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The Role of IMF Conditionality for Central Bank Independence
Kern, Andreas - 2020
This paper studies the role of the International Monetary Fund (IMF) in promoting central bank independence (CBI). While anecdotal evidence suggests that the IMF has been playing a vital role for CBI, the underlying mechanisms of this influence are not well understood. We argue that the IMF has...
Persistent link: https://www.econbiz.de/10012824247
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Global Growth on Life Support? The Contributions of Fiscal and Monetary Policy Since the Global Financial Crisis
Baumann, Ursel - 2019
This paper compares the role of monetary and fiscal policy shocks in advanced and emerging economies. Using a model with a hierarchical structure we capture the variability of GDP response to policy shocks both between and within the groups of advanced and emerging countries. Our results provide...
Persistent link: https://www.econbiz.de/10012890779
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Stress Testing with Multi-Faceted Liquidity : The Central Bank Collateral Framework as a Financial Stability Tool
Cuzzola, Angelo; Barbieri, Claudio; Bindseil, Ulrich - 2023
The paper studies the central bank collateral framework and its impact on banks’ liquidity under an adverse stress test scenario. We construct a stress test model that accounts for a granular and multi-faceted representation of the liquidity of marketable and non-marketable assets. In...
Persistent link: https://www.econbiz.de/10014354850
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The Economics of Central Bank Digital Currency
Ahnert, Toni; Assenmacher, Katrin; Hoffmann, Peter; … - 2022
This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of...
Persistent link: https://www.econbiz.de/10013403003
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Dealing with a Liquidity Trap When Government Debt Matters : Optimal Time-Consistent Monetary and Fiscal Policy
Burgert, Matthias - 2014
sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap …
Persistent link: https://www.econbiz.de/10013061806
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The Minimum Liquidity Deficit and the Maturity Structure of Central Banks' Open Market Operations : Lessons from the Financial Crisis
Eisenschmidt, Jens - 2011
This paper studies the relationship between the size of the banking sector's refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10013132236
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The Impact of Constrained Monetary Policy on the Fiscal Multipliers on Output and Inflation
Bletzinger, Tilman - 2017
on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We … that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to …
Persistent link: https://www.econbiz.de/10012963016
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Market Power and Fiscal Policy in OECD Countries
Afonso, António - 2010
We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...
Persistent link: https://www.econbiz.de/10013145150
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Euro Area Inflation Differentials : The Role of Fiscal Policies Revisited
Checherita-Westphal, Cristina D.; Leiner-Killinger, Nadine - 2023
This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation … is difficult to find robust evidence of the fiscal policy stance or impulse impacting directly on inflation differentials …. We do find, however, support for an indirect effect of discretionary fiscal policy on inflation differentials working …
Persistent link: https://www.econbiz.de/10014257756
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Deflationary Financial Shocks and Inflationary Uncertainty Shocks : An SVAR Investigation
De Santis, Roberto A.; Van der Veken, Wouter - 2022
What are the economic implications of financial and uncertainty shocks? We show that financial shocks cause a decline in output and goods prices, while uncertainty shocks cause a decline in output and an increase in goods prices. In response to un-certainty shocks, firms increase their markups,...
Persistent link: https://www.econbiz.de/10014076665