence from a new survey

Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy - 2021

Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U.S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations displays unique dynamics, distinct from those of households and...

Persistent link: https://www.econbiz.de/10012518200

The subjective inflation expectations of households and firms : measurement, determinants, and implications

Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022

Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...

Persistent link: https://www.econbiz.de/10013271201

How did U.S. consumers use their stimulus payments

Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2020

Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15...

Persistent link: https://www.econbiz.de/10012266918

A reappraisal of the inflation-unemployment tradeoff

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2002

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

Persistent link: https://www.econbiz.de/10011414902