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Monetary Policy Implementation : Misconceptions and Their Consequences

Disyatat, Piti - 2013

inappropriate characterizations of monetary policy, as well as to ill-defined discussions of liquidity effects, the bank lending …

Persistent link: https://www.econbiz.de/10012710838

The Revived Bretton Woods System, Liquidity Creation, and Asset Price Bubbles

Dellas, Harris - 2013

led to the creation of excessive global liquidity, which has contributed to asset price bubbles. Although the exchange …

Persistent link: https://www.econbiz.de/10013083537

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

Bank Reserves and Broad Money in the Global Financial Crisis : A Quantitative Evaluation

Corrado, Luisa - 2020

The Federal Reserve responded to the global financial crisis by initiating an unprecedented expansion of central bank money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we develop a model where the central bank can provide...

Persistent link: https://www.econbiz.de/10012824250

The Bitcoin Market Potential Index

Hileman, Garrick - 2016

The Bitcoin Market Potential Index conceptualizes and ranks the potential utility of bitcoin across 178 countries to show where the cryptocurrency has the greatest relative potential for adoption. The index utilizes a data set with 40 variables from the following areas: technology penetration,...

Persistent link: https://www.econbiz.de/10012996346

Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Gokhale, Jagadeesh - 2009

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Persistent link: https://www.econbiz.de/10013155688

Managing monetary policy normalization

Benigno, Gianluca; Benigno, Pierpaolo - 2022

We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity … trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few … tightening starts before the liftoff of the policy rate. Moreover, the withdrawal of liquidity takes place at a very slow pace …

Persistent link: https://www.econbiz.de/10013193365

What Is New about Cryptocurrencies? A Visual Analysis

Kavuri, Anil Savio - 2019

In the context of recent developments with cryptocurrencies, as well as the potential rise of central bank digital currencies, we present a new visualisation of money. Using three novel figures, we distinguish between the relevant mechanisms, technologies, recordkeeping, and transactions of...

Persistent link: https://www.econbiz.de/10012860773

Monetary Policy Implementation : Operational Issues for Countries with Evolving Monetary Policy Frameworks

Maehle, Nils O. - 2020

This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be...

Persistent link: https://www.econbiz.de/10012840604

Designing New Money - The Policy Trilemma of Central Bank Digital Currency

Bjerg, Ole - 2017

The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...

Persistent link: https://www.econbiz.de/10012954346

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