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Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency

Sun, Tao; Rizaldy, Ryan - 2023

This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they … banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv …) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service …

Persistent link: https://www.econbiz.de/10014350034

Spillovers to Emerging Markets from US Economic News and Monetary Policy

Engler, Philipp; Piazza, Roberto; Sher, Galen - 2023

When the U.S. economy sneezes, do emerging markets catch a cold? We show that economic news, and not just monetary policy, in the United States affects financial conditions in emerging markets. News about U.S. employment has the strongest effects, followed by news about economic activity and...

Persistent link: https://www.econbiz.de/10014350292

Measuring the Stances of Monetary and Fiscal Policy

Vitek, Francis - 2023

We derive measures of the stances of monetary and fiscal policy within the framework of an empirically plausible extension of the basic New Keynesian model, and jointly estimate them for the United States using a closed form multivariate linear filter. Our theoretical analysis reveals that the...

Persistent link: https://www.econbiz.de/10014350293

The Heterogeneous Effects of U.S. Monetary Policy on Non-Bank Finance

Hodge, Andrew; Weber, Anke - 2023

the assets of non-banks reliant on long-term funding, while increasing those of nonbanks reliant on short-term funding … transmission of monetary policy to financial and macroeconomic outcomes through the non-banks …

Persistent link: https://www.econbiz.de/10014350470

Optimal Monetary and Macroprudential Policies Under Fire-Sale Externalities

Lutz, Flora - 2023

I provide an integrated analysis of monetary and macroprudential policies in a model economy featuring a financial friction and a nominal wage rigidity. In this set-up, the monetary authority faces a trade-off between macroeconomic and financial stability: While expansionary counter-cyclical...

Persistent link: https://www.econbiz.de/10014350473

Shared Problem, Shared Solution : Benefits from Fiscal-Monetary Interactions in the Euro Area

Beyer, Robert; Duttagupta, Rupa; Fotiou, Alexandra; … - 2023

This paper employs two established macroeconomic models to show that fiscal policy in the euro area can help monetary policy in reducing inflation. Specifically, a fiscal consolidation of 1 percent of GDP for two years and 0.5 percent in the third year across the euro area would ease the policy...

Persistent link: https://www.econbiz.de/10014352982

The Anatomy of Monetary Policy Transmission in an Emerging Market

Eklou, Kodjovi - 2023

Monetary policy transmission in EMs has been found to be weak historically due to under-developed financial markets and heavy central bank intervention in FX markets that undermine the exchange rate channel. Against this background, this paper investigates the transmission of monetary policy,...

Persistent link: https://www.econbiz.de/10014353248

Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations

Brandao-Marques, Luis; Casiraghi, Marco; Gelos, Gaston; … - 2023

This paper examines whether high government debt levels pose a challenge to containing inflation. It does so by assessing the impact of government debt surprises on inflation expectations in advanced- and emerging market economies. It finds that debt surprises raise long-term inflation...

Persistent link: https://www.econbiz.de/10014353543

A Note of Caution on the Relation between Money Growth and Inflation

Berger, Helge; Karlsson, Sune; Österholm, Pär - 2023

We assess the bivariate relation between money growth and inflation in the euro area and the United States using hybrid time-varying parameter Bayesian VAR models. Model selection based on marginal likelihoods suggests that the relation is statistically unstable across time in both regions. The...

Persistent link: https://www.econbiz.de/10014353545

Macroprudential Policy and Bank Systemic Risk : Does Inflation Targeting Matter?

Belkhir, Mohamed; Ben Naceur, Sami; Candelon, Bertrand; … - 2023

This paper investigates macroprudential policy effects on bank systemic risk and the role of inflation targeting in such effects. Using bank-level data for 45 countries comprising various monetary and exchange rate regimes, our regime-dependent dynamic panel regression results point to...

Persistent link: https://www.econbiz.de/10014354108

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