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stylized OLG model of inflation the central bank (CB) can set money supply in response to the current price. The CB has perfect …
Persistent link: https://www.econbiz.de/10013088906
Persistent link: https://www.econbiz.de/10013285025
In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in …
Persistent link: https://www.econbiz.de/10013147667
treasury (central bank). We restrict the amount of seigniorage collected to be non-negative, and also require that the …, should the central bank be asked to bear at least some responsibility for revenue generation? Alternatively, can we find …
Persistent link: https://www.econbiz.de/10014173607
of the central bank to be the lender of last resort in the banking system. In this article, I argue that the ECB should …
Persistent link: https://www.econbiz.de/10009793389
Persistent link: https://www.econbiz.de/10011549278
Central-bank collateral policy governs the convertibility of assets into central-bank money provided directly by the … central bank. Focusing on government bonds, we develop clean identification of variation in such convertibility by exploiting … maturities. Our findings imply that central-bank money is priced in the market and that a central bank can move and shape the …
Persistent link: https://www.econbiz.de/10012799625
argued that the central bank can influence the long-term interest rate on government bonds and the shape of the yield curve … about the future reinforce the effects of the short-term interest rate and the central bank's monetary policy actions on the …
Persistent link: https://www.econbiz.de/10012317613
The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side …
Persistent link: https://www.econbiz.de/10011712553
Persistent link: https://www.econbiz.de/10014476664