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Is monetary financing inflationary? A case study of the Canadian economy, 1935 - 75
Ryan-Collins, Josh - 2015
to support the standard objection to such policies: that they will lead to uncontrollable inflation. Theoretical models … support for a relationship between monetary financing and inflation. The findings lend support to recent calls for explicit …
Persistent link: https://www.econbiz.de/10011545308
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Understanding inflation in emerging and developing economies
Ha, Jongrim; Kose, M. Ayhan; Ohnsorge, Franziska - 2019
Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early … 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a … checkered history of managing inflation among many EMDEs, disinflation occurred across all regions. This paper presents a …
Persistent link: https://www.econbiz.de/10012060219
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A framework for understanding inflation - with or without money
Bengtsson, Ingemar - 2005
This paper presents a model that pictures how inflation is determined in a decentralized market process where prices … setters of sequential contracts. An important property of the model is that inflation thus can be explained without any … reference to the quantity of money.Following up the finding that inflation is determined in a coordination game, it is …
Persistent link: https://www.econbiz.de/10013208483
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Changes in central bank procedures during the subprime crisis and their repercussions on monetary theory
Lavoie, Marc - 2010
The subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made even clearer the deficiencies and lack of realism in mainstream monetary theory, as can be found...
Persistent link: https://www.econbiz.de/10010286547
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The Bank of Amsterdam through the lens of monetary competition
Quinn, Stephen; Roberds, William - 2012
In 1683 the Bank of Amsterdam introduced a form of fiat money that successfully competed with the coinage of the time. We argue that the principal motive for this monetary innovation was the uncertain value of coins circulating within the Dutch Republic. The Bank's fiat money regime persisted...
Persistent link: https://www.econbiz.de/10010292366
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Reserves for all? Central bank digital currency, deposits, and their (non)-equivalence
Niepelt, Dirk - 2018
I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...
Persistent link: https://www.econbiz.de/10011961435
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Revisiting Public Support for the Euro, 1999-2017: Accounting for the Crisis and the Recovery
Roth, Felix; Baake, Edgar; Jonung, Lars; Nowak-Lehmann, … - 2018
This paper explores the evolution and determinants of public support for the euro since its creation in 1999 until the end of 2017, thereby covering the pre-crisis experience of the euro, the crisis years and the recent recovery. Using uniquely large macro and micro databases and applying...
Persistent link: https://www.econbiz.de/10013208809
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Macroeconomic effects of a government overdraft on its central bank account
Khemraj, Tarron - 2024
expansion) by focusing on domestic inflation, the foreign exchange (FX) rate, and the quantity of FX traded in the local market …. The empirical results suggest that the inflation rate is largely driven by foreign price and oil shocks. Nevertheless, the … the exchange rate, and slightly increasing the inflation rate. The latter finding has important implications for the …
Persistent link: https://www.econbiz.de/10014581897
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Seven replies to the critiques of Modern Money Theory
Tymoigne, Éric - 2021
Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political...
Persistent link: https://www.econbiz.de/10012818360
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COVID-19 and public support for the euro
Roth, Felix; Jonung, Lars; Most, Aisada - 2023
The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely...
Persistent link: https://www.econbiz.de/10014551686