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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
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The optimal quantity of CBDC in a bank-based economy
Burlon, Lorenzo; Montes-Galdon, Carlos; Muñoz, Manuel A.; … - 2022
Persistent link: https://www.econbiz.de/10012806336
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Opting out of the great inflation: German monetary policy after the breakdown of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009
international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, we examine … policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of …
Persistent link: https://www.econbiz.de/10010298759
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Opting out of the great inflation: German monetary policy after the break down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2008
international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, we examine … policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of …
Persistent link: https://www.econbiz.de/10010303730
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Price setting and price adjustment in some European Union countries: Introduction to the special issue
Levy, Daniel; Smets, Frank - 2010
European Central Bank's Inflation Persistence Network. …
Persistent link: https://www.econbiz.de/10010336066
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Adaptive learning, persistence, and optimal monetary policy
Gaspar, Vítor; Smets, Frank; Vestin, David - 2006
We show that, when private sector expectations are determined in line with adaptive learning, optimal policy responds persistently to cost-push shocks. The optimal response is stronger and more persistent, the higher is the initial level of perceived inflation persistence by the private sector....
Persistent link: https://www.econbiz.de/10011604690
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US imbalances: the role of technology and policy
Bems, Rudolfs; Dedola, Luca; Smets, Frank - 2007
This paper investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed’s monetary policy. Estimating several Vector Autoregressions on US data over the period...
Persistent link: https://www.econbiz.de/10011604765
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Shocks and frictions in US business cycles: a Bayesian DSGE approach
Smets, Frank; Wouters, Raf - 2007
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...
Persistent link: https://www.econbiz.de/10011604768
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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/10011604904
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A quantitative perspective on optimal monetary policy cooperation between the US and the euro area
Adjemian, Stéphane; Darracq Pariès, Matthieu; Smets, Frank - 2008
The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric framework. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and the...
Persistent link: https://www.econbiz.de/10011604930