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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

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

Can Central Banks Go Broke?

Buiter, Willem H. - 2014

The paper answers three questions.(1) Does it matter if a central bank suffers a large capital loss? (2) Can the central bank become insolvent? (3) When, how and by whom should the central bank be recapitalised?

Persistent link: https://www.econbiz.de/10013048185

Financial Stability, Monetary Policy, Banking Supervision, and Central Banking

Hellwig, Martin F. - 2014

The paper gives an overview over issues concerning the role of financial stability in monetary policy and the relation between banking supervision and central banking. Following a brief account of developments in the European Monetary Union since its creation, the systematic treatment contains...

Persistent link: https://www.econbiz.de/10013049671

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

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