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The threat of counterfeiting in competitive search equilibrium

Shao, Enchuan - 2013

Recent studies in monetary theory show that if buyers can use lotteries to signal the quality of bank notes, counterfeiting does not occur in a pooling equilibrium. In this paper, I investigate the robustness of this non-existence result by considering an alternative trading mechanism....

Persistent link: https://www.econbiz.de/10009762123

CBDC and the operational framework of monetary policy

Abad, Jorge; Nuño, Galo; Thomas, Carlos - 2024

We analyze the impact of introducing a central bank-issued digital currency (CBDC) on the operational framework of monetary policy and the macroeconomy as a whole. To this end, we develop a New Keynesian model with heterogeneous banks, a frictional interbank market, a central bank with deposit...

Persistent link: https://www.econbiz.de/10014456302

A unified framework for CBDC design : remuneration, collateral haircuts and quantity constraints

Assenmacher, Katrin; Berentsen, Aleksander; Brand, Claus; … - 2021

We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the quantity of CBDC, the central bank can set the...

Persistent link: https://www.econbiz.de/10012596299

The heterogeneous impact of referrals on labor market outcomes

Lester, Benjamin; Rivers, David A.; Topa, Giorgio - 2021

We document a new set of facts regarding the impact of referrals on labor market outcomes. Our results highlight the importance of distinguishing between different types of referrals-those from family and friends and those from business contacts-and different occupations. Then we develop an...

Persistent link: https://www.econbiz.de/10012660361

Endogenous Matching and Money with Random Consumption Preferences

Hogan, Thomas L. - 2018

Current money matching models employ either random matching or endogenous matching processes, both of which … consumption preferences. We offer an endogenous matching model of money with random consumption preferences. Our model preserves … nonmonetary equilibria to other endogenous matching and random matching models. We then consider the effects of government …

Persistent link: https://www.econbiz.de/10012938017

CBDC and business cycle dynamics in a New Monetarist New Keynesian model

Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023

To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...

Persistent link: https://www.econbiz.de/10014314330

Fiscal Policy Effects in the European Union

Thams, Andreas - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2006

This paper analyzes empirically the impact of fiscal policy on the price level for the cases of Germany and Spain. We investigate whether the fiscal theory of the price level (FTPL) is able to deliver a reasonable explanation for the different performances of the price level in these two...

Persistent link: https://www.econbiz.de/10005861840

Inflation Persistence and the Phillips Curve Revisited

Karanassou, Marika; Snower, Dennis J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

A major criticism against staggered nominal contracts is that they give rise to the so called"persistency puzzle" although they generate price inertia, they cannot account for thestylised fact of inflation persistence. It is thus commonly asserted that, in the context of thenew Phillips curve...

Persistent link: https://www.econbiz.de/10005863257

Sovereign bond market integration:the euro, trading platforms and globalization

Schulz, Alexander; Wolff, Guntram B. - Deutsche Bundesbank <Frankfurt, Main> / … - 2008

We disentangle different driving factors of sovereign bond market integrationby studying yield co-movements of EMU countries, the UK, the US and 16German L¨ander in the last 15 years. At a low frequency of weeks, bondmarket integration has increased gradually in the course of the last 15 years...

Persistent link: https://www.econbiz.de/10005866179

Monetary policy and bank distress:an integrated micro-macro approach

de Graeve, Ferre; Kick, Thomas; Koetter, Michael - Deutsche Bundesbank <Frankfurt, Main> / … - 2008

Evidence on the interdependency between monetary policy and the state of thebanking system is scarce. We suggest an integrated micro-macro approach with twocore virtues. First, we measure the probability of bank distress directly at the banklevel. Second, we integrate a microeconomic hazard...

Persistent link: https://www.econbiz.de/10005866368