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On the Emergence of International Currencies : An Experimental Approach
Cardozo, Marcos; Rosokha, Yaroslav; Zhang, Cathy - 2023
two-country, two-currency search model where the value of each currency is jointly determined by private agents’ decisions … and monetary policy formalized as changes in a country’s money growth rate. Results from the experiments indicate subjects …
Persistent link: https://www.econbiz.de/10014350947
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Gold's overly long farewell as money
Herr, Hansjörg - 2024
Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …
Persistent link: https://www.econbiz.de/10014632720
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Boom, bust, and Bitcoin : Bitcoin-bubbles as innovation accelerators
Huber, Tobias; Sornette, Didier - 2020
Bitcoin represents one of the most interesting technological breakthroughs and socio-economic experiments of the last decades. In this paper, we examine the role of speculative bubbles in the process of Bitcoin's technological adoption by analyzing its social dynamics. We trace Bitcoin's genesis...
Persistent link: https://www.econbiz.de/10012219370
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Social networks and the process of "globalization"
Duernecker, Georg; Vega-Redondo, Fernando - 2012
We propose a stylised dynamic model to understand the role of social networks in the phenomenon we call "globalization." This term refers to the process by which even agents who are geographically far apart come to interact, thus being able to overcome what would otherwise be a fast saturation...
Persistent link: https://www.econbiz.de/10011490085
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The effects of variance breaks on homogenous panel unit root tests
Herwartz, Helmut; Siedenburg, Florian - 2009
Noting that many economic variables display occasional shifts in their second order moments, we investigate the performance of homogenous panel unit root tests in the presence of permanent volatility shifts. It is shown that in this case, panel unit root tests derived under time invariant...
Persistent link: https://www.econbiz.de/10003887238
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Global policy at the zero lower bound in a large-scale DSGE model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo - 2010
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10008688538
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World real interes rates : a tale of two regimes
Chadha, Jagjit - 2012
Global real interest rates were driven up in the 1980s, partly to encourage disinflation, while subsequently structural and conjunctural factors have driven rates to lower levels. The increase in the global pool of savings and the fiscal correction associated with the long economic expansion...
Persistent link: https://www.econbiz.de/10009532045
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GPU Pricing of Exotic Cross-Currency Interest Rate Derivatives with a Foreign Exchange Volatility Skew Model
Dang, Duy-Minh - 2011
We present a Graphics Processing Unit (GPU) parallelization of the computation of the price of exotic cross-currency interest rate derivatives via a Partial Differential Equation (PDE) approach. In particular, we focus on the GPU-based parallel pricing of long-dated foreign exchange (FX)...
Persistent link: https://www.econbiz.de/10013133913
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The Impact of the Basel III Liquidity Standards on the Implementation of Monetary Policy
Schmitz, Stefan W. - 2012
interaction between the money market and monetary policy implementation. Based thereon, I argue that the future challenges to … the unsecured money market rate. Finally, I discuss potential policy reactions …
Persistent link: https://www.econbiz.de/10013114566
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Euro Crisis : From the Sovereigns to the Banks and Back to the Sovereigns
Gurdgiev, Constantin - 2011
The global financial crisis of 2007-2009 crystallized the underlying imbalances that are currently acting to tear apart the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro crisis, the insolvency of the Euro area member-states...
Persistent link: https://www.econbiz.de/10013122727