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Garratt, Rod; Martin, Antoine; McAndrews, James Joseph; … - 2015

This paper describes segregated balance accounts (SBAs), a concept for a new type of account that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess...

Persistent link: https://www.econbiz.de/10010528292

A note concerning government bond yields

Akram, Tanweer - 2020

This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence the...

Persistent link: https://www.econbiz.de/10012317613

Seigniorage in the 21st Century : A Study of the Profits from Money Creation in the United Kingdom and Denmark

Bjerg, Ole - 2017

This paper develops a new theory of seigniorage suited to modern economies where the majority of money is created not …. We identify four different forms of seigniorage that take account of the modern institutional separation between the …' and ‘money users'. The new typology differentiates between seigniorage profits arising from interest rate spreads on …

Persistent link: https://www.econbiz.de/10012962590

On the equivalence of private and public money

Brunnermeier, Markus Konrad; Niepelt, Dirk - 2019

When does a swap between private and public money leave the equilibrium allocation and price system unchanged? To answer this question, the paper sets up a generic model of money and liquidity which identifies sources of seignorage rents and liquidity bubbles. We derive sufficient conditions for...

Persistent link: https://www.econbiz.de/10012033128

Conventional and unconventional monetary policy

Cúrdia, Vasco; Woodford, Michael - 2009

We extend a standard New Keynesian model both to incorporate heterogeneity in spending opportunities along with two sources of (potentially time-varying) credit spreads and to allow a role for the central bank’s balance sheet in determining equilibrium. We use the model to investigate the...

Persistent link: https://www.econbiz.de/10003947905

Money talks

Hoerova, Marie; Monnet, Cyril; Temzelides, Ted - 2009

We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since...

Persistent link: https://www.econbiz.de/10003963765

Gauging the effectiveness of quantitative forward guidance : evidence from three inflation targeters

Andersson, Magnus; Hofmann, Boris - 2009

This paper conducts a comparative analysis of the performances of the forward guidance strategies adopted by the Reserve Bank of New Zealand, the Norges Bank and the Riksbank, with the aim to gauge whether forward guidance via publication of an own interest rate path enhances a central bank's...

Persistent link: https://www.econbiz.de/10003963779

Central bank haircut policy

Chapman, James; Chiu, Jonathan; Molico, Miguel - 2010

We present a model of central bank collateralized lending to study the optimal choice of the haircut policy. We show that a lending facility provides a bundle of two types of insurance: insurance against liquidity risk as well as insurance against downside risk of the collateral. Setting a...

Persistent link: https://www.econbiz.de/10008659919

New instruments of monetary policy

Chadha, Jagjit; Holly, Sean - 2011

We assess recent developments in monetary policy practice following the financial crisis drawing on papers from a specially convened conference in March 2010. In particular, we consider why central banks throughout the world have injected substantial quantities of liquidity into the financial...

Persistent link: https://www.econbiz.de/10008989899

Central bank purchases of government bonds

Huber, Samuel; Kim, Jaehong - 2015

We develop a dynamic general equilibrium model to analyze the effects of central bank purchases of government bonds by investigating the following three questions: Under what conditions are these purchases socially desirable, what incentive problems do they mitigate, and how large are these...

Persistent link: https://www.econbiz.de/10011389605

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