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We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can...
Persistent link: https://www.econbiz.de/10011380751
. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are …
Persistent link: https://www.econbiz.de/10010226599
This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness … (Bossone, The portfolio theory of inflation and policy (in)effectiveness, 2019). The PTI shows that when an economy is heavily … and policies aimed to stimulate output growth dissipate into domestic currency depreciation and higher inflation, with …
Persistent link: https://www.econbiz.de/10012140238
regime during a deceleration in economic activity and with headline and core inflation remaining well below the FOMC's 2 … percent inflation target. Moreover, both short- and long-term inflation expectations were drifting lower. These developments …
Persistent link: https://www.econbiz.de/10012216728
growth, inflation rate, and exchange rate on the balance of payments by net foreign assets (NFA) in 17 developing countries … results indicate that domestic credit, interest rate, inflation and exchange rate have a significantly negative, while real …
Persistent link: https://www.econbiz.de/10014312315
The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...
Persistent link: https://www.econbiz.de/10014464256
In most highly-developed economies, governments have handed management of inflation entirely over to their central … banks, and for good reason. With inflation largely beaten by central bankers for nearly five decades, there has been little … ideal. While central banks today say that they are aiming for a "soft landing" in which inflation slows but major economies …
Persistent link: https://www.econbiz.de/10014262772
and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s … information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the …
Persistent link: https://www.econbiz.de/10009767691
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange...
Persistent link: https://www.econbiz.de/10011446194
countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …
Persistent link: https://www.econbiz.de/10011449687