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The optimal quantity of CBDC in a bank-based economy

Burlon, Lorenzo; Montes-Galdón, Carlos; Muñoz, Manuel A. - 2022

We provide evidence on the estimated effects of digital euro news on bank valuations and lending and find that they … bank intermediation and the economy. Under empirically-relevant assumptions (i.e., central bank collateral requirements and … through an expansion of the central bank balance sheet and profits. The issuance of CBDC exerts a smoothing effect on lending …

Persistent link: https://www.econbiz.de/10013328782

Comparing shocks and frictions in US and Euro area business cycles : a Bayesian DSGE approach

Smets, Frank (contributor); Wouters, Rafael (contributor) - 2004

Persistent link: https://www.econbiz.de/10002554857

Asset price booms and monetary policy

Detken, Carsten; Smets, Frank - 2004

The paper aims at deriving some stylised facts for financial, real, and monetary policy developments during asset price booms by means of aggregating information contained in 38 boom periods since the 1970s for 18 OECD countries. We observe 26 macroeconomic variables in a pre-boom, boom and...

Persistent link: https://www.econbiz.de/10009639418

Forecasting with a Bayesian DSGE model

Smets, Frank; Wouters, Raf - 2004

In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. This paper illustrates how modern sticky-price dynamic stochastic general equilibrium models, estimated using Bayesian techniques, can...

Persistent link: https://www.econbiz.de/10009639449

Comparing shocks and frictions in US and euro area business cycles

Smets, Frank; Wouters, Raf - 2004

the propagation mechanism of those shocks or differences in the way the central bank responds to those economic …

Persistent link: https://www.econbiz.de/10009639451

The determination of wages of newly hired employees

Galuščák, Kamil; Keeney, Mary; Nicolitsas, Daphne; … - 2010

This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests...

Persistent link: https://www.econbiz.de/10009640406

A monetary policy strategy in good and bad times

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10009640775

Openness, imperfect exchange rate pass-through and monetary policy

Smets, Frank; Wouters, Rafael - 2002

Persistent link: https://www.econbiz.de/10001670887

The first twenty years of the European Central Bank : monetary policy

Hartmann, Philipp; Smets, Frank - 2018

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...

Persistent link: https://www.econbiz.de/10011959260

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10003636288