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CBDC and the operational framework of monetary policy
Abad, Jorge; Nuño, Galo; Thomas, Carlos - 2024
We analyze the impact of introducing a central bank-issued digital currency (CBDC) on the operational framework of monetary policy and the macroeconomy as a whole. To this end, we develop a New Keynesian model with heterogeneous banks, a frictional interbank market, a central bank with deposit...
Persistent link: https://www.econbiz.de/10014456302
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Monetary policy implementation: Misconceptions and their consequences
Disyatat, Piti - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Despite constituting the very heart of the monetary transmission mechanism, widespreadmisconceptions still exist regarding how monetary policy is implemented. This paperhighlights the key misconceptions in this regard and shows how they have compromised theunderstanding of important aspects of...
Persistent link: https://www.econbiz.de/10009248817
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Quantum Money
Ledenyov, Dimitri - 2015
The quantum money (q-money) as a possible convenient, socially innovative, technologically attractive and user … a number of topics: 1. The historical evolution of the money in the financial systems within the economies of the scales … and scopes over the centuries. 2. The definition on the electronic money in the financial systems within the economies of …
Persistent link: https://www.econbiz.de/10013011623
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The (Un)Desired Effects of Government Bailouts : The Impact of TARP on the Interbank Market and Bank Risk-Taking
Behr, Patrick - 2019
We analyze how the inflow of liquidity through TARP funds in the wake of the 2007/2008 financial crisis impacted banks' interbank market activity. We show that TARP banks increased interbank market activity statistically and economically in a very significant way. Their interbank lending...
Persistent link: https://www.econbiz.de/10012899090
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A Contribution to the Theory of Financial Fragility and Crisis
Bhaduri, Amit - 2010
Three interrelated aspects typical of most financial crisis of domestic origin are brought together in a model in this paper. The first aspect is debt financed consumption boom supported by rising asset prices which ultimately leads to credit crunch and debt deflation as lenders lose confidence...
Persistent link: https://www.econbiz.de/10012099894
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A contribution to the theory of financial fragility and crisis
Bhaduri, Amit - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10010286546
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A contribution to the theory of financial fragility and crisis
Bhaduri, Amit - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10003974885
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Fragile new economy : the rise of intangible capital and financial instability
Li, Ye - 2019
Intangible-intensive firms in the U.S. hold an enormous amount of liquid assets that are in fact short-term debts issued by financial intermediaries. This paper builds a macro-finance model that captures this structure. A self-perpetuating savings glut emerges in equilibrium. As intangibles...
Persistent link: https://www.econbiz.de/10011976210
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A Contribution to the Theory of Financial Fragility and Crisis
Bhaduri, Amit - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10013143561
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"A Contribution to the Theory of Financial Fragility and Crisis"
Bhaduri, Amit - Levy Economics Institute - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10008671829