Showing 1 - 10 of 35,828
Despite constituting the very heart of the monetary transmission mechanism, widespread misconceptions still exist regarding how monetary policy is implemented. This paper highlights the key misconceptions in this regard and shows how they have compromised the understanding of important aspects...
Persistent link: https://www.econbiz.de/10012710838
A central proposition in research on the role of banks in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits act as the driving force of bank lending. This paper argues that the emphasis on policy-induced changes in deposits is misplaced. A...
Persistent link: https://www.econbiz.de/10013122491
A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10013095074
Persistent link: https://www.econbiz.de/10011944433
The quantum money (q-money) as a possible convenient, socially innovative, technologically attractive and user … a number of topics: 1. The historical evolution of the money in the financial systems within the economies of the scales … and scopes over the centuries. 2. The definition on the electronic money in the financial systems within the economies of …
Persistent link: https://www.econbiz.de/10013011623
currencies, we present a new visualisation of money. Using three novel figures, we distinguish between the relevant mechanisms …, technologies, recordkeeping, and transactions of various forms of money, as well as the classifications of different types of money …, which use the software-based cryptographically secured recordkeeping, that support the issue of money with a credible …
Persistent link: https://www.econbiz.de/10012860773
This paper is a review of Danmarks Nationalbank's recent analysis of the prospects of implementing a Central Bank Digital Currency (CBDC) in Denmark. We concur with Nationalbanken's conclusion that CBDC does not add efficiency or further functionality to existing payment solutions. We argue,...
Persistent link: https://www.econbiz.de/10012927422
Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics”, an approach to monetary policy that seeks to...
Persistent link: https://www.econbiz.de/10012825201
money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the … implementation of CBDC in terms of their monetary policy implications. In the ‘money user scenario' CBDC co-exists with both cash and … commercial bank deposits. In the ‘money manager scenario' cash is abolished and CBDC co-exists only with commercial bank deposits …
Persistent link: https://www.econbiz.de/10012954346
Since Barnett derived the user cost price of money, the economic theory of monetary services aggregation has been … money. Is that because quantities of money are irrelevant to economic activity? To examine the role of monetary quantities … Singapore, this paper applies the user cost of money formula and the recently developed credit-card-augmented Divisia monetary …
Persistent link: https://www.econbiz.de/10012626752