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Monetary policy pass-through with central bank digital currency

Jiang, Janet Hua; Zhu, Yu - 2021 - Last updated: March 9, 2021

This paper investigates how the introduction of an interest-bearing central bank digital currency (CBDC) that serves as a perfect substitute for bank deposits as an electronic means of payment affects monetary policy pass-through. When the deposit market is not fully competitive, the CBDC tends...

Persistent link: https://www.econbiz.de/10012488040

Unregulated lending, mortgage regulations and monetary policy

Emenogu, Ugochi; Peterson, Brian - 2022 - Last updated: June 27, 2022

Macroprudential policies are often aimed at the traditional banking sector while nondepository financial institutions or shadow banks have limited or no prudential regulations. This paper studies the macroeconomic impact of household-side macroprudential tightening in the presence of unregulated...

Persistent link: https://www.econbiz.de/10013264902

Quantitative easing and long-term yields in small open economies

Díez de los Ríos, Antonio; Shamloo, Maral - 2017

We compare the Federal Reserve's asset purchase programs with those implemented by the Bank of England and the Swedish Riksbank, and the Swiss National Bank’s reserve expansion program. We decompose government bond yields into (i) an expectations component, (ii) a global term premium and (iii)...

Persistent link: https://www.econbiz.de/10011684923

An optimal macroprudential policy mix for segmented credit markets

Živanović, Jelena - 2021 - Last updated: June 28, 2021

welfare improving. First, in response to aggregate productivity and financial shocks, the welfare-maximizing monetary policy …

Persistent link: https://www.econbiz.de/10012549714

Central bank digital currency and banking: macroeconomic benefits of a cash-like design

Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza - 2021 - Last updated: December 17, 2021

Should a central bank digital currency (CBDC) be issued? Should its design be cash- or depositlike? To answer these questions, we theoretically and quantitatively assess the effects of a CBDC on consumption, banking and welfare. Our model introduces new general equilibrium linkages across...

Persistent link: https://www.econbiz.de/10012705082

Predicting the demand for central bank digital currency: a structural analysis with survey data

Li, Jiaqi - 2021 - Last updated: December 20, 2021

This paper predicts households' demand for a central bank digital currency (CBDC) with different design attributes by applying a structural demand model to a unique Canadian survey dataset. CBDC and its close alternatives, cash and demand deposits, are viewed as product bundles of different...

Persistent link: https://www.econbiz.de/10012705097

Short-run dynamics in a search-theoretic model of monetary exchange

Chiu, Jonathan; Molico, Miguel - 2020 - Last updated: November 18, 2020

idiosyncratic liquidity shocks as well as aggregate monetary shocks. Namely, we analyze the role of the endogenous non … shocks. Money is injected through lump-sum transfers, which have redistributive and persistent effects on output and prices … the absence of nominal rigidities. Furthermore, the effects of positive and negative monetary shocks are typically …

Persistent link: https://www.econbiz.de/10012321819

Safe payments

Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza; … - 2020 - Last updated: December 10, 2020

We use a simple model to study whether private payment systems based on bank deposits can provide the optimal level of safety. In the model, bank deposits backed by projects are subject to default risk that can be mitigated by a depositor's ex ante and ex post monitoring. Safe payment...

Persistent link: https://www.econbiz.de/10012388751

Monetary policy and the persistent aggregate effects of wealth redistribution

Kuncl, Martin; Ueberfeldt, Alexander - 2021 - Last updated: August 6, 2021

We identify a sizable wealth redistribution channel which creates a monetary policy trade-off whereby short-term economic stimulus is followed by persistently lower output over the medium term. This trade-off is stronger in economies with more nominal household debt but weakened by a more...

Persistent link: https://www.econbiz.de/10012603251

Central bank digital currency and monetary policy

Davoodalhosseini, Seyed Mohammadreza - 2018

Many central banks are contemplating whether to issue a central bank digital currency (CDBC). CDBC has certain potential benefits, including the possibility that it can bear interest. However, using CBDC is costly for agents, perhaps because they lose their anonymity when using CBDC instead of...

Persistent link: https://www.econbiz.de/10011878714

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