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Monetary policy with imperfect signals: The target problem in a new monetarist approach

Draack, Hannes - 2018

information to the model of [Berentsen and Waller, 2011], a divide between an interest rate policy and a money stock policy …

Persistent link: https://www.econbiz.de/10011969207

Do we need central bank digital currency? Economics, technology and institutions

Gnan, Ernest (contributor); Masciandaro, Donato (contributor) - 2018

Persistent link: https://www.econbiz.de/10011985213

A model of endogenous financial inclusion: Implications for inequality and monetary policy

Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro - 2018

We propose a monetary dynamic general equilibrium model with endogenous credit market participation to study the impact of financial inclusion on welfare and inequality. We find that significant consumption inequality can result from limited access to basic financial services. In this...

Persistent link: https://www.econbiz.de/10011993810

Entrepreneurial finance, home equity, and monetary policy

Jackson, Paul; Madison, Florian - 2019

We model entrepreneurial finance using a combination of fiat money, traditional bank loans, and home equity loans. The …

Persistent link: https://www.econbiz.de/10011993815

A tractable model of monetary exchange with ex-post heterogeneity

Rocheteau, Guillaume; Weill, Pierre-Olivier; Wong, Russell - In: Theoretical Economics 13 (2018) 3, pp. 1369-1423

money holdings. Properties of equilibria are obtained analytically and equilibria are solved in closed form in a variety of … cases. Lump-sum transfers financed with money creation are welfare-enhancing when labor productivity is low whereas … preferences and the velocity of money under heterogeneous preference shocks. …

Persistent link: https://www.econbiz.de/10012010059

Unemployment and the demand for money

Huber, Samuel; Kim, Jaehong; Marchesiani, Alessandro - 2019

We develop a dynamic general equilibrium model to analyze the relationship between monetary policy, money demand, and …, when inflation exceeds a certain threshold, money is too costly to hold, which results in a decrease in output and an …

Persistent link: https://www.econbiz.de/10012026513

Towards a political economy of monetary dependency: The case of the CFA franc in West Africa

Koddenbrock, Kai; Sylla, Ndongo Samba - 2019

This paper focuses on the most neglected case of monetary dependency: the CFA franc. This currency arrangement was born in 1945, during the colonial era, but it still operates in the same ways more than 70 years later in fourteen countries in Africa, mostly former French colonies. Engaging with...

Persistent link: https://www.econbiz.de/10012055470

A model of endogenous financial inclusion: Implications for inequality and monetary policy

Lahcen, Mohammed Ait; Gomis-Porqueras, Pedro - 2019

We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary...

Persistent link: https://www.econbiz.de/10012056817

Monetary theory and policy: The debate revisited

Gaffard, Jean Luc - 2018

This paper is aimed at revisiting monetary analysis in order to better understand erroneous choices in the conduct of monetary policy. According to the prevailing consensus, the market economy is intrinsically stable and is upset only by poor behaviour by government or the banking system. We...

Persistent link: https://www.econbiz.de/10012060653

The Aging-Inflation Puzzle: on the Interplay between Aging, Inflation and Pension Systems

Semedo Leite, Duarte Nuno; Härtl, Klaus - 2019

This paper focuses on the empirically observed relationship between demographic change and inflation and explores the theoretical nature of the puzzling link between the two. It puts the existent disparate empirical findings in the literature into perspective by formalizing an...

Persistent link: https://www.econbiz.de/10012099076