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Excess Reserves and Macroeconomic Instability

Scaramozzino, Pasquale - 2010

This paper is concerned with international reserves. It makes two main points. Firstly, excess reserves cannot be … control theory is employed to illustrate the stabilization problem in an economy in which excess reserves are financed by …

Persistent link: https://www.econbiz.de/10013139882

Can opacity of a credible central bank explain excessive inflation?

Baeriswyl, Romain; Cornand, Camille - 2007 - First version: January 2006 - This version: December 2006

Excessive inflation is usually attributed to the lack of central bank's credibility. In this context, most of the literature considers transparency a means to establish central bank's credibility. The contribution of this paper is twofold. First, it shows that, even in the absence of...

Persistent link: https://www.econbiz.de/10003470500

What kind of central bank competence?

Frankel, Alex; Kartik, Navin - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 2, pp. 697-727

How much information should a central bank (CB) have about (i) policy objectives and (ii) operational shocks to the effect of monetary policy? We consider a version of the Barro–Gordon credibility problem in which monetary policy signals an inflation-biased CB's private information on both...

Persistent link: https://www.econbiz.de/10011856711

The nexus of foreign reserves, exchange rate and inflation : recent empirical evidence from Sri Lanka

Ariyasinghe, Ayesh; Cooray, N.S. - In: South Asia economic journal : journal of the Institute … 22 (2021) 1, pp. 29-72

Persistent link: https://www.econbiz.de/10012586781

What drives gold demand in central bank's foreign exchange reserve portfolio?

Ghosh, Amit - In: Finance research letters 17 (2016), pp. 146-150

Persistent link: https://www.econbiz.de/10011596266

Does the accumulation of international reserves spur inflation? : a reappraisal

Steiner, Andreas - In: The North American journal of economics and finance : a … 41 (2017), pp. 112-132

Persistent link: https://www.econbiz.de/10011878943

Fighting inflation more effectively without transferring central banks' profits to banks

De Grauwe, Paul; Ji, Yuemei - 2023

The major central banks now operate in a regime of abundance of bank reserves. As a result, they can only raise the … money market rate by increasing the rate of remuneration of bank reserves. This, in turn, leads to large transfers of the … policies less effective. We propose a two-tier system of reserve requirements that would only remunerate the reserves in excess …

Persistent link: https://www.econbiz.de/10014422581

ECB communication as a stabilization and coordination device: evidence from ex-ante inflation uncertainty

Fernandes, Cecilia Melo - 2021

This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook information not only reduces professional...

Persistent link: https://www.econbiz.de/10012603073

Money under the mattress : inflation and lending of last resort

Barlevy, Gadi; Bird, Daniel; Fershtman, Daniel; Weiss, David - In: Journal of economic theory : JET 217 (2024), pp. 1-19

Persistent link: https://www.econbiz.de/10015067207

Interest, reserves, and prices

Benigno, Gianluca; Benigno, Pierpaolo - 2021

future real rates with respect to current ones, in stimulating aggregate demand. The quantity of reserves and their interest …

Persistent link: https://www.econbiz.de/10012584354

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