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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/10013338754
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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/10012543687
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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/10013193556
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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/10013427777
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Survey on New Zealanders' attitudes towards and knowledge of macroeconomic policy issues: Documentation of survey methodology and descriptive results
Hayo, Bernd; Neumeier, Florian - 2016
This paper provides background information and basic descriptive statistics for a representative survey of the New Zealand population conducted on our behalf by Research New Zealand in May 2016. The survey addresses important fiscal and monetary policy issues, including: (1) public preferences...
Persistent link: https://www.econbiz.de/10011537408
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Optimal monetary and macroprudential policy in a currency union
Palek, Jakob; Schwanebeck, Benjamin - 2015
The financial crisis proved strikingly that stabilizing the price level is a necessary but not a sufficient condition to ensure macroeconomic stability. The obvious candidate for addressing systemic risk is macroprudential policy. In this paper we study the optimal monetary and macroprudential...
Persistent link: https://www.econbiz.de/10011348234
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Bank of Canada communication and the predictability of Canadian monetary policy
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the Canadian target rate using macroeconomic variables and Bank of Canada (BOC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 60 target rate decisions between 1998 and 2006. We find that BOC communication is...
Persistent link: https://www.econbiz.de/10010271162
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Does FOMC communication help predicting federal funds target rate changes?
Hayo, Bernd; Neuenkirch, Matthias - 2009
We explain changes in the federal funds target rate using macroeconomic variables and Federal Open Market Committee (FOMC) communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to predict 75 target rate decisions between 1998 and 2006. We find, first, that...
Persistent link: https://www.econbiz.de/10010271168
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Using forecasts to uncover the loss function of FOMC members
Pierdzioch, Christian; Rülke, Jan-Christoph; Tillmann, … - 2013
We revisit the sources of the bias in Federal Reserve forecasts and assess whether a precautionary motive can explain the forecast bias. In contrast to the existing literature, we use forecasts submitted by individual FOMC members to uncover members' implicit loss function. Our key finding is...
Persistent link: https://www.econbiz.de/10010294354
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Establishing a hawkish reputation: Interest rate setting by newly appointed central bank governors
Neuenkirch, Matthias - 2012
In this paper, we explore the interest rate setting behavior of newly appointed central bank governors. We use the Kuttner and Posen (2010) sample, which covers 15 OECD countries, and estimate an augmented Taylor (1993) rule for the period 1974-2008. We find, first, that newly appointed...
Persistent link: https://www.econbiz.de/10010294374