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Can Central Banks Go Broke?
Buiter, Willem H. - 2014
The paper answers three questions.(1) Does it matter if a central bank suffers a large capital loss? (2) Can the central bank become insolvent? (3) When, how and by whom should the central bank be recapitalised?
Persistent link: https://www.econbiz.de/10013048185
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The Economic Case for Monetary Union in the European Union
Buiter, Willem H. - 1997
Differential requirements for seigniorage provide a weak case for retaining monetary independence. As regards adjustment to asymmetric shocks, nominal exchange rate flexibility is at best a limited blessing and at worst a limited curse. Absence of significant fiscal redistribution mechanisms...
Persistent link: https://www.econbiz.de/10014089435
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Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution
Buiter, Willem H. - London School of Economics (LSE) - 2003
An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...
Persistent link: https://www.econbiz.de/10010745321
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Central banks and financial crises
Buiter, Willem H. - London School of Economics (LSE) - 2008
The paper draws lessons from the experience of the past year for the conduct of central banks in the pursuit of macroeconomic and financial stability. Macroeconomic stability is defined as either price stability or as price stability and sustainable output or employment growth. Financial...
Persistent link: https://www.econbiz.de/10010745389
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Seigniorage
Buiter, Willem H. - London School of Economics (LSE) - 2007
inflation tax (the reduction in the real value of the stock of base money due to inflation and (4) the operating profits of the … doing this can we appreciate the financial constraints on the Central Bank’s ability to pursue and achieve an inflation …
Persistent link: https://www.econbiz.de/10010746610
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The Role of Central Banks in Financial Stability: How has it changed?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2012
The roles of central banks in the advanced economies have expanded and multiplied since the beginning of the crisis. The conventional monetary policy roles - setting interest rates in the pursuit of macroeconomic stability and acting as lender of last resort and market maker of last resort to...
Persistent link: https://www.econbiz.de/10011083725
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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Central Banking and the Choice of Currency Regime in Accession Countries
Buiter, Willem H.; Grafe, Clemens - SUERF - The European Money and Finance Forum
believed to be most stable- currency boards and inflation targeting. We find that under either regime tensions are likely to … arise from the attempt to meet the accession criteria of a low inflation rate and a stable exchange rate. Due to likely … appreciation. Thus a currency board arrangement may well fail to produce an inflation rate below the Maastricht ceiling, unless the …
Persistent link: https://www.econbiz.de/10005529075
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Central Banking and the Choice of Currency Regime in Accession Countries
Buiter, Willem H.; Grafe, Clemens - 2001
believed to be most stable- currency boards and inflation targeting. We find that under either regime tensions are likely to … arise from the attempt to meet the accession criteria of a low inflation rate and a stable exchange rate. Due to likely … appreciation. Thus a currency board arrangement may well fail to produce an inflation rate below the Maastricht ceiling, unless the …
Persistent link: https://www.econbiz.de/10011689895
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The Quest for Stability: The Macro View
Buiter, Willem H.; Gerlach, Stefan; Kool, Clemens J.M.; … - 2010
On September 3-4, 2009 SUERF and Utrecht University School of Economicsorganized the Colloquium "The Quest for Stability" in Utrecht, the Netherlands. The papers included in this SUERF Study are based on contributions to the Colloquium.
Persistent link: https://www.econbiz.de/10011689943