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The Neutral Level of NGDP and the NGDP Gap : Q3 2020
Beckworth, David - 2020
This policy brief reports on the NGDP gap, a measure of unexpected changes in the dollar size of the US economy, is the percent difference between the actual and the neutral level of NGDP. The neutral level of NGDP, in turn, is a sum of all dollar incomes expected by households and businesses...
Persistent link: https://www.econbiz.de/10014090826
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A Note Concerning Government Bond Yields
Akram, Tanweer - 2020
This paper relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence...
Persistent link: https://www.econbiz.de/10014352059
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2013
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013095177
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Money is an Experience Good: Competition and Trust in the Private Provision of Money
Marimon, Ramon; Nicolini, Juan Pablo; Teles, Pedro - Banco de Portugal - 2009
plays no role. Trust does play a role but requires a lower bound on efficiency. Stationary inflation must be positive and …We study the interplay between competition and trust as efficiency enhancing mechanisms in the private provision of … money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition …
Persistent link: https://www.econbiz.de/10008524138
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Nominal Debt as a Burden on Monetary Policy
Días-Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - Banco de Portugal - 2006
We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...
Persistent link: https://www.econbiz.de/10008524273
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Nominal Debt as a Burden on Monetary Policy
Díaz-Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - C.E.P.R. Discussion Papers - 2007
We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...
Persistent link: https://www.econbiz.de/10005067518
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Nominal Debt as a Burden on Monetary Policy
Diaz-Gimenez, Javier; Giovannetti, Giorgia; Marimon, Ramon - In: Review of Economic Dynamics 11 (2008) 3, pp. 493-514
We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...
Persistent link: https://www.econbiz.de/10005069612
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Nominal Debt as a Burden on Monetary Policy
Diaz-Gimenez, Javier; Giovannetti, Giorgia; Marimon, Ramon - Department of Economics, European University Institute - 2007
We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...
Persistent link: https://www.econbiz.de/10005557741
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Revisiting the properties of money
Hull, Isaiah; Sattath, Or - 2021
The properties of money commonly referenced in the economics literature were originally identified by Jevons (1876) and Menger (1892) in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins, and paper bills. In the digital era, many...
Persistent link: https://www.econbiz.de/10012660126
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Revisiting the properties of money
Hull, Isaiah; Sattath, Or - 2021
The properties of money commonly referenced in the economics literature were originally identified by Jevons (1876) and Menger (1892) in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins, and paper bills. In the digital era, many...
Persistent link: https://www.econbiz.de/10013162039