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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/10012431527
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A model for central bank digital currencies : implications for bank funding and monetary policy
Groß, Jonas; Schiller, Jonathan - 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/10013329655
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Improving the monetary regime : the case for U.S. digital cash
Bordo, Michael D.; Levin, Andrew T. - In: The Cato journal : an interdisciplinary journal of … 39 (2019) 2, pp. 383-405
Persistent link: https://www.econbiz.de/10012037071
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From excess stimulus to monetary mayhem
Dowd, Kevin; Hutchinson, Martin O. - In: The Cato journal : an interdisciplinary journal of … 37 (2017) 2, pp. 303-328
Persistent link: https://www.econbiz.de/10011735175
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Governance of blockchain and distributed ledger technology projects
Howell, Bronwyn E.; Potgieter, Petrus H.; Sadowski, Bert M. - 2019
the manner of a decision-making process within a governance system. The technological characteristics of blockchain … far proved very difficult to seed large-scale commercial DLT (blockchain) projects lies in the arena of project ownership … both the technical design and operational development of a range of DLT (blockchain) systems, including (but not …
Persistent link: https://www.econbiz.de/10012150965
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Anchoring of long-term inflation expectations : do inflation target formulations matter?
Große Steffen, Christoph - 2021
We use a novel anchoring-measure based on the distribution across professional forecasters' point forecasts to test empirically whether target formulations matter for the anchoring of long-term inflation expectations. In a panel of 29 countries, we find that the formulation of a point target...
Persistent link: https://www.econbiz.de/10013341670
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Financial stability and the fed : evidence from congressional hearings
Wischnewsky, Arina; Jansen, David-Jan; Neuenkirch, Matthias - 2020 - First draft: December 2018, this version: January 2020
Persistent link: https://www.econbiz.de/10012424279
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ECB announcements and stock market volatility
Neugebauer, Frederik - 2019
This paper documents that ECB announcements increase the stock market volatility in the euro area (EA) on the same day. I consider two volatility measures from January 1998 to May 2019. First, a realized volatility measure uses intraday data for 8 different stock market indices. Second, a range...
Persistent link: https://www.econbiz.de/10012286218
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Identifying monetary policy and central bank information shocks using high-frequency exchange rates
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2019
This work investigates effects of conventional monetary policy and central bank information shocks from monetary policy announcements on the U.S. economy. We identify the surprises caused by changes in target rate and central bank’s private information embedded in high frequency exchange rate...
Persistent link: https://www.econbiz.de/10012304714
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Tracing the impact of the ECB's asset purchase programme on the yield curve
Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; … - 2020
We trace the impact of the European Central Bank (ECB) asset purchase programme (APP) on the yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration risk" borne by pricesensitive investors. We...
Persistent link: https://www.econbiz.de/10012424954