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Fullwiler, Scott - 2013

debt ratio and fiscal sustainability. While the approach suggests a macroeconomic policy mix and strategies for both fiscal …

Persistent link: https://www.econbiz.de/10013089052

Who Should Make Kroner? - A Review of Danmarks Nationalbank's Analysis of CBDC

Bjerg, Ole - 2018

This paper is a review of Danmarks Nationalbank's recent analysis of the prospects of implementing a Central Bank Digital Currency (CBDC) in Denmark. We concur with Nationalbanken's conclusion that CBDC does not add efficiency or further functionality to existing payment solutions. We argue,...

Persistent link: https://www.econbiz.de/10012927422

Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Gokhale, Jagadeesh - 2009

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Persistent link: https://www.econbiz.de/10013155688

Unappropriated Dollars : The Fed's Ad Hoc Lending Facilities and the Rules That Govern Them

Menand, Lev - 2020

Persistent link: https://www.econbiz.de/10012833832

Designing New Money - The Policy Trilemma of Central Bank Digital Currency

Bjerg, Ole - 2017

The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...

Persistent link: https://www.econbiz.de/10012954346

Liquidity Management Under Fixed Exchange Rate with Open Capital Account

El Hamiani Khatat, Mariam - 2019

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity...

Persistent link: https://www.econbiz.de/10012888769

Do Central Banks‘ repo Transactions and Liquidity Infusions Increase Financial Stability Risks? A Case for Circular Monetary Economics

Kouam, Henri - 2020

Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics”, an approach to monetary policy that seeks to...

Persistent link: https://www.econbiz.de/10012825201

Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound on Interest Rates

Reifschneider, David; Roberts, John M. - 2006

We use simulations of the Federal Reserve's FRB/US model to examine the efficacy of a number of proposals for reducing the consequences of the zero bound on nominal interest rates. Among the proposals are: a more aggressive monetary policy; promises to make up any shortfall in monetary ease...

Persistent link: https://www.econbiz.de/10014060193

Nominal Debt as a Burden on Monetary Policy

Díaz Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - 2005

We study the effects of nominal debt on the optimal sequential choice of monetary policy. When the stock of debt is … nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated … stock of debt progressively until these extra costs disappear. Nominal debt is therefore a burden on monetary policy, not …

Persistent link: https://www.econbiz.de/10014060815

Breaking the Gilt Standard - The Problem of Parity in Kumhof and Noone's Design Principles for Central Bank Digital Currencies

Bjerg, Ole - 2018

This paper is a critical engagement with the four design principles for Central Bank Digital Currency (CBDC) recently proposed by Kumhof and Noone (KN). It is argued that the implicit notion of parity underlying KN's analysis is too narrow as it is only focused on the exchange rate between CBDC...

Persistent link: https://www.econbiz.de/10014112133

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