Narrow search
Showing 1 - 10 of 116
Cover Image
A Bitcoin standard : lessons from the gold standard
Weber, Warren E. - 2016
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange...
Persistent link: https://www.econbiz.de/10011446194
Cover Image
Should banks be worried about dividend restrictions?
Schroth, Josef - 2023 - Last updated: September 27, 2023
Countercyclical bank capital requirements have emerged as a popular regulatory tool to help smooth financial cycles. The idea is to reduce capital requirements when exogenous shocks cause aggregate bank capital to decrease so that regulation does not needlessly constrain banks' supply of credit....
Persistent link: https://www.econbiz.de/10014456622
Cover Image
The cyclicality of sales, regular and effective prices : business cycle and policy implications
Coibion, Olivier; Gorodnichenko, Yuriy; Hong, Gee Hee - 2013
" prices) using data on prices and quantities sold for numerous retailers across many U.S. metropolitan areas. Inflation in the … effective prices paid by consumers declines significantly with higher unemployment while little change occurs in the inflation …
Persistent link: https://www.econbiz.de/10009690837
Cover Image
E-money : efficiency, stability and optimal policy
Chiu, Jonathan; Wong, Tsz-Nga - 2014
What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money … system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme? This paper provides a … first attempt to develop a micro-founded, dynamic, general-equilibrium model of e-money for investigating these policy …
Persistent link: https://www.econbiz.de/10010346217
Cover Image
Relationships in the interbank market
Chiu, Jonathan; Monnet, Cyril - 2016
The market for central bank reserves is mainly over-the-counter and exhibits a core-periphery network structure. This paper develops a model of relationship lending in the unsecured interbank market. In equilibrium, a tiered lending network arises endogenously as banks choose to build...
Persistent link: https://www.econbiz.de/10011517056
Cover Image
Monetary policy and financial stability : cross-country evidence
Friedrich, Christian; Hess, Kristina; Cunningham, Rose M. - 2015
Central banks may face challenges in achieving their price stability goals when financial stability risks are present. There is, however, considerable heterogeneity among central banks with respect to how they manage these potential trade-offs. In this paper, we review the institutional and...
Persistent link: https://www.econbiz.de/10011408612
Cover Image
On the essentiality of e-money
Chiu, Jonathan; Wong, Tsz-Nga - 2015
Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored … designed e-money system exhibits realistic arrangements including nonlinear pricing, cross-subsidization and positive …
Persistent link: https://www.econbiz.de/10011408632
Cover Image
The side effects of safe asset creation
Acharya, Sushant; Dogra, Keshav - 2021 - Last updated: July 14, 2021
welfare when alternative instruments are unavailable. Higher in inflation targets instead allow for negative real interest …
Persistent link: https://www.econbiz.de/10012591689
Cover Image
Eggs in one basket : security and convenience of digital currencies
Kahn, Charles M.; Rivadeneyra, Francisco; Wong, Tsz-Nga - 2021 - Last updated: January 28, 2021
Digital currencies store balances in anonymous electronic addresses. We analyze the tradeoffs between the safety and convenience of aggregating balances in addresses, electronic wallets and banks. In our model, agents balance the risk of theft of a large account with the cost to safeguarding a...
Persistent link: https://www.econbiz.de/10012421984
Cover Image
Payments on digital platforms : resiliency, interoperability and welfare
Chiu, Jonathan; Wong, Tsz-Nga - 2021 - Last updated: April 22, 2021
Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform's business model choice between accepting cash and issuing tokens, as well as the implications for welfare, resiliency, and interoperability. A cash platform...
Persistent link: https://www.econbiz.de/10012503511