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Settlements, Bank for International - 2017

The great financial crisis of 2007-08 and the recession have generated active debate on the role of financial systems on the real economy. In particular, central banks have shown increased interest in how financial systems can evolve to maximise their contribution to the real economy. Many...

Persistent link: https://www.econbiz.de/10012959609

The inflationary consequences of prioritising central bank profits

Gebauer, Stefan; Pool, Sebastiaan; Schumacher, Julian - 2024

This paper examines the impact of rising interest rates on central bank profitability. Using a stylized income model, we demonstrate that changes in interest rates in combination with expansive balance sheet policies introduce a cyclical component into the central bank's profit and loss...

Persistent link: https://www.econbiz.de/10015176976

Central bank independence : myth and misunderstanding

Wray, L. Randall - 2014

It is commonplace to speak of central bank "independence" as if it were both a reality and a necessity. While the Federal Reserve is subject to the "dual mandate", it has substantial discretion in its interpretation of the vague call for high employment and low inflation. Most important, the...

Persistent link: https://www.econbiz.de/10010252188

Cross-country estimates of the degree of fiscal dominance and central bank independence

De Resende, Carlos (contributor) - 2007

This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say , is backed by the present discounted...

Persistent link: https://www.econbiz.de/10003484267

Public Liquidity Demand and Central Bank Independence

Barthelemy, Jean - 2020

This paper studies how private demand for public liquidity affects the independence of a central bank vis-à-vis the fiscal authority. Whereas supplying liquidity to the private sector creates degrees of freedom for fiscal and monetary authorities vis-à-vis each other, we show that the...

Persistent link: https://www.econbiz.de/10012844291

Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia

Volz, Ulrich - 2012

The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...

Persistent link: https://www.econbiz.de/10013110301

Central bank independence and democracy : does transparency matter?

Fayed, Mona Esam; Ezzat, Asmaa Mohamed - In: Contemporary economics 14 (2020) 2, pp. 90-111

CBI is the seemed contradiction between independence and democracy, known as the problem of accountability of the monetary … authority. Thus, this study empirically examines the potential effects of central bank transparency and independence on … disentangling the impact of independence and transparency on democracy. To this end, we regress democracy on both CBI and CB …

Persistent link: https://www.econbiz.de/10012237226

Unconventional monetary policy : between the past and future of monetary economics

Guerini, Mattia; Lamperti, Francesco; Mazzocchetti, Andrea - 2018

In this paper we discuss some of the monetary policy issues that have involved major central banks worldwide since the 2008 financial crisis, and which remain open. We provide an excursus of the unconventional monetary policies adopted by central banks in the last decade, focusing on the...

Persistent link: https://www.econbiz.de/10011824442

Does low inflation pose a risk to economic growth and central banks reputation?

Dąbrowski, Marek - 2020

Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not...

Persistent link: https://www.econbiz.de/10012230450

Can the Central Bank Alleviate Fiscal Burdens?

Reis, Ricardo - 2017

Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...

Persistent link: https://www.econbiz.de/10012948206