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Designing Central Bank Digital Currencies
Agur, Itai - 2020
We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of...
Persistent link: https://www.econbiz.de/10012843523
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Cash Use Across Countries and the Demand for Central Bank Digital Currency
Khiaonarong, Tanai - 2019
The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card-not better. Demand for digital currency will thus be weak...
Persistent link: https://www.econbiz.de/10012889147
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Does Wall Street Understand Fed Speak? Monetary Policy Communication and Corporate Conference Calls
Cortes, Gustavo; Sethuraman, Mani; Silva, Felipe Bastos G. - 2021
We uncover a tone transmission channel of monetary policy wherein the linguistic tone of press releases by the Fed shapes the linguistic tone of macro-related dialogues in corporate conference calls occurring days after such releases. Applying machine-learning techniques to a granular dataset of...
Persistent link: https://www.econbiz.de/10013231304
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A Survey of Research on Retail Central Bank Digital Currency
Kiff, John - 2020
This paper examines key considerations around central bank digital currency (CBDC) foruse by the general public, based on a comprehensive review of recent research, centralbank experiments, and ongoing discussions among stakeholders. It looks at the reasonswhy central banks are exploring retail...
Persistent link: https://www.econbiz.de/10012828238
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Inconsistent voting behavior in the FOMC
Lähner, Tom - 2015
This paper examines determinants of inconsistent voting behavior in the Federal Open Market Committee (FOMC … as well as individual characteristics of FOMC members may play a significant role in inconsistent voting behavior. Using … FOMC voting data extracted from verbatim transcripts from 1989 until 2008 results can be summarized as follows: The regime …
Persistent link: https://www.econbiz.de/10010493584
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Should the Fed regularly evaluate its monetary policy framework?
Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Rosengren, Eric S. - 2018 - This version: October, 2018
Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe that spans the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were...
Persistent link: https://www.econbiz.de/10011937172
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FOMC communication and interest rate sensitivity to news
Tang, Jenny - 2017 - This version: October 2017
In this paper, I examine whether communications by the Federal Open Market Committee (FOMC) play a role in determining … intensity with which FOMC statements and meeting minutes discussed labor relative to other topics. I find that these labor topic …
Persistent link: https://www.econbiz.de/10011764553
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The regulatory and monetary policy nexus in the repo market
Anbil, Sriya; Senyuz, Zeynep - 2018
We examine the interaction of regulatory reforms and changes in monetary policy in the U.S. repo market. Using a proprietary data set of repo transactions, we find that differences in regional implementation of Basel III capital reforms intensified European dealers' window-dressing by 80%. Money...
Persistent link: https://www.econbiz.de/10011927168
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Management Guidance and Monetary Policy Transmission in the Eurozone
Afzali, Mansoor; Colak, Gonul; Mai, Sinh Thoi; Savor, … - 2023
We study whether management guidance affects how stock prices respond to monetary policy shocks in the Eurozone. Using intraday data to measure European Central Bank’s interest rate surprises, we show that issuing earnings guidance prior to the announcement attenuates the stock reaction for...
Persistent link: https://www.econbiz.de/10014254415
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Geography or skills: what explains Fed Wachters' forecast accuracy of US monetary policy?
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2008
FOMC decisions varies 5 to 10 basis points between the best and worstperformers across the sample. This heterogeneity is … important as it leads to greater financial market volatility after FOMC meetings. Finally, policy-makers are not impotent in …
Persistent link: https://www.econbiz.de/10010299141