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The Monetary Policy Haircut Rule
Althanns, Markus; Gersbach, Hans - 2023
Persistent link: https://www.econbiz.de/10014363680
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The Macroeconomic Effects of Different CBDC Regimes in an Economy with a Heterogeneous Household Sector
Magin, Jana; Neyer, Ulrike; Stempel, Daniel - 2023
Persistent link: https://www.econbiz.de/10014363742
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Endogenous forward guidance
Vogel, Lukas - 2019
commiting to keep interest rates low at the exit of the liquidity trap, to stabilize inflation today. 2. From debt … consolidated budget) monetary policy becomes subservient to fiscal policy, giving rise to more volatile inflation, output and … interest rates. Liquidity trap (LT) episodes are longer, however, the impact of interest rate policy commitments on inflation …
Persistent link: https://www.econbiz.de/10012099148
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Do Markets Care About Central Bank Governor Changes? Evidence from Emerging Markets
Dreher, Axel; Moser, Christoph - 2008
Central bank governor changes in emerging markets may convey important signals about future monetary policy. Based on a new daily data set, this paper examines the reactions of foreign exchange markets, domestic stock market indices and sovereign bond spreads to central bank governor changes....
Persistent link: https://www.econbiz.de/10010301426
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On the low-frequency relationship between public deficits and inflation
Kriwoluzky, Alexander; Kliem, Martin; Sarferaz, Samad - 2013
We estimate the low-frequency relationship between fiscal deficits and inflation and pay special attention to its … suggest that the low-frequency relationship between fiscal deficits and inflation is strongly related to the conduct of …
Persistent link: https://www.econbiz.de/10010329511
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Dual liquidity crises under alternative monetary frameworks
Winkler, Adalbert; Bindseil, Ulrich - 2012
In a dual liquidity crisis, both the government and the banking sector are under severe funding stress. By nature, dual crises have the potential of being particularly disruptive and damaging. Thus, understanding their mechanics, how they unfold and how they can be addressed under various...
Persistent link: https://www.econbiz.de/10010310098
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Moving towards "Cashlessness" in an emerging economy: A case study of latest policy steps in India
Dasgupta, Manjira - 2017
On November 08, 2016, India took a decisive step towards going “cashless” by suddenly announcing withdrawal of its existing currency notes of two highest denominations, namely, the Rs. 500/= and the Rs. 1000/=. The move, announced with a suddenness that took the entire nation by surprise,...
Persistent link: https://www.econbiz.de/10011687788
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No Smoking Gun: Private Shareholders, Governance Rules and Central Bank Financial Behavior
Bartels, Bernd; Weder di Mauro, Beatrice; Eichengreen, Barry - 2017
Das vorliegende Manuskript untersucht den Zusammenhang zwischen Regeln zur finanziellen Unabhängigkeit von Zentralbanken und deren Finanzkraft. Wir studieren die Regeln und Bilanzdaten von 35 Zentralbanken in der OECD mit dem Ziel herauszuarbeiten, ob die Eigentümerstruktur der Bank (privat...
Persistent link: https://www.econbiz.de/10011712764
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Banking Crises under a Central Bank Digital Currency (CBDC)
Bitter, Lea - 2020
One of the main concerns when considering Central Bank Digital Currency (CBDC) is the disintermediating effect on the banking sector in normal times, and even more the risk of a bank run in times of crisis. This paper extends the bank run model of Gertler and Kiyotaki (2015) by analyzing the...
Persistent link: https://www.econbiz.de/10012287888
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A Model for Central Bank Digital Currencies: Implications for Bank Funding and Monetary Policy
Schiller, Jonathan; Gross, Jonas - 2021
Central bankers express concerns that central bank digital currencies (CBDCs) might disintermediate commercial banks and facilitate bank runs. We analyze these concerns in a DSGE framework and provide a rationale for the disintermediation of the banking sector. Our focus is on the central bank's...
Persistent link: https://www.econbiz.de/10012623096