central bank liquidity into financial markets instead of goods markets. This leads to redistribution effects in favour of high …

to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic … stability. To contain domestic inflation these central banks absorb rather then provide liquidity in their regular monetary … surplus liquidity is less efficient, because absorbing liquidity raises the costs of monetary policy operations. By …

task - the coordination of the non-exit is more likely than the coordination of the exit. -- Geldpolitik ; Fiskalpolitik …

The paper explains internationally transmitted boom-and-bust cycles as the outcome of excessive liquidity supply based …

thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus … liquidity that mainly emanates from past accumulation of foreign reserves. We show based on an augmented Barro …-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange …