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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

Bargeld, Giralgeld, Vollgeld: Zur Diskussion um das Geldwesen nach der Finanzkrise

Hellwig, Martin F. - 2018

Der Aufsatz setzt sich kritisch mit verschiedenen Vorschlägen zur Reform des Geldwesens seit der Finanzkrise und mit den zugrundeliegenden Vorstellungen von "Geld" auseinander. Das Wort "Geld" wird in dieser Diskussion für verschiedene Dinge und in verschiedenen Bedeutungen gebraucht. Als...

Persistent link: https://www.econbiz.de/10011985446

Central bank digital currency and monetary policy

Davoodalhosseini, S. Mohammad R. - 2018

Many central banks are contemplating whether to issue a central bank digital currency (CDBC). CDBC has certain potential benefits, including the possibility that it can bear interest. However, using CBDC is costly for agents, perhaps because they lose their anonymity when using CBDC instead of...

Persistent link: https://www.econbiz.de/10012014491

On the negatives of negative interest rates and the positives of exemption thresholds

Berentsen, Aleksander; van Buggenum, Hugo; Ruprecht, Romina - 2020

Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep … equilibrium model with commercial banks funding investment projects and a central bank issuing reserves. Negative rates distort …. Exempting a fraction of reserves from negative rates can resolve profitability concerns without affecting the central bank …

Persistent link: https://www.econbiz.de/10012420685

Quantifying the Effects of the CNB's Exchange Rate Commitment: A Synthetic Control Method Approach

Opatrny, Matej - 2016

In this paper I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic control method, which allows me to compute the...

Persistent link: https://www.econbiz.de/10011787280

What Do We Really Know About the Long-Term Evolution of Central Banking? Evidence from the Past, Insights for the Present

Ugolini, Stefano - 2011

The ongoing financial crisis is shaking central bankers' certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the centuries. This paper does so by taking a functional, instead of an...

Persistent link: https://www.econbiz.de/10012143780

Währungswettbewerber Facebook: Ökonomische Implikationen der Corporate Cryptocurrency Libra

Hanl, Andreas - 2019

Nach dem Versuch unzahliger Kryptowährungen das Finanzwesen zu revolutionieren und den ersten Schritten nationaler Notenbanken in Richtung einer Digitalisierung des Geldwesens, folgen nun privatwirtschaftliche Großprojekte. Das maßgeblich von Facebook vorangetriebene Libra will den Zugang zu...

Persistent link: https://www.econbiz.de/10012156214

Monetary policy regimes and the volatility of long-term interest rates

Queijo von Heideken, Virginia (contributor) - 2008

This paper addresses two important questions that have, so far, been studied separately in the literature. First, the paper aims at explaining the high volatility of long-term interest rates observed in the data, which is hard to replicate using standard macro models. Building a small-scale...

Persistent link: https://www.econbiz.de/10003651439

The welfare implications of fiscal dominance

De Resende, Carlos (contributor); Rebei, Nooman (contributor) - 2008

This paper studies the interdependence between fiscal and monetary policy in a DSGE model with sticky prices and non-zero trend inflation. We characterize the fiscal and monetary policies by a rule whereby a given fraction k of the government debt must be backed by the discounted value of...

Persistent link: https://www.econbiz.de/10003772978

Cross-country estimates of the degree of fiscal dominance and central bank independence

De Resende, Carlos (contributor) - 2007

This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say , is backed by the present discounted...

Persistent link: https://www.econbiz.de/10003484267