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The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector

Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel - 2023

Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian...

Persistent link: https://www.econbiz.de/10014229087

From Conventional to Unconventional Monetary Policies : The Consequences of the Market-Maker-of-Last-Resort

Giménez Roche, Gabriel - 2015

The increasing importance of commercial banks' noninterest-earning activities rendered conventional monetary policy relatively obsolete in the contemporary economy. It has been a long time since commercial banking was limited to bank lending activities. Indeed, it is now present in practically...

Persistent link: https://www.econbiz.de/10013013672

The COVID-19 Pandemic : Is Now the Time for Modern Monetary Theory or Permanent Monetary Finance?

Schlotmann, Olaf - 2020

debt. The idea that the government sells bonds to the central bank also play a key role in Modern Monetary Theory (MMT) and …, using MMT's own balances sheet analysis, that the theory is almost always contradicted by the actual workings of the modern … reserves to banks through borrowing in the bonds markets, which in its theory leads to a change in short-term interest rates …

Persistent link: https://www.econbiz.de/10012833335

Thinking beyond the pandemic : monetary policy challenges in the medium- to long-term

Dąbrowski, Marek - 2021

The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends. Monetary policy must take this effect into...

Persistent link: https://www.econbiz.de/10012592174

Future of the Economic and Monetary Union

Gortsos, Christos V. - 2022

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

Persistent link: https://www.econbiz.de/10014077291

Rules Versus Discretion in Monetary Policy Historically Contemplated

Glasner, David - 2017

Monetary-policy rules are attempts to cope with the implications of having a medium of exchange whose value exceeds its cost of production. Two classes of monetary rules can be identified: (1) price rules that target the value of money in terms of a real commodity, e.g., gold, or in terms of...

Persistent link: https://www.econbiz.de/10014121191

Economic policy in India : for economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010385761

The power of helicopter money revisited : a new Keynesian perspective

Carter, Thomas J.; Mendes, Rhys R. - 2020

We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...

Persistent link: https://www.econbiz.de/10012159954

Bond Markets and Unconventional Monetary Policy

Buraschi, Andrea - 2015

This paper is a comprehensive study of the discussion and empirical evidence about the impact of unconventional monetary policy on bond markets. The 2007/2008 Financial Crisis marks the beginning of a new monetary policy regime in which central banks engaged in different types of large scale...

Persistent link: https://www.econbiz.de/10013020631

Monetary and Macroprudential Policy and Welfare in An Estimated Four-Agent New Keynesian Model

Bratsiotis, George J.; Pathirage, Kasun D - 2023

We examine the social and agent-specific welfare effects of monetary and macroprudential policy in a four-agent estimated macroeconomic model, consisting of ''banked simple house- holds', underbanked simple households', 'firm owners', and 'bank owners'. Optimal capital requirement and loan loss...

Persistent link: https://www.econbiz.de/10014348688

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