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Optimal central bank lending
Schabert, Andreas - 2010
We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can...
Persistent link: https://www.econbiz.de/10011380751
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When is quantitative easing effective?
Hoermann, Markus; Schabert, Andreas - 2010 - This version: December 22, 2010
We present a simple macroeconomic model with open market operations that allows examining the effects of quantitative and credit easing. The central bank controls the policy rate, i.e. the price of money in open market operations, as well as the amount and the type of assets that are accepted as...
Persistent link: https://www.econbiz.de/10011382672
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Imperfect competition, monetary policy and welfare in a currency area
Lombardo, Giovanni - 2002
optimal inflation target for the asymmetric union is also discussed. …
Persistent link: https://www.econbiz.de/10011431763
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Liquidity, the Mundell-Tobin effect, and the Friedman rule
Altermatt, Lukas; Wipf, Christian - 2020
We investigate how the Mundell-Tobin effect, i.e., a positive relation between in ation and capital investment, changes the optimal monetary policy prescription in a framework that combines overlapping generations and new monetarist models. We find that the Friedman rule is optimal if and only...
Persistent link: https://www.econbiz.de/10012259791
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Two monetary models with alternating markets
Camera, Gabriele; Chien, YiLi - 2013 - This version: 28 October 2013
. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are …
Persistent link: https://www.econbiz.de/10010226599
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The external finance premium in the euro area : a useful indicator for monetary policy?
Gelain, Paolo - 2010
ingredient to model. In fact, I found that the estimated premium is a very powerful predictor of inflation. It overcomes, in … ; Euro Area External Finance Premium ; Financial Accelerator ; Bayesian Estimation ; Inflation …
Persistent link: https://www.econbiz.de/10003972629
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On the importance of sectoral shocks for price-setting
Beck, Günter W.; Hubrich, Kirstin; Marcellino, Massimiliano - 2009
component explains much less of the variation in sectoral regional inflation rates and exhibits much less volatility than … and Sectoral Inflation ; Common Factor Models …
Persistent link: https://www.econbiz.de/10003947456
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Domestic money and US output and inflation
Aksoy, Yunus; Piskorski, Tomasz - 2001 - This version: August 2001
and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s … information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the …
Persistent link: https://www.econbiz.de/10009767691
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On the redistributive effects of inflation : an international perspective
Boel, Paola - 2013
I calibrate the microfounded model in Boel and Camera (2009) to quantify the redistributive effects of inflation for a … countries considered. First, the welfare cost of inflation changes over time, but the direction of the change varies across … countries. Second, inflation acts as a regressive tax when a nominal asset other than money is held. Third, the magnitude of the …
Persistent link: https://www.econbiz.de/10010202989
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A Bitcoin standard : lessons from the gold standard
Weber, Warren E. - 2016
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange...
Persistent link: https://www.econbiz.de/10011446194