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Central bank digital currency and monetary policy implementation
Caccia, Enea; Tapking, Jens; Vlassopoulos, Thomas - 2024
This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of commercial bank deposits held by customers, which...
Persistent link: https://www.econbiz.de/10014517259
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The Norwegian overnight interbank market during the Covid pandemic
Akram, Qaisar Farooq; Findreng, Jon; Smith, Lyndsie - 2023
We analyse the behaviour of the Norwegian unsecured overnight interbank market in response to heightened uncertainty and the central bank's liquidity support measures following the Covid-19 pandemic. The liquidity measures enabled banks to fulfil their liquidity needs primarily through...
Persistent link: https://www.econbiz.de/10014314135
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Assessing targeted longer-term refinancing operations : identification through search intensity
Laine, Olli-Matti; Nelimarkka, Jaakko - 2023
We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with a novel identification approach based on high-frequency web search data....
Persistent link: https://www.econbiz.de/10014364058
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The effects of the ECB's pandemic-related monetary policy measures
Nelimarkka, Jaakko; Laine, Olli-Matti - 2021
growth by approximate 2 percentage points in 2020-2021 and inflation by 0.5 percentage points. The longer-term refinancing …
Persistent link: https://www.econbiz.de/10012622376
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The bias of the ECB inflation projections : a State-dependent analysis
Granziera, Eleonora; Jalasjoki, Pirkka; Paloviita, Maritta - 2024
We test for state-dependent bias in the European Central Bank's inflation projections. We show that the ECB tends to … underpredict when the observed inflation rate at the time of forecasting is higher than an estimated threshold of 1.8%. The bias is … most pronounced at intermediate forecasting horizons. This suggests that inflation is projected to revert towards the …
Persistent link: https://www.econbiz.de/10014532443
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Digital euro safeguards - protecting financial stability and liquidity in the banking sector
Lambert, Claudia; Meller, Barbara; Pancaro, Cosimo; … - 2024
A digital euro would provide the general public with an additional means of payment in the form of risk-free central bank money in digital form that is universally accepted for digital payments across the euro area. A digital euro would offer a wide range of financial stability benefits,...
Persistent link: https://www.econbiz.de/10014517262
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Monetary policy rules : model uncertainty meets design limits
Dück, Alexander; Verona, Fabio - 2023
that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set … be more restrained in their inflation responses when their aim is to stabilize inflation and output growth at specific …
Persistent link: https://www.econbiz.de/10014364060
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Monetary policy transmission below zero
Fungáčová, Zuzana; Kerola, Eeva; Laine, Olli-Matti - 2023
This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010-2020. We find changes in the pass-through as policy rates first dip below zero in 2014 and again when negative interest rates become more persistent...
Persistent link: https://www.econbiz.de/10014308203
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Yield curve control
Kortelainen, Mika - 2020
We study the yield curve control in Eurozone. We apply Chen, Cúrdia and Ferrero (2012) model that uses a financial friction to break Wallace's neutrality. We calibrate a bond supply shock that corresponds to the observed change in the time premium in euro area when the APP program was...
Persistent link: https://www.econbiz.de/10012221811
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Public money as a store of value, heterogeneous beliefs and banks : implications of CBDC
Muñoz, Manuel A.; Soons, Oscar - 2024
The bulk of cash is held for store of value purposes, with such holdings sharply increasing in times of high economic uncertainty and only a fraction of the population choosing to hoard cash. We develop a Diamond and Dybvig model with public money as a store of value and heterogeneous beliefs...
Persistent link: https://www.econbiz.de/10014473061