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CBDC next-level: A new architecture for financial "super-stability"

Bossone, Biagio; Haines, Michael R. - 2023

at the cost of suppressing the role of banks as lenders. A Central Bank Digital Currency (CBDC) could provide safe money … recent literature on CBDCs, in this study we propose what we call the "CBDC next-level model," whereby the central bank … risk from the banking system without adversely impacting banks' basic business. Once CBDC is injected in the system …

Persistent link: https://www.econbiz.de/10014474488

Delegation, time inconsistency and sustainable equilibrium

Basso, Henrique S. - 2008

This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy. The method of Chari and Kehoe (1990) is...

Persistent link: https://www.econbiz.de/10010321435

On the equivalence of private and public money

Brunnermeier, Markus K.; Niepelt, Dirk - 2019

Bank Digital Currency (CBDC). In particular, we show why CBDC need not undermine financial stability. …

Persistent link: https://www.econbiz.de/10012271930

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

The Rise and Fall of U.S. Inflation Persistence

Beechey, Meredith; Österholm, Pär - 2007

This paper estimates the path of inflation persistence in the United States over the last 50 years and draws implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization predict that the central bank's preference for output...

Persistent link: https://www.econbiz.de/10010321537

Monetary policy with reserves and CBDC: Optimality, equivalence, and politics

Niepelt, Dirk - 2020

reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline … must be taxed or subsidized. We generalize the Brunnermeier and Niepelt (2019) result on the macro irrelevance of CBDC but …

Persistent link: https://www.econbiz.de/10012671250

The Economic Limits of Bitcoin and the Blockchain

Budish, Eric B. - 2018

Persistent link: https://www.econbiz.de/10013342551

Pushing the limits: The European Central Bank's role in restoring sustainable growth

Bibow, Jörg - 2020

The European Central Bank (ECB) is a special, even unique central bank. It is a central bank without a treasury by its side or a state behind it, just as the euro, Europe's common currency that the ECB is tasked with guarding, is a 'denationalised' currency. The euro area is a rare exception to...

Persistent link: https://www.econbiz.de/10014565903

Incorporating Judgement in Fan Charts

Österholm, Pär - 2006

Within a decision-making group, such as the monetary-policy committee of a central bank,group members often hold differing views about the future of key economic variables. Such differences of opinion can be thought of as reflecting differing sets of judgement. This paper suggests modelling each...

Persistent link: https://www.econbiz.de/10010321568

Imperfect Central Bank Communication: Information versus Distraction

Dale, Spencer; Orphanides, Athanasios; Österholm, Pär - 2008

Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....

Persistent link: https://www.econbiz.de/10010321593

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