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The "Great moderation" has led the economists and policymakers to believe that the monetary policy pursued in the late '80s and carried on until the financial crisis in 2007, is correct. The crisis, however, has forced them to rethink this concept. The aim of this paper is to present the...
Persistent link: https://www.econbiz.de/10010616583
Persistent link: https://www.econbiz.de/10005013171
This paper addresses the perspective of Hayek’s doctrine on monetary arrangements in the economy and his favorable argument for an international central bank over national central bank. I also discussed Hayek’s view on free banking (i.e. for the free issue of bank notes) that would enable...
Persistent link: https://www.econbiz.de/10011260508
This paper examines quantity-targeting monetary policy in a two-period economy with fiat money, endogenously incomplete markets of financial securities, durable goods and production. Short positions in financial assets and long-term loans are backed by collateral, the value of which depends on...
Persistent link: https://www.econbiz.de/10010711866
Eurozone stehen die umfangreichen geldpolitischen Maßnahmen der Europäischen Zentralbank (EZB) in der Kritik. Dieser Beitrag … zeigt, dass die aktuelle Geldpolitik der EZB vor dem Hintergrund einer noch nicht überwundenen Bilanzrezession geboten ist … erfolgen. Trotz ihrer erheblichen Nebenwirkungen ist die aktuelle ultra-expansive Geldpolitik geboten; es ist aber erforderlich …
Persistent link: https://www.econbiz.de/10011189188
Recently, convincing evidence has been presented that the recession in the wake of the recent financial crisis resulted primarily from an overly levered housing sector that was forced to deleverage and cut consumption spending when faced with collapsing housing prices. Following this...
Persistent link: https://www.econbiz.de/10010986696
Secured debt has become a predominant form of credit. The purpose of this paper is to analyze collateral in a model of money and its interaction with monetary policy. Borrowing capacity, and ultimately consumption, is linked to the value of the asset that serves as collateral, specific to each...
Persistent link: https://www.econbiz.de/10010851491
This paper provides an overview of the impact of unconventional central bank instruments, the relevant international experiences and the room for application in Hungary. The use of unconventional instruments may be justified by the existence of financial market friction, turmoil, failure or...
Persistent link: https://www.econbiz.de/10010854236
The instruments applied by the ECB and the Fed1 during the crisis were based on similar principles, but as the ECB and the Fed function in different financial intermediary systems, they relied on different tools to respond to different types of challenges. Both institutions increased liquidity...
Persistent link: https://www.econbiz.de/10010854249
Recent slowdown of economic growth forces Russian political authorities to seek for policy measures to support economic activity, and monetary expansion is considered as one of possible alternatives. During the post-crisis period monetary authorities of advanced economies have relied heavily on...
Persistent link: https://www.econbiz.de/10010860850