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Do Central Banks‘ repo Transactions and Liquidity Infusions Increase Financial Stability Risks? A Case for Circular Monetary Economics
Kouam, Henri - 2020
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
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On the stabilizing role of cash for societies
Rösl, Gerhard; Seitz, Franz - 2022
remarks on the importance of money for the economy in general, special attention is paid to the unique characteristics of cash …
Persistent link: https://www.econbiz.de/10013266037
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Uncertainty, politics, and crises : the case for cash
Rösl, Gerhard; Seitz, Franz - 2023
We analyze the repercussions of different kinds of uncertainty on cash demand, including uncertainty of the digital infrastructures, confidence crises of the financial system, natural disasters, political uncertainties, and inflationary crises. Based on a comprehensive literature survey,...
Persistent link: https://www.econbiz.de/10014299396
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Banks' balance-sheet costs, monetary policy, and the ON RRP
Afonso, Gara; Cipriani, Marco; La Spada, Gabriele - 2022
investment of money market funds (MMFs) at the Federal Reserve's overnight reverse repo (ON RRP) facility has continued to …
Persistent link: https://www.econbiz.de/10013465412
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Heterogeneity in money holdings across euro area countries: The role of housing
Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - 2010
inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …
Persistent link: https://www.econbiz.de/10010300298
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Heterogeneity in money holdings across euro area countries : the role of housing
Setzer, Ralph; Noord, Paul Joseph van den; Wolff, Guntram B. - 2010
inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …
Persistent link: https://www.econbiz.de/10010208778
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Friedman's Monetary Economics in Practice
Nelson, Edward - 2011
to the path of short-term rates; 3) deposit insurance has been extended, helping to insulate the money stock from credit …
Persistent link: https://www.econbiz.de/10013124914
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012890990
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The Global Impact of Risk-Off Shocks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilising for financial markets and, absent an adequate policy response, may trigger severe recessions. In Caballero and Kamber (2019), we document that the unconventional policies adopted by the main central banks were effective in containing asset price...
Persistent link: https://www.econbiz.de/10012870096
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Monetary policy disconnect
Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah - 2020 - This version: December 11, 2020
Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...
Persistent link: https://www.econbiz.de/10012387237