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What Measure of Inflation Should a Central Bank Target?

Mankiw, N. Gregory; Reis, Ricardo - 2021

This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of … the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this …

Persistent link: https://www.econbiz.de/10013320355

The Challenges of Monetary Policy in Turkey

Çulha, Olcay - 2008

, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4 …%, applicable from end 2007. However this objective faced with two important challenges. On the one hand, inflation inertia settled … in and non-tradable inflation stagnated at more than 10%, further fuelled by persistent surge in global commodity and …

Persistent link: https://www.econbiz.de/10012445008

After 25 years as faithful members of the EU : public support for the euro and trust in the ECB in Austria, Finland and Sweden

Roth, Felix; Jonung, Lars - 2020

Austria, Finland and Sweden became members of the EU in 1995. This paper examines how support for the euro and trust in the European Central Bank (ECB) have evolved in these three countries since their introduction at the turn of the century. Support for the euro in the two euroarea members...

Persistent link: https://www.econbiz.de/10012269193

Design choices for central bank digital currency: policy and technical considerations

Allen, Sarah; Capkun, Srdjan; Eyal, Ittay; Fanti, Giulia; … - 2020

Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...

Persistent link: https://www.econbiz.de/10012256941

CBDC : a systemic perspective

Bofinger, Peter; Haas, Thomas - 2020 - Preliminary version

In this study, we provide a systemic perspective on central bank digital currencies (CBDC). We separate existing proposals for CBDCs into the perspective of new payment objects, made available by central banks to a broader public, and new payment systems, operated by central banks. From a...

Persistent link: https://www.econbiz.de/10012257324

Public support for the euro and trust in the ECB : the first two decades of the common currency

Roth, Felix; Jonung, Lars - 2019

This paper examines the evolution of public support for the euro since its introduction as a virtual currency in 1999 , using a unique set of data not available for any other currency. We focus on the role of economic factors in determining the popularity o f the euro. We find that a majority of...

Persistent link: https://www.econbiz.de/10012007047

The fear of float of the Swiss National Bank

Berthold, Kristin; Stadtmann, Georg - 2018

We theoretically examine under which assumptions the impossible trinity holds. We also focus on the most recent Swiss experience and ask, if the SNB gained monetary independence by switching from a fixed to a floating exchange rate system in January 2015. The theoretical examination shows that...

Persistent link: https://www.econbiz.de/10011949123

The Swiss National Bank's fear of float

Berthold, Kristin; Stadtmann, Georg - In: Journal of central banking theory and practice 8 (2019) 2, pp. 51-64

We theoretically examine under which assumptions the impossible trinity holds. We also focus on the most recent Swiss experience and ask whether the SNB gained monetary independence by switching from a fixed to a floating exchange rate system in January 2015. The theoretical examination shows...

Persistent link: https://www.econbiz.de/10012016803

A sequential bargaining model of the fed funds market with excess reserves

Schulhofer-Wohl, Sam; Clouse, James A. - 2018

We model bargaining between non-bank investors and heterogeneous bank borrowers in the federal funds market. The analysis highlights how the federal funds rate will respond to movements in other money market interest rates in an environment with elevated levels of excess reserves. The model...

Persistent link: https://www.econbiz.de/10011852958

Digitales Zentralbankgeld als neues Instrument der Geldpolitik

Hänlein, Andreas; Michaelis, Jochen - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 99 (2019) 5, pp. 340-347

Im Prozess der Digitalisierung wird zunehmend die Nachfrage nach Bargeld verdrängt und der Zahlungsverkehr privatisiert. Spiegelbild dieser Entwicklung ist ein Machtverlust der Zentralbanken, ihr Instrumentenset droht an Effizienz zu verlieren. Eine in jüngerer Zeit viel diskutierte Reaktion...

Persistent link: https://www.econbiz.de/10012120247