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What Happens after the Central Bank of Brazil Increases the Target Interbank Rate by 1%?

Cysne, Rubens Penha - 2014

I start presenting an explicit solution to Taylorís (2001) model, in order to illustrate the link between the target interest rate and the overnight interest rate prevailing in the economy. Next, I use Vector Auto Regressions to shed some light on the evolution of key macroeconomic variables...

Persistent link: https://www.econbiz.de/10013059709

Monetary policy implementation in a negative rate environment

Boutros, Michael; Witmer, Jonathan - 2017

Monetary policy implementation could, in theory, be constrained by deeply negative rates since overnight market participants may have an incentive to invest in cash rather than lend to other participants. To understand the functioning of overnight markets in such an environment, we add the...

Persistent link: https://www.econbiz.de/10011673637

Estimating the Effects of Political Pressure on the Fed : A Narrative Approach with New Data

Drechsel, Thomas - National Bureau of Economic Research - 2024

This paper combines new data and a narrative approach to identify shocks to political pressure on the Federal Reserve. From archival records, I build a data set of personal interactions between U.S. Presidents and Fed officials between 1933 and 2016. Since personal interactions do not...

Persistent link: https://www.econbiz.de/10014544739

Seigniorage and central banks' financial results in times of unconventional monetary policy

Polański, Zbigniew; Szadkowski, Mikołaj - 2020

Persistent link: https://www.econbiz.de/10012241878

Central bank digital currencies and the emerging markets : the currency substitution challenge

Edwards, Sebastian - In: Challenge : the magazine of economic affairs 64 (2021) 5/6, pp. 413-424

Persistent link: https://www.econbiz.de/10013167560

Central Bank Digital Currencies and The Emerging Markets : The Currency Substitution Challenge

Edwards, Sebastian - National Bureau of Economic Research - 2021

costs of global CBDCs are associated with currency substitution, sudden currency depreciations, and lower seigniorage. At …

Persistent link: https://www.econbiz.de/10012696398

Unconventional monetary policies and central bank profits : seigniorage as fiscal revenue in the aftermath of the global financial crisis

Bibow, Jörg - 2018

This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the … as monetary policies are seeing their gradual "normalization". Seigniorage exposes the connections between currency … seigniorage, and in normal times seigniorage largely derives from the note issue supplemented by "own" resources. Essentially, the …

Persistent link: https://www.econbiz.de/10011910944

Central Bank Digital Currencies and the Emerging Markets : The Currency Substitution Challenge

Edwards, Sebastian - 2023

costs of global CBDCs are associated with currency substitution, sudden currency depreciations, and lower seigniorage. At …

Persistent link: https://www.econbiz.de/10014351704

Dynamic effects of monetary policy shocks on macroeconomic volatility

Mumtaz, Haroon; Theodoridis, Konstantinos - 2015

We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy rate by 150 basis points causes output and inflation...

Persistent link: https://www.econbiz.de/10011389786

Forward guidance in a simple model with a zero lower bound : conference paper

Illing, Gerhard; Siemsen, Thomas - 2014 - First Version: December 2013

In this paper we present a simple framework to model central bank forward guidance in a liquidity trap. We analyze the role of long-run and short-run price stickiness under discretion and commitment in a straightforward and intuitive way. Despite the impact of price rigidity on welfare being...

Persistent link: https://www.econbiz.de/10010483306

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