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Should the central bank issue e-money?
Kahn, Charles M.; Rivadeneyra, Francisco; Wong, Tsz-Nga - 2018
Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. The...
Persistent link: https://www.econbiz.de/10011944863
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The global financial cycle, monetary policies and macroprudential regulations in small, open economies
Bauer, Gregory H.; Pasricha, Gurnain Kaur; Sekkel, Rodrigo - 2016
This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across...
Persistent link: https://www.econbiz.de/10011520366
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Managing GDP tail risk
Duprey, Thibaut; Ueberfeldt, Alexander - 2020 - Last updated: January 28, 2020
We propose a novel framework to analyze how policy-makers can manage risks to the median projection and risks specific to the tail of gross domestic product (GDP) growth. By combining a quantile regression of GDP growth with a vector autoregression, we show that monetary and macroprudential...
Persistent link: https://www.econbiz.de/10012154134
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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
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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
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Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada
Champagne, Julien; Sekkel, Rodrigo - 2017
by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find …
Persistent link: https://www.econbiz.de/10011777945
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Firm inattention and the efficacy of monetary policy : a text-based approach
Song, Wenting; Stern, Samuel - 2022 - Last updated: January 11, 2022
This paper provides direct evidence of the importance of firm attention to macro-economic dynamics. We construct a text-based measure of firm attention to macro-economic news and document firm attention that is polarized and countercyclical. Differences in attention lead to asymmetric responses...
Persistent link: https://www.econbiz.de/10012797080
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Monetary policy, trends in real interest rates and depressed demand
Beaudry, Paul; Meh, Césaire Assah - 2021 - Last updated: August 16, 2021
long run. In particular, we show that if monetary policy reacts aggressively to inflation, this supports a steady state … where inflation is close to the central bank's target. However, the same aggressive policy simultaneously favours the … inflation are lower and monetary policy is constrained by the effective lower bound. We discuss how fiscal policy can be used to …
Persistent link: https://www.econbiz.de/10012546126
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Understanding post-COVID inflation dynamics
Harding Affeld, Martín Ignacio; Lindé, Jesper; … - 2022 - Last updated: December 13, 2022
-kinked demand schedule for goods produced by firms. Our model can jointly account for the modest decline in inflation during the … Great Recession and the surge in inflation post-COVID-19. Because our model implies a stronger transmission of shocks when … inflation is high, it generates conditional heteroskedasticity in inflation and inflation risk. Hence, our model can generate …
Persistent link: https://www.econbiz.de/10013466150
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The common component of CPI : an alternative measure of underlying inflation for Canada
Khan, Mikael; Morel, Louis; Sabourin, Patrick - 2013
In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly … distort the signal in many other measures of underlying inflation, and appears to capture price movements that are indicative … measures of underlying inflation monitored by the Bank of Canada. …
Persistent link: https://www.econbiz.de/10010188184