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‘New Normal’ or ‘New Orthodoxy’? Elements of a Central Banking Framework for the After-Crisis

Pfister, Christian - 2018

employment. Furthermore, the inflation target is raised and large scale asset purchases (LSAPs) are retained as a standard …

Persistent link: https://www.econbiz.de/10012919093

Legal Aspects of the European Central Bank (ECB) - The ECB within the European System of Central Banks (ESCB) and the European System of Financial Supervision (ESFS) - Second (Extended and Updated) Edition

Gortsos, Christos - 2018

The present study is structured in two Chapters – the first containing three Sections and the second two – as follows:(a) Chapter One focuses on the European Central Bank (ECB) within the European System of Central Banks (ESCB):• the first two Sections (A and B) briefly discuss the...

Persistent link: https://www.econbiz.de/10012921800

Between Cash, Deposit and Bitcoin : Would We Like a Central Bank Digital Currency? Money Demand and Experimental Economics

Borgonovo, Emanuele - 2018

The aim of this paper is to analyse the demand of a central bank digital currency (CBDC). Using a financial portfolio approach and assuming that individual preferences and policy votes are consistent, we identify the drivers of the political consensus in favour or against such as new currency....

Persistent link: https://www.econbiz.de/10012921960

Cryptocurrencies, Central Bank Digital Cash, Traditional Money : Does Privacy Matter?

Masciandaro, Donato - 2018

The aim of this paper is to analyze the demand of both traditional and new media of exchange – as cryptocurrencies and central bank digital currencies – proposing a novel specification of the demand for money. In this specification, the medium of payment (MOP) has three properties: the first...

Persistent link: https://www.econbiz.de/10012907412

Cash Use Across Countries and the Demand for Central Bank Digital Currency

Tanai Khiaonarong - 2019

The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card-not better. Demand for digital currency will thus be weak...

Persistent link: https://www.econbiz.de/10012889147

How Can Financial Constraints Force a Central Bank to Exit a Currency Peg? An Application to the Swiss Franc Peg

Pinter, Julien - 2019

going insolvent if they want to maintain control over inflation. In this paper, we analyze how such constraints can weigh on … have done absent such concerns. We detail under which conditions such reasoning can apply for a traditional inflation …

Persistent link: https://www.econbiz.de/10012889852

Designing a Central Bank Digital Currency with Support for Cash-Like Privacy

Gross, Jonas; Sedlmeir, Johannes; Babel, Matthias; … - 2021

Most central banks in advanced economies consider issuing central bank digital currencies (CBDCs) to address the declining use of cash and to position themselves against increased competition from Big Tech companies, cryptocurrencies, and stablecoins. One crucial design dimension of a CBDC...

Persistent link: https://www.econbiz.de/10013218259

Legal Aspects of the Single Monetary Policy in the Euro Area : From the Establishment of the Eurosystem to the Current Pandemic Crisis

Gortsos, Christos - 2021

The present University notes contain a brief presentation and analysis of the legal framework governing the single monetary policy in the euro area, as this developed from the establishment of the Eurosystem until today. It is structured in four Sections: Section A deals with the definition of...

Persistent link: https://www.econbiz.de/10013235124

Central Bank Digital Loonie : Canadian Cash for a New Global Economy

Veneris, Andreas; Park, Andreas; Long, Fan; Puri, Poonam - 2021

Global economic digitization continues to advance at exponential speed. This development is in sharp contrast to the financial sector and payment systems that still operate on legacy infrastructure that lacks the flexibility to serve those technology needs. Further, the emergence of...

Persistent link: https://www.econbiz.de/10013241825

Chapter 22. Inflation Targeting

Svensson, Lars E.O. - In: Handbook of monetary economics : volume 3, (pp. 1237-1302). 2010

Inflation targeting is a monetary-policy strategy characterized by an announced numerical inflation target, an … implementation of monetary policy that gives a major role to an inflation forecast that has been called forecast targeting, and a … of stabilizing both inflation and the real economy, and as of 2010 has been adopted by about 25 industrialized and …

Persistent link: https://www.econbiz.de/10014025620