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Designing Central Bank Digital Currencies
Agur, Itai - 2020
We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of...
Persistent link: https://www.econbiz.de/10012843523
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Cash Use Across Countries and the Demand for Central Bank Digital Currency
Khiaonarong, Tanai - 2019
The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card-not better. Demand for digital currency will thus be weak...
Persistent link: https://www.econbiz.de/10012889147
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Does Wall Street Understand Fed Speak? Monetary Policy Communication and Corporate Conference Calls
Cortes, Gustavo; Sethuraman, Mani; Silva, Felipe Bastos G. - 2021
We uncover a tone transmission channel of monetary policy wherein the linguistic tone of press releases by the Fed shapes the linguistic tone of macro-related dialogues in corporate conference calls occurring days after such releases. Applying machine-learning techniques to a granular dataset of...
Persistent link: https://www.econbiz.de/10013231304
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A Survey of Research on Retail Central Bank Digital Currency
Kiff, John - 2020
This paper examines key considerations around central bank digital currency (CBDC) foruse by the general public, based on a comprehensive review of recent research, centralbank experiments, and ongoing discussions among stakeholders. It looks at the reasonswhy central banks are exploring retail...
Persistent link: https://www.econbiz.de/10012828238
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Inconsistent voting behavior in the FOMC
Lähner, Tom - 2015
This paper examines determinants of inconsistent voting behavior in the Federal Open Market Committee (FOMC … as well as individual characteristics of FOMC members may play a significant role in inconsistent voting behavior. Using … FOMC voting data extracted from verbatim transcripts from 1989 until 2008 results can be summarized as follows: The regime …
Persistent link: https://www.econbiz.de/10010493584
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Should the Fed regularly evaluate its monetary policy framework?
Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Rosengren, Eric S. - 2018 - This version: October, 2018
Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe that spans the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were...
Persistent link: https://www.econbiz.de/10011937172
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FOMC communication and interest rate sensitivity to news
Tang, Jenny - 2017 - This version: October 2017
In this paper, I examine whether communications by the Federal Open Market Committee (FOMC) play a role in determining … intensity with which FOMC statements and meeting minutes discussed labor relative to other topics. I find that these labor topic …
Persistent link: https://www.econbiz.de/10011764553
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The regulatory and monetary policy nexus in the repo market
Anbil, Sriya; Senyuz, Zeynep - 2018
We examine the interaction of regulatory reforms and changes in monetary policy in the U.S. repo market. Using a proprietary data set of repo transactions, we find that differences in regional implementation of Basel III capital reforms intensified European dealers' window-dressing by 80%. Money...
Persistent link: https://www.econbiz.de/10011927168
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Geography or skills: what explains Fed Wachters' forecast accuracy of US monetary policy?
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2008
FOMC decisions varies 5 to 10 basis points between the best and worstperformers across the sample. This heterogeneity is … important as it leads to greater financial market volatility after FOMC meetings. Finally, policy-makers are not impotent in …
Persistent link: https://www.econbiz.de/10010299141
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Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 … financial market volatility after FOMC meetings. Finally, Fed communication may exert an influence on forecast accuracy. …
Persistent link: https://www.econbiz.de/10011604741