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The optimal quantity of CBDC in a bank-based economy
Burlon, Lorenzo; Montes-Galdon, Carlos; Muñoz, Manuel A.; … - 2022
Persistent link: https://www.econbiz.de/10012806336
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The optimal quantity of CBDC in a bank-based economy
Burlon, Lorenzo; Montes-Galdón, Carlos; Muñoz, Manuel A. - 2022
We provide evidence on the estimated effects of digital euro news on bank valuations and lending and find that they … bank intermediation and the economy. Under empirically-relevant assumptions (i.e., central bank collateral requirements and … through an expansion of the central bank balance sheet and profits. The issuance of CBDC exerts a smoothing effect on lending …
Persistent link: https://www.econbiz.de/10013328782
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Openness, imperfect exchange rate pass-through and monetary policy
Smets, Frank; Wouters, Rafael - 2002
output, net trade and the exchange rate. It is shown that a central bank that wants to minimise the resource costs of …
Persistent link: https://www.econbiz.de/10011623407
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The first twenty years of the European Central Bank : monetary policy
Hartmann, Philipp; Smets, Frank - 2018
Persistent link: https://www.econbiz.de/10012113044
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The first twenty years of the European Central Bank : monetary policy
Hartmann, Philipp; Smets, Frank - 2018
On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...
Persistent link: https://www.econbiz.de/10011959260
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Asset price booms and monetary policy
Detken, Carsten; Smets, Frank - 2004
The paper aims at deriving some stylised facts for financial, real, and monetary policy developments during asset price booms by means of aggregating information contained in 38 boom periods since the 1970s for 18 OECD countries. We observe 26 macroeconomic variables in a pre-boom, boom and...
Persistent link: https://www.econbiz.de/10009639418
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Forecasting with a Bayesian DSGE model
Smets, Frank; Wouters, Raf - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. This paper illustrates how modern sticky-price dynamic stochastic general equilibrium models, estimated using Bayesian techniques, can...
Persistent link: https://www.econbiz.de/10009639449
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Comparing shocks and frictions in US and euro area business cycles
Smets, Frank; Wouters, Raf - 2004
the propagation mechanism of those shocks or differences in the way the central bank responds to those economic …
Persistent link: https://www.econbiz.de/10009639451
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The determination of wages of newly hired employees
Galuščák, Kamil; Keeney, Mary; Nicolitsas, Daphne; … - 2010
This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests...
Persistent link: https://www.econbiz.de/10009640406
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A monetary policy strategy in good and bad times
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...
Persistent link: https://www.econbiz.de/10009640775