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Foreign Exchange Interventions as an (Un)Conventional Monetary Policy Tool

Lízal, Lubomír - 2014

The zero level of interest rates constitutes a limit of this standard monetary policy instrument. Based on the example of the Czech Republic we argue that in such a situation foreign exchange interventions represent a meaningful monetary policy tool for small open economies not facing serious...

Persistent link: https://www.econbiz.de/10013049983

Central Bank Financial Strength in Central America and the Dominican Republic

Swiston, Andrew J. - 2014

, and capital is negative when adjusting for this. Capital is sufficient to back a low inflation target given that the … stabilization would benefit from increased emphasis on low inflation as the primary objective of monetary policy and a stronger …

Persistent link: https://www.econbiz.de/10013051916

What Should Central Banks Target? Evidence on the Impact of Monetary Policy Regimes on Economic Growth

Wong, Kin Ming - 2015

important tools for government to influence the economy. Exchange rate and inflation are believed to be the most appealing … studies on the effect of exchange-rate arrangements and inflation targeting on economic growth suffer from the absence of a … results consistently support that an inflation targeting regime has a positive impact on economic growth when compared with an …

Persistent link: https://www.econbiz.de/10013024911

A Modest Proposal for Reining in the Bernanke Fed

Salerno, Joseph T. - 2015

In the years immediately prior to the financial crisis, the doctrine of an independent Fed had achieved broad and unquestioned acceptance, especially within the economics profession. Under cover of this doctrine the Fed deployed unconventional monetary policies to vastly expand its balance sheet...

Persistent link: https://www.econbiz.de/10013025685

Fundamentals of Bank Supervision and the Lender of Last Resort in the Post-2008 Era : A Critical Appraisal and Forward Looking Recommendations

Avgouleas, Emilios - 2016

The generalised pumping of central bank liquidity to the western financial systems in the post-2008 period has generated serious debate and controversy. For instance, should the central bank offer liquidity assistance to solvent financial undertakings facing serious liquidity difficulties even...

Persistent link: https://www.econbiz.de/10012983953

The Macroeconomics of Central Bank Issued Digital Currencies

Barrdear, John - 2016

We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the...

Persistent link: https://www.econbiz.de/10012986626

From Antigrowth Bias to Quantitative Easing : The ECB's Belated Conversion?

Bibow, Jörg - 2016

This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro's...

Persistent link: https://www.econbiz.de/10012989691

Too-Big-To-Fail Before the Fed

Gorton, Gary B. - 2016

“Too-big-to-fail” is consistent with policies followed by private bank clearing houses during financial crises in the U.S. National Banking Era prior to the existence of the Federal Reserve System. Private bank clearing houses provided emergency lending to member banks during financial...

Persistent link: https://www.econbiz.de/10012990959

Precommitment, Transparency and Monetary Policy

Geraats, Petra M. - 2016

Persistent link: https://www.econbiz.de/10012991297

Considerations on the monetary policy framework of the European Central Bank

Tosato, Andrea Giorgio - 2022

. inflation anchoring properties. This layout is then confronted with the policy framework in use in the euro area prior to the … dis-anchoring of long-term inflation expectations experienced in the euro area since 2013, however, suggests that the … policy framework could benefit from a rebalancing towards a formulation with stronger anchoring properties. The inflation aim …

Persistent link: https://www.econbiz.de/10012802090