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CBDC as competitor for bank deposits and cryptocurrencies
Fuchs, Max - 2022
central bank and retail banks, may thus observe a decline in the demand for their payments systems, i.e. cash and deposits …
Persistent link: https://www.econbiz.de/10013168975
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When does the introduction of a new currency improve welfare?
Fuchs, Max; Michaelis, Jochen - 2021
of cash traders who will be replaced by digital money traders. …
Persistent link: https://www.econbiz.de/10012543373
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Is a secondary currency essential? : on the welfare effects of a new currency
Fuchs, Max; Michaelis, Jochen - 2022
The coexistence of cash and digital currencies constitutes a system of parallel currencies. This paper tackles the … welfare improvement, the welfare effect depends on differences in returns and costs, and, in particular, the fraction of cash …
Persistent link: https://www.econbiz.de/10012819285
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Does a CBDC reinforce inefficiencies?
Fuchs, Max - 2022
This paper examines whether a central bank digital currency (CBDC) reinforces inefficiencies in transactions with cash … extended by a CBDC. We show that an interest-bearing CBDC reinforces inefficiencies in transactions with cash since opportunity … costs for cash holders and money supply increase. Nevertheless, a CBDC is able to increase welfare as long as the share of …
Persistent link: https://www.econbiz.de/10013328103
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The credit composition of global liquidity
Herwartz, Helmut; Ochsner, Christian; Rohloff, Hannes - 2021
We conceptualize global liquidity as global monetary policy and credit components by means of a large-scale dynamic factor model. Going beyond previous work, we decompose aggregate credit components into credit supply and demand flows directed at businesses, households and governments. We show...
Persistent link: https://www.econbiz.de/10012543579
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Global credit shocks and real economies
Herwartz, Helmut; Ochsner, Christian; Rohloff, Hannes - 2021
We estimate the marginal effects of identified components of global liquidity on 43 real economies. To this end, we employ global public and private credit components of Herwartz, Ochsner, and Rohloff (2021) in factor-augmented vector-autoregressions to trace credit shocks through the real...
Persistent link: https://www.econbiz.de/10012543597
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Complexity of ECB communication and financial market trading
Hayo, Bernd; Henseler, Kai; Rapp, Marc Steffen - 2019
We examine howthe verbal complexity of ECB communications affectsfi-nancial market trading based on high-frequency data fromEuropean stock index futures trading. Studying the 34 events between May 2009 and June 2017, during which the ECB Governing Council press conferences covered unconventional...
Persistent link: https://www.econbiz.de/10012039675
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Cash is king - effects of ECB's conventional and unconventional measures
Baumgärtner, Martin; Klose, Jens - 2019
In this paper we distinguish the responses of conventional and unconventional monetary policy measures on macroeconomic variables, using a high frequency data set which measures the impact of the ECB's monetary policy decisions. For the period 2002:01 to 2019:06 we show that unconventional and...
Persistent link: https://www.econbiz.de/10012099289
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Stable money and central bank independence : implementing monetary institutions in postwar Germany
Hefeker, Carsten - 2019
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This was...
Persistent link: https://www.econbiz.de/10012104198
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Monetary policy uncertainty and the response of the yield curve to policy shocks
Tillmann, Peter - 2017
This paper studies the non-linear response of the term structure of interest rates to monetary policy shocks. We show that uncertainty about monetary policy changes the way the term structure responds to monetary policy. A policy tightening leads to a significantly smaller increase in long-term...
Persistent link: https://www.econbiz.de/10011661992